Section 10-4-138 Powers of stockholders and members. - Alabama Statutes

Section 10-4-138

Powers of stockholders and members.

(a) The stockholders and the members of the corporation shall have the following powers of the corporation:

(1) To determine the number of and elect directors as provided in Section 10-4-136.

(2) To make, amend and repeal bylaws.

(3) To amend this charter as provided in Section 10-4-149.

(4) To dissolve the corporation as provided in Section 10-4-151.

(5) To do all things necessary or desirable to secure aid, assistance loans and other financing from any financial institutions and from any agency established under the Small Business Investment Act of 1958, or other similar federal laws now or hereafter enacted.

(6) To exercise such other of the powers of the corporation consistent with this article as may be conferred on the stockholders and the members by the bylaws.

(b) As to all matters requiring action by the stockholders and the members of the corporation, said stockholders and said members shall vote separately thereon by classes and, except as otherwise provided in this article, such matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled.

(c) Each stockholder shall have one vote, in person or by proxy, for each share of capital stock held by him, and each member shall have one vote, in person or by proxy; except, that any member having a loan limit of more than $1,000.00 shall have one additional vote, in person or by proxy, for each additional $1,000.00 which such member is authorized to have outstanding on loans to the corporation at any one time as determined under subdivision (3) b of Section 10-4-140.

(Acts 1969, No. 322, p. 681, §7.)