10A-10-1.21
Section 10A-10-1.21 Income tax. (a) A real estate investment trust shall be subject to the
tax imposed by Section 40-18-31, provided, that for purposes of Section 40-18-33, the "net
income" of a real estate investment trust shall mean "real estate investment trust
taxable income" as defined in 26 U.S.C. Section 857 as in effect from time to time. (b)
Solely for purposes of conforming federal law with Alabama law, the "net income"
of a real estate investment trust determined pursuant to subsection (a) shall be further adjusted
as follows: (1) The deduction for intercorporate dividends received under Section 40-18-35(a)
(7), shall not be allowed. (2) The deduction for dividends paid, as defined in 26 U.S.C. Section
561, shall be allowed but (i) shall be computed without regard to that portion of the deduction
which is attributable to the amount equal to the net income from foreclosure property as defined
in 26 U.S.C. Section 857, and (ii) shall be limited by the provisions of Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.21.htm - 3K - 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-10-1.09
Section 10A-10-1.09 Powers. A real estate investment trust has the power to: (1) Unless the
declaration of trust provides otherwise, have perpetual existence unaffected by any rule against
perpetuities. (2) Sue, be sued, complain, and defend in all courts. (3) Transact its business,
carry on its operations, and exercise the powers granted by this chapter in any state, territory,
district, or possession of the United States and in any foreign country. (4) Make contracts,
incur liabilities, and borrow money. (5) Sell, mortgage, lease, pledge, exchange, convey,
transfer, and otherwise dispose of all or any part of its assets. (6) Issue bonds, notes,
and other obligations, and secure them by mortgage or deed of trust of all or any part of
its assets. (7) Subject to Section 10A-10-1.10, acquire by purchase, or in any other manner,
take, receive, own, hold, use, employ, improve, encumber, and otherwise deal with any interest
in real and personal property, wherever located. (8) Purchase,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.09.htm - 3K - Match Info - Similar pages

10A-10-1.20
Section 10A-10-1.20 Service of process. In an action against a real estate investment trust
doing business in the state, process shall be served on any officer or resident agent of the
real estate investment trust or by any method permitted under Section 10A-1-5.31, 10A-1-5.35,
or 10A-1-5.36, and any notice or demand permitted or required by law may be served in like
manner. (Acts 1995, No. 95-628, p. 1317, §20; §10-13-20; amended and renumbered by Act 2009-513,
p. 967, §308.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.20.htm - 801 bytes - Match Info - Similar pages

27-17A-31
Section 27-17A-31 Deposits into trust; trustee responsibilities; interests in funds. (a) Any
person who is paid, collects, or receives funds under a preneed contract for funeral services
or funeral merchandise to be funded by trust shall deposit in trust an amount at least equal
to the sum of 75 percent of the amount collected on the purchase price for all funeral services
and funeral merchandise sold, transportation, and facilities rented other than outer burial
containers, 60 percent of the amount collected on the purchase price for outer burial containers,
110 percent of the wholesale cost of memorials from the amount collected on the purchase price
of memorials, and 100 percent of the amount collected on the purchase price for all cash advance
items sold. (b) All deposits shall be made within 30 days after the end of the calendar month
in which the preneed contract is paid in full, unless, prior to that time, all liabilities
of the seller under the preneed contract to deliver the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17A-31.htm - 4K - Match Info - Similar pages

10A-10-1.10
Section 10A-10-1.10 Provisions on investments and use. (a) A real estate investment trust shall
hold, either directly or through other entities, assets of such character, in such percentages,
and for such uses as permitted by Sections 856 to 860, inclusive, of the Internal Revenue
Code, as amended from time to time. (b) Except as provided in subsection (a), 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.
(Acts 1995, No. 95-628, p. 1317, §10; §10-13-10; amended and renumbered by Act 2009-513,
p. 967, §308.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.10.htm - 1001 bytes - Match Info - Similar pages

19-3B-1011
Section 19-3B-1011 Interest as general partner. (a) Except as otherwise provided in subsection
(c) or unless personal liability is imposed in the contract, a trustee who holds an interest
as a general partner in a general or limited partnership is not personally liable on a contract
entered into by the partnership after the trust's acquisition of the interest if the fiduciary
capacity was disclosed in the contract or in a statement previously filed pursuant to Chapter
8A or Chapter 9B of Title 10. (b) Except as otherwise provided in subsection (c), a trustee
who holds an interest as a general partner is not personally liable for torts committed by
the partnership or for obligations arising from ownership or control of the interest unless
the trustee is personally at fault. (c) The immunity provided by this section does not apply
if an interest in the partnership is held by the trustee in a capacity other than that of
trustee or is held by the trustee's spouse or one or more of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-1011.htm - 1K - Match Info - Similar pages

10-13-2
Section 10-13-2 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 shareholder or an entity that otherwise complies with the provisions
of 26 U.S.C. Sections 856 to 858, inclusive, of the U.S. Internal Revenue Code, 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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10-13-2.htm - 1K - 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

45-8A-22.103
Section 45-8A-22.103 Trustee; pensions and benefits. (a) The retirement board or the person
or entity appointed by the retirement board and named as trustee in any separate trust forming
a part of the plan shall serve as the trustee of the trust (the "trustee"). It may
adopt and enforce necessary rules and regulations to carry out the purposes of the plan and
enable it to properly manage and administer the trust, including employing investment counselors
and agents to invest and manage portions of the trust, as the retirement board may direct.
(b) When the actuary certifies that the necessary funds are available, the retirement board,
in accordance with Section 45-8A-22.101, may increase the benefits provided for retirees by
passing a written board resolution which declares that the monthly benefit paid to each retiree,
surviving spouse, or other beneficiary of the retiree shall be increased by a flat dollar
amount per month, increased by a flat dollar amount per year of active service...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-8A-22.103.htm - 1K - Match Info - Similar pages