Section 10-4-260 Authority to form corporation. - Alabama Statutes

Section 10-4-260

Authority to form corporation.

Whenever 10 or more retail merchants wish to form an association, cooperative society or corporation not for pecuniary profit in the sense of paying interest or dividends on stock, but for mutual benefit through the application of cooperation or other economic principles, they may become a body corporate in the manner provided in Chapter 3A of this title.

(Acts 1915, No. 412, p. 368; Code 1923, §7162; Code 1940, T. 10, §151; Acts 1984, No. 84-290, p. 502, §93.)