Alabama § 10A-30-1.16 - Distribution of Assets on Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984.
Full text of Alabama Code of Alabama § 10A-30-1.16 — Distribution of Assets on Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984., with citation guidance and answers to common questions.
§ 10A-30-1.16. Distribution of Assets on Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984.
In the event of dissolution of a stock-type professional association, the board of governors, as trustees of the property of such professional association, shall apply the assets first to the payment of debts of the association and, secondly, to the holders of the stock as provided in the certificate of formation. In the event of dissolution of a nonstock-type association, the assets shall be distributed, or sold, and the net proceeds distributed first to the payment of debts of the association and, secondly, to or among the members of the association, as the certificate of formation shall provide.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 10A-30-1.16
What does Code of Alabama § 10A-30-1.16 cover?
Section 10A-30-1.16 ("Distribution of Assets on Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984.") 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-30-1.16?
A common citation format is "Code of Alabama § 10A-30-1.16" (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-30-1.16 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.