Section 10A-3A-6.42 - Capital contributions of members(a) A membership nonprofit corporation may provide in its certificate of incorporation or bylaws that members, upon or subsequent to admission, must make capital contributions. Except as provided in the certificate of incorporation or bylaws, the amount shall be fixed by the board of directors. The requirement of a capital contribution may apply to all members, or to the members of a single class, or to members of different classes in different amounts or proportions.(b) The adoption or amendment of a capital contribution requirement, whether or not approved by the members, shall not apply to a member who did not vote in favor of the adoption or amendment until 30 days after notice of the adoption or amendment has been delivered to the member.Ala. Code § 10A-3A-6.42 (1975)
Added by Act 2023-503,§ 1, eff. 1/1/2024.