Section 10A-20-5.02

Distribution of proceeds when corporation ceases business.

When a corporation organized under the laws of Alabama for educational purposes, which corporation has issued shares of stock, whether or not the charter or laws of Alabama authorized the issue of stock, and which has ceased to engage in the business for which it was organized has sold all or any part of its property, the proceeds of the sale or sales remaining after the payment of all the debts of the corporation may be distributed pro rata among the holders of the stock issued and outstanding.

(Acts 1915, No. 829, p. 945; Code 1923, §7072; Code 1940, T. 10, §157; §10-4-81; amended and renumbered by Act 2009-513, p. 967, §332.)