Legislative updates

House Bill 250, effective January 1, 2020, enacts a new Alabama Business Corporation Law. Among many other changes the new law provides for incorporation, amendment, and dissolution filings to be made with the Secretary of State rather than with the county judge of probate. The new law applies to all corporations incorporated on or after January 1, 2020 and pre-existing corporations that elect to be governed by the new law. All corporations will be governed by the new law on January 1, 2021.

Case summaries

Stock Purchase Agreement
Patel v. Shah, No. 1180012, decided September 30, 2019. The Alabama Supreme Court held that an oral stock purchase agreement was exempt from the statute of frauds because it was fully performed.

State notices

December 19, 2019 — Alabama’s Secretary of State issued a release warning the business community of a misleading letter from the “AL Certificate Service” being circulated across the state.