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40-14B-1
Section 40-14B-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) AFFILIATE. An affiliate of another person shall include any of the following:
a. A person who directly or indirectly either: 1. Beneficially owns 15 percent or more of
the outstanding voting securities or other voting ownership interests of the other person,
whether through rights, options, convertible interests, or otherwise; or 2. Controls or holds
power to vote 15 percent or more of the outstanding voting securities or other voting ownership
interests of the other person. b. A person owning 15 percent or more of the outstanding voting
securities or other voting ownership interests of which are directly or indirectly either:
1. Beneficially owned by the other person, whether through rights, options, convertible interests,
or otherwise; or 2. Controlled or held with power to vote by the other person. c. A partnership
or limited liability company in which the other person...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14B-1.htm - 7K - Match Info - Similar pages
10A-2-15.43
Section 10A-2-15.43 Foreign corporation acting as fiduciary not deemed doing business in this
state. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS
IS NOT IN THE CURRENT CODE SUPPLEMENT. A foreign corporation, insofar as it acts in a fiduciary
capacity in this state pursuant to the provisions of this division, shall not be deemed to
be transacting business in this state, but no foreign corporation acting in a fiduciary capacity
in this state pursuant to the provisions of this division without qualifying to do business
in this state pursuant to this article or other applicable provisions of law shall establish
or maintain in this state a place of business, branch office, or agency for the conduct of
business as a fiduciary. Nothing contained in this division shall diminish the authority of
out-of-state banks and trust companies to establish or acquire and maintain trust offices
or representative trust offices, or both, under the provisions of Chapter...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-15.43.htm - 1K - Match Info - Similar pages
11-104-5
Section 11-104-5 Funding; trust investments. (a) Subject to any limitations necessary to ensure
the tax-exempt status of a trust, the sources of funding to a trust may be any of the following:
(1) Appropriations made by the governmental entity. (2) Contributions by employees and retired
employees. (3) Employer contributions. (4) Investment income. (5) Proceeds of any gifts, grants,
or contributions. (6) Transfers from another trust or fund held by a governmental entity.
(7) Bonds, warrants, notes, or other evidence of indebtedness. (8) All other sources permitted
by law. (b) Subject to payment for fees and reasonable expenses of maintaining a trust, the
funds deposited into a trust shall be used for the exclusive purpose of funding post-employment
benefit obligations of the governmental entity or entities. The agreements creating a trust
shall be irrevocable, subject to subsection (e) of Section 11-104-3 and Section 11-104-8,
and the assets of a trust shall not be expended, disbursed,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-104-5.htm - 2K - Match Info - Similar pages
11-65-2
Section 11-65-2 Definitions. (a) The following words and phrases used in this chapter, and
others evidently intended as the equivalent thereof, shall, unless the context clearly indicates
otherwise, have the following respective meanings: (1) ALABAMA-BRED. When this term is used
with reference to a horse, it means a horse which is registered in the registry designated
and administered by a commission in accordance with such rules concerning domicile and registration
requirements as may be established by such commission and which is either (i) foaled from
a mare domiciled in the state during the 10-year period beginning with January 1, 1991, or
(ii) sired by an Alabama stallion and foaled from a mare domiciled in the state at any time
after the expiration of such 10-year period. (2) ALABAMA STALLION. A stallion which is standing
in the state at the time he is bred to the dam of an Alabama-bred horse, which is registered
with a commission, and which is owned or leased by a resident of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-65-2.htm - 17K - Match Info - Similar pages
16-33C-10
Section 16-33C-10 ACES Program generally. (a) The ACES Program is established as one college
savings alternative under the plan whereby contributors open ACES savings accounts according
to savings agreements for the payment of qualified higher education costs for a designated
beneficiary at eligible educational institutions, terms as defined in Section 529 of the Internal
Revenue Code of 1986, as amended, or other applicable federal law. The ACES Program includes
the ACES Trust Fund, the ACES Administrative Fund, and the ACES Opportunity Enhancement Fund
created pursuant to this chapter. The ACES Program may be marketed under a different name
than ACES. (b) The ACES Trust Fund is hereby created and shall be comprised of separate ACES
savings accounts held in segregated accounts as established by savings agreements. Funds contributed
to the ACES savings accounts established pursuant to the ACES Program are held in trust by
the Savings Board for the sole benefit of the contributor and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-33C-10.htm - 3K - Match Info - Similar pages
5-25-3
Section 5-25-3 Persons excluded. The following persons are not subject to the provisions of
this chapter: (1) Any depository institution as defined in Section 3 of the Federal Deposit
Insurance Act, any subsidiary institution that is owned and controlled by a depository institution,
and employees of any of the foregoing. Bank holding companies and subsidiaries of bank holding
companies, thrift holding companies and subsidiaries of thrift holding companies, trust companies,
savings or building and loan associations, savings banks and other thrift institutions, credit
unions, and all other affiliates of each of the above persons if more than 50 percent of the
affiliate's shares or other ownership interests are owned or controlled by such person, and
federally or state constituted agencies and employees of any of the foregoing. (2) Any person
licensed under Section 5-19-22. (3) An attorney licensed to practice law in Alabama who is
not principally engaged in negotiating mortgage loans...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-25-3.htm - 2K - Match Info - Similar pages
9-14A-3
Section 9-14A-3 Definitions. Where used in this chapter the following words and terms shall
be given the following respective meanings unless the context hereof clearly indicates otherwise:
(a) AMENDMENT. Amendment 617 to the Constitution of Alabama of 1901, authorizing the issuance
of the bonds. (b) CORPORATION. The respective public corporations authorized to be created
by this chapter. (c) BOARD OF DIRECTORS. The respective board of directors of the corporations.
