Alabama § 10A-2A-7.23 - Stock Held by Intermediaries and Nominees.
Full text of Alabama Code of Alabama § 10A-2A-7.23 — Stock Held by Intermediaries and Nominees., with citation guidance and answers to common questions.
§ 10A-2A-7.23. Stock Held by Intermediaries and Nominees.
(a) A corporation’s board of directors may establish a procedure under which a person on whose behalf stock is registered in the name of an intermediary or nominee may elect to be treated by the corporation as the record stockholder by filing with the corporation a beneficial ownership certificate. The terms, conditions, and limitations of this treatment shall be specified in the procedure. To the extent that person is treated under those procedures as having rights or privileges that the record stockholder otherwise would have, the record stockholder shall not have those rights or privileges.
(b) The procedure must specify:
(1) the types of intermediaries or nominees to which it applies;
(2) the rights or privileges that the corporation recognizes in a person with respect to whom a beneficial ownership certificate is filed;
(3) the manner in which the procedure is selected which must include that the beneficial ownership certificate be signed or assented to by or on behalf of the record stockholder and the person on whose behalf the stock is held;
(4) the information that must be provided when the procedure is selected;
(5) the period for which selection of the procedure is effective;
(6) requirements for notice to the corporation with respect to the arrangement; and
(7) the form and contents of the beneficial ownership certificate.
(c) The procedure may specify any other aspects of the rights and duties created by the filing of a beneficial ownership certificate.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 10A-2A-7.23
What does Code of Alabama § 10A-2A-7.23 cover?
Section 10A-2A-7.23 ("Stock Held by Intermediaries and Nominees.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 10A-2A-7.23?
A common citation format is "Code of Alabama § 10A-2A-7.23" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 10A-2A-7.23 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.