Section 10A-3A-11.23 - Decree of dissolution or continuation(a) If after a hearing the court determines that one or more grounds for judicial dissolution described in Section 10A-3A-11.20 exist, the court may enter a decree dissolving the nonprofit corporation and specifying the effective date of the dissolution. If the court enters a decree dissolving the nonprofit corporation, then the clerk of the court shall deliver a certified copy of the decree to the Secretary of State for filing.(b) After entering the decree of dissolution, the court shall direct the winding up and liquidation of the nonprofit corporation's activities and affairs in accordance with Section 10A-3A-11.07 and the notification of claimants in accordance with Sections 10A-3A-11.08 and 10A-3A-11.09.(c) If after a hearing the court determines pursuant to Section 10A-3A-11.22(c)(3) that a nonprofit corporation should not be dissolved, but should continue its activities and affairs, the court shall issue a decree naming at least one person as a member of the nonprofit corporation if it is a membership nonprofit corporation, naming at least one director if the nonprofit corporation is a nonmembership nonprofit corporation, and such other matters as the court may determine. If the court approves an amendment to the certificate of incorporation in accordance with Section 10A-3A-11.22(c)(3), then the court's decree shall also set forth that amendment, specifying the effective date of that amendment, and the clerk of the court shall deliver a certified copy of the decree to the Secretary of State for filing.Ala. Code § 10A-3A-11.23 (1975)
Added by Act 2023-503,§ 1, eff. 1/1/2024.