Code of Alabama - Title 37: Public Utilities and Public Transportation - Chapter 7 - Electric Membership Corporations

• Section 37-7-1 Definitions
  The following terms, whenever used or referred to in this chapter, shall have the following meanings, unless a different meaning clearly appears from the context:...
• Section 37-7-2 Formation and purpose generally
  Any number of natural persons not less than three may by executing, filing and recording a certificate as provided in this chapter form a corporation...
• Section 37-7-3 Form and contents of certificate of incorporation
  The certificate of incorporation shall be entitled and endorsed "CERTIFICATE OF INCORPORATION OF _____ ELECTRIC MEMBERSHIP CORPORATION" (the blank space being filled in with the...
• Section 37-7-4 Persons executing certificate to be residents; acknowledgment and filing
  The natural persons executing the certificate of incorporation shall be residents of the territory in which the operations of the corporation are principally to be...
• Section 37-7-5 Board of directors - Election; expenses; president; secretary
  Each corporation formed under this chapter shall have a board of directors, which board shall constitute the governing body of the corporation. The directors of...
• Section 37-7-6 Board of directors - Powers
  The board shall have power to do all things necessary or convenient in conducting the business of a corporation, including but not limited to: The...
• Section 37-7-7 Certificates of membership; voting
  A corporation may issue to its members certificates of membership, and each member shall be entitled to only one vote at the meeting of the
• Section 37-7-8 Corporate purpose; membership fees; service to nonmembers; service outside state
  The corporate purpose of each corporation formed under this chapter shall be to render service to its members only, and no person shall become or...
• Section 37-7-9 Vesting of powers for accomplishment of corporate purpose
  Each corporation formed under this chapter is vested with all power necessary or requisite for the accomplishment of its corporate purpose and capable of being...
• Section 37-7-10 Enumerated powers
  A corporation created under the provisions of this chapter shall have power to do any and all acts or things necessary or convenient for carrying...
• Section 37-7-11 Encumbering or disposing of property
  No corporation may sell, mortgage, lease or otherwise encumber or dispose of any of its property (other than property which, in the judgment of the...
• Section 37-7-12 Bonds or obligations - Consent of department of finance
  No bonds or obligations of any corporation formed under this chapter shall be issued or sold until consent to the issuance and sale thereof shall...
• Section 37-7-13 Bonds or obligations - Manner of sale or issuance
  A corporation formed under this chapter shall have power and is authorized, from time to time, to issue its obligation in anticipation of its revenues...
• Section 37-7-14 Bonds or obligations - Covenants or agreements
  In connection with the issuance of any obligations, a corporation may make such covenants or agreements and do any and all such acts and things...
• Section 37-7-16 Consolidation
  Any two or more corporations created under the provisions of this chapter may enter into an agreement for the consolidation of such corporations. Such agreements...
• Section 37-7-15 Bonds or obligations - Purchase of own obligations
  A corporation shall have power out of any funds available therefor to purchase any obligations issued by it at a price not exceeding the principal...
• Section 37-7-17 Extension of territory
  Any corporation, as originally formed under this chapter, or a corporation resulting from the consolidation of two or more corporations may extend its territory by...
• Section 37-7-18 Charges for services rendered
  A corporation formed under this chapter shall have power to charge reasonable fees, rents, tolls, prices and other charges for service rendered which shall be...
• Section 37-7-19 Dissolution
  Any corporation created under this chapter may be dissolved by filing in the Office of the Secretary of State a certificate which shall be entitled...
• Section 37-7-20 Foreign corporations
  Any corporation or association organized under generally similar laws of another state shall be allowed to carry on any proper activities, operations and functions in...
• Section 37-7-21 Amendment of certificate of incorporation
  A corporation created under this chapter may amend its certificate of incorporation to change its corporate name, to increase or reduce the number of its...

Last modified: May 3, 2021