35-4A-4
Section 35-4A-4 Reformation. Upon the petition of an interested person, a circuit court shall reform a disposition in the manner that most closely approximates the transferor's manifested plan of distribution and is within the 100 years allowed by Section 35-4A-2(a)(2), (b)(2), or (c)(2) or the 360 years allowed by Section 35-4A-5(9) if: (1) a nonvested property interest or a power of appointment becomes invalid under Section 35-4A-2 (statutory rule against perpetuities); (2) a class gift is not but might become invalid under Section 35-4A-2 (statutory rule against perpetuities) and the time has arrived when the share of any class member is to take effect in possession or enjoyment; or (3) a nonvested property interest that is not validated by Section 35-4A-2(a)(1) can vest but not within 100 years after its creation or in the case of a trust which meets the requirements of Section 35-4A-5(9), 360 years of its creation. (Act 2011-532, p. 880, §1.)...
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11-66-3
Section 11-66-3 Definitions. As used in this chapter, the following words and phrases shall have the following respective meanings: (1) FISCAL YEAR. The fiscal year of the state as may from time to time be provided by law. (2) FUND. The "Municipal Government Capital Improvement Fund." (3) FUND CAPITAL. All assets of the "fund." (4) STATE. The State of Alabama. (5) TRUST FUND. "The Alabama Trust Fund" created by Amendment Number 450 of the Constitution of Alabama 1901. (6) TRUST INCOME. The net income received by the state, subsequent to the transfer of the initial trust capital by the State Treasurer to the board of trustees of the trust fund, from the investment and reinvestment of all assets of the trust fund, determined in accordance with the provisions of Amendment Number 450 of the Constitution of Alabama 1901. "Trust income" does not include income which becomes part of the trust capital of the trust fund. (Acts 1986, No. 86-234, p. 345, §3.)...
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15-22-113
Section 15-22-113 Conditions; petition; hearing. (a) A person convicted of a Class A or Class B felony in this state shall be a candidate for a posthumous pardon if all of the following conditions are satisfied: (1) He or she is deceased. (2) The person's circumstances of conviction provide a compelling reason or reasons to consider granting a posthumous pardon to remedy social injustice associated with racial discrimination. (3) He or she did not receive a pardon for his or her felony conviction at issue from this state while living. (4) The acts forming the basis for his or her felony conviction or convictions at issue were committed at least 80 years prior to the date of the petition. (b) A petitioner may petition the board to consider granting a posthumous pardon for a specific compelling reason or reasons for the purpose of remedying social injustice associated with racial discrimination evident by the person's circumstances of conviction. (c)(1) The petition shall include...
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19-3-120
Section 19-3-120 Classes of authorized investments; repeal of conflicting statutes. (a) Unless otherwise authorized or directed by the court having jurisdiction thereof, or by the will, trust agreement or other document which is the source of authority, a trustee, executor, administrator, guardian or one acting in any other fiduciary capacity, other than as a trustee governed by the Alabama Uniform Trust Code, with the exercise of reasonable business prudence, in addition to any other investments now permitted by law, may invest funds in securities or investments which, at the time of the making or purchase thereof, are included in one or more of the following classes: (1) Bonds or other interest-bearing obligations of the United States of America, or payment of which the United States of America has guaranteed as to both principal and interest. (2) Bonds issued by the Federal Land Bank, under the act of Congress of the United States of America, designated as "the Federal Farm Loan...
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24-10-5
Section 24-10-5 Duties of Department of Economic and Community Affairs. (a) The Alabama Housing Trust Fund shall be maintained and administered by ADECA. ADECA is authorized and directed to do all the following: (1) Invest and reinvest all money held in the trust fund in investments under ADECA's investment policies, pending its use for the purposes described in Section 24-10-6. (2) Keep books and records relating to the investment, interest earnings, and uses of monies deposited into the trust fund. (3) Establish procedures for the withdrawal, allocation, and use of the monies held in the trust fund for the purposes described in Section 24-10-6. (4) Publish, on an annual basis, criteria for determining the distribution of funds. (5) Conduct an annual independent audit of the trust fund. (6) Prepare, in collaboration with the advisory committee, an annual performance report, which shall be provided to the Governor, Speaker of the House of Representatives, and the President Pro Tempore...
