State Codes and Statutes
Statutes > Alabama > Title10 > Chapter4 > 10-4-149Section 10-4-149
Amendment of articles of incorporation.
(a) The articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two thirds of the votes to which the stockholders shall be entitled and two thirds of the votes to which the members shall be entitled; provided, that no amendment of the articles of incorporation which is inconsistent with the general purposes expressed in this article, which authorizes any additional class of capital stock to be issued or which eliminates or curtails the right of the State Comptroller to examine the corporation or the obligation of the corporation to make reports as provided in Section 10-4-147 shall be made; and provided further, that no amendment of the articles of incorporation which increases the obligation of a member to make loans to the corporation, makes any change in the principal amount, interest rate, maturity date, in the security or credit position of any outstanding loan of a member to the corporation or affects a member's right to withdraw from membership as provided in this article or affects a member's voting rights as provided in this article shall be made without the consent of each member affected by such amendment.
(b) Within 30 days after any meeting at which an amendment of the articles of incorporation has been adopted, articles of amendment signed and sworn to by the president, treasurer and a majority of the directors, setting forth such amendment and due adoption thereof, shall be submitted to the Secretary of State who shall examine them and, if he finds that they conform to the requirements of this article, shall so certify and endorse his approval thereon. Thereupon, the articles of amendment shall be filed in the office of the Secretary of State, and no such amendment shall take effect until such articles of amendment shall have been filed as aforesaid.
(Acts 1969, No. 322, p. 681, §8.)