SB57INTRODUCED
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SB57
N9NHT8J-1
By Senators Givhan, Kelley, Roberts
RFD: Fiscal Responsibility and Economic Development
First Read: 04-Feb-25
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5 N9NHT8J-1 01/30/2025 TRP (L)bm 2025-214
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First Read: 04-Feb-25
SYNOPSIS:
Under existing law, officers holding not more
than one percent of the total stock in certain business
entities are authorized to take acknowledgments or
proof of conveyances for that business entity.
This bill would provide that officers holding
stock below this threshold in a limited liability
company could take acknowledgments of conveyances.
A BILL
TO BE ENTITLED
AN ACT
Relating to property; to amend Section 35-4-25, Code of
Alabama 1975, as last amended by Act 2024-314, 2024 Regular
Session, to further provide for acknowledgments taken by
officers holding stock under a certain threshold in certain
business entities.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Section 35-4-25, Code of Alabama 1975, as
last amended by Act 2024-314, 2024 Regular Session, is amended
to read as follows:
"ยง35-4-25
An acknowledgementacknowledgment or proof of any deed,
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An acknowledgementacknowledgment or proof of any deed,
mortgage, or other conveyance to or by a corporation, national
banking association, building and loan association, savings
and loan association, or credit union, or limited liability
company at any time taken by an officer authorized by law to
take acknowledgements acknowledgments and proofs of conveyances
and at that time owning or holding not more than one percent
of the total issued and outstanding capital stock of such
corporation, national banking association, building and loan
association, savings and loan association, or credit union, or
limited liability company and not then holding any office in
the corporation, national banking association, building and
loan association, or credit union, or limited liability
company shall have the same effect as if the officer did not
hold or own any of the stock."
Section 2. This act shall become effective on October
1, 2025.
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