(d) BONDS. The bonds issued under the provisions of this chapter. (e) CODE. The Code of Alabama
1975, as amended. (f) GOVERNMENT SECURITIES. Any bonds or other obligations which as to principal
and interest constitute direct obligations of, or are unconditionally guaranteed by, the United
States of America, including obligations of any federal agency to the extent the obligations
are unconditionally guaranteed by the United States of America and any certificates or any
other evidences of an ownership interest in such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/9-14A-3.htm - 6K - Match Info - Similar pages
16-33B-4
Section 16-33B-4 Basic powers and duties of the Alabama Commission on Higher Education for
the Alabama Guaranteed Student Loan Program. (a) Basic powers. The Alabama Commission on Higher
Education (ACHE) is authorized to administer the Alabama Guaranteed Student Loan Program in
accordance with the Federal Student Loan Law, and empowered to promulgate such rules, regulations,
policies, and procedures as may be reasonable and proper in order to carry out the provisions
and purposes of this chapter. Without limiting the generality of the foregoing, the ACHE is
authorized and empowered: (1) To establish regulations deemed necessary to comply with federal
regulations and legislation relative to guaranteed student loans and the Federal Student Loan
Law. (2) To establish eligibility criteria for participating postsecondary educational institutions.
(3) To establish reasonable eligibility criteria for the initial and continuing participation
of approved lenders in the student loan program. (4)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-33B-4.htm - 10K - Match Info - Similar pages
22-35-4
Section 22-35-4 Alabama Underground and Aboveground Storage Tank Trust Fund. There is hereby
created the Alabama Underground and Aboveground Storage Tank Trust Fund, hereinafter referred
to as the "fund," to be administered by the Secretary-Treasurer of the Retirement
Systems of Alabama. The fund shall be used by the department as a revolving fund for carrying
out the purposes of this chapter. The fund is not an insurance company and the laws relating
to the conduct of business in this state by an insurance company do not apply to the fund.
A decision that underground or aboveground storage tanks are ineligible for benefits under
the fund does not expose the fund, the director, department, or commission to a claim of bad
faith as such terms are used in general insurance law. Further, in no event shall combined
claims against the fund for payment of response actions and third-party claims exceed the
per occurrence indemnification limit set by the commission. Under no circumstances shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-35-4.htm - 6K - Match Info - Similar pages
10A-16-1.03
Section 10A-16-1.03 Powers and liabilities of trustees; liability of trust for acts of trustees.
The trustees shall hold the legal title to all property at any time belonging to the business
trust. They shall have control over the property as well as the control and management of
the business and affairs of the business trust. Liability to third persons for any act, omission,
or obligation of a trustee of a business trust, when acting in such capacity, shall extend
to the whole of the trust estate, or so much thereof as may be necessary to discharge such
obligation, but no trustee shall be personally liable for any such act, omission, or obligation.
The trustees shall have the powers as to the investment of the trust estate as may be set
out in the declaration of trust without regard to the type of investments to which trustees
generally are restricted by the provisions of Article 6 of Chapter 3 of Title 19 or otherwise.
(Acts 1961, Ex. Sess., No. 251, p. 2263, §3; §19-3-62; amended...
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