Usa Alabama

USA Statutes : alabama
Title : Title 10 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS.
Chapter : Chapter 06 INFANT STOCKHOLDERS.
Section 10-6-1

Section 10-6-1
Corporation without notice of infancy may treat infant as having capacity to vote, transfer, etc.

A corporation may treat an infant who holds stock or other securities of such corporation in his or her own name as having capacity to vote or to give consent in person or by proxy in respect thereof, to transfer and to convey the same and to make elections and exercise rights relating to such stock or securities, unless the corporation has notice of the infancy by delivery to it or to its transfer agent of a written notice stating that such holder is an infant.



(Acts 1957, No. 546, p. 766, §1.)Section 10-6-2

Section 10-6-2
Infant not entitled to disaffirm as against corporation without notice of infancy.

An infant holder of stock or other securities of a corporation, having voted or given consent in respect thereto, having transferred or conveyed such stock or securities or having made an election or exercised a right relating to any such stock or security, shall have no right thereafter to disaffirm or avoid, as against the corporation, any such act on his part unless, prior to such receipt, vote or consent, the making of such election or the exercise of such right, the corporation had written notice of the infancy by delivery to it or to its transfer agent of a written notice stating that such holder was an infant.



(Acts 1957, No. 546, p. 766, §2.)Section 10-6-3

Section 10-6-3
Right of infant to receive dividends in own name.

An infant may in his own right receive dividends in respect of any such stock or securities standing in his name on the books of the corporation, and such receipt shall constitute a valid and sufficient release and discharge of the corporation for such dividends paid to such infant stockholder, notwithstanding that the corporation may have actual or written notice of the infancy of such holder of its stock or securities.



(Acts 1957, No. 546, p. 766, §3.)Section 10-6-4

Section 10-6-4
Effect of chapter on Transfers to Minors Act, etc.

Nothing contained in this chapter shall be construed to in anywise affect the provisions of the "Alabama Uniform Transfers to Minors Act" or similar statutes.



(Acts 1957, No. 546, p. 766, §4.)

USA Statutes : alabama