Section 10-2B-2.08 Incorporation by purchasers of property or franchise of corporation. - Alabama Statutes

Section 10-2B-2.08

Incorporation by purchasers of property or franchise of corporation.

The purchaser or purchasers at any sale, public or private, of the property or franchises of any corporation, if not a corporation authorized by the laws of this state to purchase and hold the property of such corporation, may, within 30 days after such sale and conveyance, become incorporated under this chapter and such purchaser or purchasers may associate with himself or herself or themselves the requisite number of other persons to become incorporated. Upon the organization of such corporation and the conveyance to it of the property and franchises of such corporation by such purchaser or purchasers, such corporation shall become, and be entitled to, and shall have, hold and enjoy, all such property rights and franchises.

(Acts 1994, No. 94-245, p. 343, §1.)