10A-1-3.45
Section 10A-1-3.45 Notice for uncertificated ownership interest. (a) Except as otherwise provided
in subsection (c) and in accordance with Article 8 of Title 7, after issuing or transferring
an uncertificated ownership interest, a domestic entity shall notify the owner of the ownership
interest in writing of any information required under this division to be stated on a certificate
representing the ownership interest. (b) Except as otherwise expressly provided by law, the
rights and obligations of the owner of an uncertificated ownership interest are the same as
the rights and obligations of the owner of a certificated ownership interest of the same class
and series. (c) A domestic entity is not required to send a notice under subsection (a) if:
(1) the required information is included in the governing documents of the entity; and (2)
the owner of the uncertificated ownership interest is provided with a copy of the governing
documents. (Act 2009-513, p. 967, §22.)...
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10A-1-7.34
Section 10A-1-7.34 Right of foreign entity to participate in the business of certain domestic
entities. A vote cast or consent provided by a foreign entity with respect to its ownership
or membership interest in a domestic entity of which the foreign entity is a lawful owner
or member, and the foreign entity's participation in the management and control of the business
and affairs of the domestic entity to the extent of the participation of other owners or members,
are not invalidated if the foreign entity does not register to transact business in this state,
subject to all law governing a domestic entity, including the antitrust law of this state.
(Act 2009-513, p. 967, §66; Act 2018-125, §3.)...
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10A-5-4.02
Section 10A-5-4.02 Limited liability company property. REPEALED IN THE 2014 REGULAR SESSION
BY ACT 2014-144 EFFECTIVE JANUARY 1, 2017. (a) Property may be acquired, held, and conveyed
in the name of the limited liability company. Any estate in real property may be acquired
in the name of the limited liability company and title to any estate so acquired shall vest
in the limited liability company itself rather than in the members individually. (b) All property
originally contributed to the limited liability company or subsequently acquired by a limited
liability company by purchase or otherwise is limited liability company property. A member
has no interest in specific limited liability company property. (c) Except as provided in
subsection (d), title to property of the limited liability company that is held in the name
of the limited liability company may be transferred by an instrument of transfer executed
by any member in the name of the limited liability company. (d) If the...
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10A-17-1.05
Section 10A-17-1.05 Real and personal property; nonprofit association as legatee, devisee,
or beneficiary. (a) Unless prohibited or otherwise limited by its written rules or governing
documents, a nonprofit association in its name may acquire, hold, encumber, or transfer an
estate or interest in real or personal property. (b) Unless prohibited or otherwise limited
by its written rules or governing documents, a nonprofit association may be a legatee, devisee,
or beneficiary of a trust or contract. (c) Real and personal property in Alabama may be acquired,
held, encumbered, and transferred by a nonprofit association, whether the nonprofit association
or a member has any other relationship to Alabama. (Acts 1995, No. 95-527, p. 1064, §5; §10-3B-5;
amended and renumbered by Act 2009-513, p. 967, §320.)...
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19-3D-2
Section 19-3D-2 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. DEFINITIONS. In this
chapter the following terms have the following meanings: (1) APPOINTIVE PROPERTY. The property
or property interest subject to a power of appointment. (2) ASCERTAINABLE STANDARD. A standard
relating to an individual's health, education, support, or maintenance within the meaning
of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section 2514(c)(1), as amended,
and any applicable regulations. (3) AUTHORIZED FIDUCIARY. (A) A trustee or other fiduciary,
other than a settlor, that has the discretion to distribute or direct a trustee to distribute
part or all of the principal of the first trust to one or more current beneficiaries; (B)
a special fiduciary appointed under Section 19-3D-9; or (C) a special-needs fiduciary under
Section 19-3D-13. (4) BENEFICIARY. A person that: (A) has a present or...
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35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it is unclaimed
by the apparent owner during the time set forth below for the particular property: (1) Traveler's
checks, 15 years after issuance. (2) Money order, five years after issuance. (3) A demand,
savings, or time deposit including a deposit that is automatically renewable, three years
after the earlier of maturity, as extended from time to time, or the date of the last indication
by the apparent owner of interest in the property. (4) Tangible and intangible property held
in a safe deposit box or other safekeeping depository in this state in the ordinary course
of the holder's business and proceeds resulting from the sale of the property permitted by
other law, three years after expiration of the lease or rental period on the box or other
depository. (5) Money or credits owed to a customer as a result of a retail business transaction,
one year after the obligation accrued. (6) Property in an...
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35-4A-2
Section 35-4A-2 Statutory rule against perpetuities. (a) A nonvested property interest is invalid
unless: (1) when the interest is created, it is certain to vest or terminate no later than
21 years after the death of an individual then alive; or (2) the interest either vests or
terminates within 100 years after its creation. (b) A general power of appointment not presently
exercisable because of a condition precedent is invalid unless: (1) when the power is created,
the condition precedent is certain to be satisfied or becomes impossible to satisfy no later
than 21 years after the death of an individual then alive; or (2) the condition precedent
either is satisfied or becomes impossible to satisfy within 100 years after its creation.
(c) A nongeneral power of appointment or a general testamentary power of appointment is invalid
unless: (1) when the power is created, it is certain to be irrevocably exercised or otherwise
to terminate no later than 21 years after the death of an...
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35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled
to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation,
joint stock company, investment company, partnership, unincorporated association, joint venture,
limited liability company, business trust, trust company, safe deposit company, financial
organization, insurance company, mutual fund, utility, or other business entity consisting
of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
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35-8-9
Section 35-8-9 Duties and responsibilities of association for administration and management
of property. The association provided for by the declaration shall be responsible for the
administration and management of the condominium property in accordance with this chapter,
the declaration, and the bylaws. The association may be incorporated or unincorporated. All
unit owners will be stockholders or members. Unless otherwise provided in the declaration,
the association, acting through its officers or governing board, shall have the powers enumerated
below: (1) The association may maintain, repair, replace, clean, and sanitize the common and
limited common elements. (2) The association may assess and collect funds and may pay for
common expenses and limited common expenses out of such funds as are appropriate. (3) In addition
to the enforcement of the covenants and restrictions concerning use, occupancy, and transfer
of units which are included in the declaration pursuant to section...
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41-16A-2
Section 41-16A-2 Legislative intent. It is hereby found and declared by the Legislature of
Alabama that it is in the public interest that the state, political subdivisions, agencies,
boards, commissions, and departments thereof, the various counties of the state, the various
municipal corporations within the state, county boards of education, city boards of education,
instrumentalities of any of the foregoing, and public corporations arising under or organized
pursuant to any statute of the state shall have the flexibility to finance the acquisition,
installation, equipping, and/or improvement of any eligible property that such governmental
entity otherwise is legally authorized to acquire through the use of lease, lease-purchase,
and/or installment-purchase financing. It is the intention of the Legislature by passage of
this chapter that wherever, either by express grant or by implication, a governmental entity
has the power and authority to acquire any eligible property by purchase,...
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