10A-10-1.23
Section 10A-10-1.23 Treatment of corporate real estate investment trust. A domestic or foreign corporation or any "qualified REIT subsidiary" of the domestic or foreign corporation as defined in 26 U.S.C. Section 856(i), otherwise in compliance with the provisions of Chapters 1 and 2, that elects to be treated as a real estate investment trust under 26 U.S.C. Section 856, as amended from time to time, shall compute its Alabama income tax in accordance with Section 10A-10-1.21. (Acts 1995, No. 95-628, p. 1317, §23; §10-13-23; amended and renumbered by Act 2009-513, p. 967, §310.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.23.htm - 905 bytes - Match Info - Similar pages
5-12A-7
Section 5-12A-7 Investment of estate moneys in fund; withdrawals. The trust institution shall invest the moneys of an estate (whether the estate is administered by such trust institution or by an affiliated trust institution) in such common trust fund by adding the same thereto and by apportioning a participation therein to such estate in the proportion that the moneys of the estate added thereto bears to the aggregate value of all the securities of such fund at the time of such investment, including in such securities the moneys of the estate so added. The withdrawal of a participation of such common trust fund shall be on the basis of its proportionate interest in the aggregate value of all the securities of such fund at the time of such withdrawal, as hereinafter provided. The participating interest of any estate in such common trust funds may, from time to time, be withdrawn in whole or in part by the trust institution administering the estate and shall be withdrawn within a period...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-12A-7.htm - 1K - Match Info - Similar pages
10A-10-1.08
Section 10A-10-1.08 Removal of trustees. Unless the declaration of trust provides otherwise, the shareholders of a real estate investment trust may remove any trustee with or without cause by the affirmative vote of a majority of all the votes entitled to be cast for the election of trustees. (Acts 1995, No. 95-628, p. 1317, §8; §10-13-8; amended and renumbered by Act 2009-513, p. 967, §308.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.08.htm - 715 bytes - Match Info - Similar pages
10A-10-1.02
Section 10A-10-1.02 Definitions. As used in this chapter, unless the context otherwise requires, the following words shall have the meanings respectively ascribed to them: (1) REAL ESTATE INVESTMENT TRUST. An unincorporated trust or association in which property is acquired, held, managed, administered, controlled, invested, or disposed of for the benefit and profit of any person who may become a shareholder or an entity that otherwise complies with the provisions of 26 U.S.C. Sections 856 to 860, inclusive, of the U.S. Internal Revenue Code, as amended from time to time, and the rulings and regulations adopted thereunder. (2) SHARE. A transferable unit of beneficial interest in a real estate investment trust. (3) SHAREHOLDER. The holder of a transferable unit of beneficial interest in a real estate investment trust. (Acts 1995, No. 95-628, p. 1317, §2; §10-13-2; amended and renumbered by Act 2009-513, p. 967, §308.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.02.htm - 1K - Match Info - Similar pages
10A-10-1.04
Section 10A-10-1.04 Construction with other law. (a) This chapter does not limit present law as it applies to the creation of or doing business in the state by: (1) A common-law trust. (2) A business trust. (3) A Massachusetts trust. (b) To the extent any provision of this chapter is contrary to or inconsistent with 26 U.S.C. Sections 856 to 860, inclusive, of the U.S. Internal Revenue Code, as amended from time to time, or the rulings and regulations adopted under those sections, the latter shall prevail as to any real estate investment trust qualifying under those sections, rulings, and regulations. (Acts 1995, No. 95-628, p. 1317, §4; §10-13-4; amended and renumbered by Act 2009-513, p. 967, §308.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.04.htm - 1K - Match Info - Similar pages
43-2-740
Section 43-2-740 Time and manner of filing claims - Generally. Every person having any claim against the estate declared insolvent must file the same in the office of the judge of probate as provided by subsection (b) of section 43-2-350. Any defect or insufficiency in the affidavit may be supplied by amendment at any time. And when, prior to the declaration of insolvency, a claim has been filed in the office of the judge of probate, as required by said section, such claim shall be considered as duly filed under this section. (Code 1852, §1847; Code 1867, §2196; Code 1876, §2568; Code 1886, §2238; Code 1896, §306; Code 1907, §2774; Code 1923, §6013; Acts 1931, No. 721, p. 839; Code 1940, T. 61, §400.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-2-740.htm - 1K - Match Info - Similar pages
19-3A-412
Section 19-3A-412 Timber. (a) To the extent that a fiduciary accounts for receipts from the sale of timber and related products pursuant to this section, the fiduciary shall allocate the net receipts first to principal, based upon the volume of the timber at the time of transfer to the trust or decedent's estate. The balance shall be allocated eighty percent (80%) to income and the balance to principal. (b) In determining net receipts as provided for in subsection (a), a fiduciary shall deduct the following expenses related to the sale of timber and related products from gross receipts: (1) Management expenses; (2) Legal and accounting expenses and fees; (3) Sales commissions; (4) Reforestation expenses; and (5) Any necessary timber stand improvement expense that is recognized and accepted as good forest management practice at the time of sale. (c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-412.htm - 1K - Match Info - Similar pages
19-3-62
Section 19-3-62 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 such 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 such 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 this chapter or otherwise. (Acts 1961, Ex. Sess., No. 251, p. 2263, §3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-62.htm - 1K - Match Info - Similar pages
10A-16-1.06
Section 10A-16-1.06 Duration of business trust; rules against perpetuities and restraint of alienation not violated. A business trust shall not be deemed invalid as violating the rule against perpetuities or the law against suspension of the powers of alienation. Such trust may continue for the time as may be necessary to accomplish the purposes for which it may be created, provided the declaration of trust contains a provision that the trust may be terminated at any time by action of the trustees or by the vote of a specified percentage in interest of the beneficial owners thereof as set forth in the declaration of trust. (Acts 1961, Ex. Sess., No. 251, p. 2263, §6; §19-3-65; amended and renumbered by Act 2009-513, p. 967, §318.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-16-1.06.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-50.htm - 2K - Match Info - Similar pages
|