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27-17A-50
Section 27-17A-50 Financial interest in asset or business in which endowment care trust invests, etc.; disposition of funds. (a) No cemetery authority may directly or indirectly require or direct the investment, reinvestment, or retention by a qualified trustee of any part of an endowment care trust in any asset or business in which the cemetery authority or any officer, director, owner, partner, or employee of the cemetery authority has a financial interest. Nothing contained in this subsection shall prevent the trustee, subject to the provisions regarding investment and reinvestment of the trust estate as are contained in the governing instrument creating the trust, from investing, reinvesting, or retaining any asset or business in which the cemetery authority or any officer, director, owner, partner, or employee of the cemetery authority has an insubstantial or nonmaterial financial interest, provided that the trustee, in the exercise of the trustee's discretion, deems the...
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27-41-29
Section 27-41-29 Particular investments - Bonds, etc., secured by mortgages or deeds of trust on real property, etc., generally. An insurer may invest in: (1) Bonds, notes, or other evidences of indebtedness which are secured by a first mortgage lien or deed of trust upon unencumbered improved real property located in the United States or Canada, including leasehold estates in such real estate having an unexpired term (inclusive of the term or terms which may be provided by options of renewal) of not less than 10 years beyond the final maturity of the loan. Unless guaranteed or insured by the Administrator of Veterans Affairs, the Secretary of Housing and Urban Development, or by a mortgage guaranty insurance policy issued by an insurance company licensed and authorized to do business by and in the State of Alabama, no such mortgage loan or loans when made shall exceed 75 percent of the fair value of the real estate or leasehold, except that loans made on single family dwellings shall...
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44-1-91
Section 44-1-91 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN CODIFIED BY THE LEGISLATURE. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used in this article, the following terms shall have the following meanings: (1) CAPITAL OUTLAY PROJECTS or CAPITAL IMPROVEMENT PURPOSES. The planning, construction, reconstruction, enlargement, improvement, repair, or renovation of Department of Youth Services facilities; the acquisition or purchase of facilities for use of the Department of Youth Services; the acquisition or purchase of land for Department of Youth Services facilities; and the acquisition or purchase of equipment. (2) DEPARTMENT. The Alabama Department of Youth Services or any other department or agency of the state that, by law, shall succeed to its functions and responsibilities. (3) FUND. The Department of Youth Services Capital Improvement Trust Fund. (4) LAND or LANDS. Real property and any interests therein. (5) STATE. The State of Alabama. (6)...
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45-37-123.26
Section 45-37-123.26 Payment of expenses. All payment of benefits, expenses of administration, and any other expenses arising hereunder, may be paid by the pension board out of the trust fund, unless otherwise paid by the county. Such expenses shall include any expenses incident to the functioning of the pension board, or any person or persons retained or appointed by any fiduciary incident to the exercise of their duties under the plan, including, but not limited to, fees of accountants, counsel, investment managers, and other specialists and their agents, and other costs of administering the plan. Until paid, the expenses shall constitute a liability of the system. (Act 2013-415, p. 1586, §2:2.7.)...
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5-12A-4
Section 5-12A-4 Common trust fund plan. Each common trust fund shall be established and maintained in accordance with a written plan (referred to herein as the plan) approved by resolution of the board of directors of the trust institution and approved in writing by competent legal counsel. The plan shall provide that the common trust fund shall be administered under the laws of this state and of the United States and in conformity with the rules and regulations promulgated from time to time under authority of such laws and shall contain full and detailed provisions, not inconsistent with the provisions of this chapter, as to the manner in which the common trust fund is to be operated, the investment powers with respect to the common trust fund, the allocation and apportionment of income, profits and losses, the terms and conditions governing the admission or withdrawal of investments or participations in the common trust fund, the auditing and settlement of accounts of the trust...
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