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10A-8A-4.12
Section 10A-8A-4.12 Reliance on reports and information. A partner of a partnership shall be
fully protected in relying in good faith upon the records of the partnership and upon information,
opinions, reports, or statements presented by another partner or agent of the partnership,
or by any other person as to matters the partner reasonably believes are within that other
person's professional or expert competence, including information, opinions, reports, or statements
as to the value and amount of the assets, liabilities, profits, or losses of the partnership,
or the value and amount of assets or reserves or contracts, agreements, or other undertakings
that would be sufficient to pay claims and obligations of the partnership, or to make reasonable
provision to pay those claims and obligations, or any other facts pertinent to the existence
and amount of assets from which distributions to partners or creditors might properly be paid.
(Act 2018-125, §7.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-4.12.htm - 1K - Match Info - Similar pages
10A-9A-4.09
Section 10A-9A-4.09 Reliance on reports and information. A general partner of a limited partnership
shall be fully protected in relying in good faith upon the records of the limited partnership
and upon information, opinions, reports, or statements presented by another general partner
or agent of the limited partnership, or by any other person as to matters the general partner
reasonably believes are within that other person's professional or expert competence, including
information, opinions, reports, or statements as to the value and amount of the assets, liabilities,
profits, or losses of the limited partnership, or the value and amount of assets or reserves
or contracts, agreements, or other undertakings that would be sufficient to pay claims and
obligations of the limited partnership, or to make reasonable provision to pay those claims
and obligations, or any other facts pertinent to the existence and amount of assets from which
distributions to partners or creditors might...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-9A-4.09.htm - 1K - Match Info - Similar pages
10A-5A-4.11
Section 10A-5A-4.11 Reliance on reports and information. A member of a limited liability company
shall be fully protected in relying in good faith upon the records of the limited liability
company and upon information, opinions, reports, or statements presented by another member
or agent of the limited liability company, or by any other person as to matters the member
reasonably believes are within that other person's professional or expert competence, including
information, opinions, reports, or statements as to the value and amount of the assets, liabilities,
profits, or losses of the limited liability company or a series thereof, or the value and
amount of assets or reserves or contracts, agreements, or other undertakings that would be
sufficient to pay claims and obligations of the limited liability company, or series thereof,
or to make reasonable provision to pay those claims and obligations, or any other facts pertinent
to the existence and amount of assets from which...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-5A-4.11.htm - 1K - Match Info - Similar pages
8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter
in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of
the following transactions: (1) Any isolated nonissuer transaction, whether effected through
a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered
dealer if: a. The issuer has a class of securities subject to registration under Section 12
of the Securities Exchange Act of 1934 and has been subject to the reporting requirements
of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days
before the transaction; or has filed and maintained with the commission for not less than
180 days before the transaction information, in such form as the commission, by rule, specifies,
substantially comparable to the information which the issuer would be required to file under
Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-11.htm - 13K - Match Info - Similar pages
11-65-10
Section 11-65-10 Powers and duties of commission. When authorized by one or more elections
as provided in Section 11-65-4, a commission shall have the powers and duties necessary to
license, regulate, and supervise horse racing and pari-mutuel wagering thereon and greyhound
racing and pari-mutuel wagering thereon within the commission municipal jurisdiction, including,
without limiting the generality of the foregoing, the powers and duties hereinafter set forth
in this section or in other sections of this chapter. (1) A commission shall have succession
in perpetuity, subject only to the provisions of this chapter as it may be amended from time
to time. (2) A commission shall have the power to sue and be sued in its own name in civil
suits and actions and to defend suits against it. (3) A commission shall have the power to
adopt and make use of an official seal and to alter the same at pleasure. (4) A commission
shall have the power to adopt, alter, and repeal bylaws, regulations and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-65-10.htm - 26K - Match Info - Similar pages
10A-1-3.24
Section 10A-1-3.24 Rights of officers in certain cases. (a) In discharging a duty or exercising
a power, an officer of a domestic entity, in good faith and ordinary care, may rely on information,
opinions, reports, or statements, including financial statements and other financial data,
concerning the entity or another person and prepared or presented by: (1) another officer
or an employee of the entity; (2) legal counsel; (3) a public accountant or certified public
accountant; (4) an investment banker; or (5) a person who the officer reasonably believes
possesses professional expertise in the matter. (b) An officer may not in good faith rely
on the information described by subsection (a) if the officer has knowledge of a matter that
makes the reliance unwarranted. (Act 2009-513, p. 967, §18.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-3.24.htm - 1K - Match Info - Similar pages
10A-1-3.21
Section 10A-1-3.21 Rights of governing persons in certain cases. (a) In discharging a duty
or exercising a power, a governing person, including a governing person who is a member of
a committee, in good faith and with ordinary care, may rely on information, opinions, reports,
or statements, including financial statements and other financial data, concerning a domestic
entity or another person and prepared or presented by: (1) an officer or employee of the entity;
(2) legal counsel; (3) a public accountant or certified public accountant; (4) an investment
banker; (5) a person who the governing person reasonably believes possesses professional expertise
in the matter; or (6) a committee of the governing authority of which the governing person
is not a member. (b) A governing person may not in good faith rely on the information described
by subsection (a) if the governing person has knowledge of a matter that makes the reliance
unwarranted. (c) A governing person held liable on a claim is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-3.21.htm - 1K - Match Info - Similar pages
10A-2-8.30
Section 10A-2-8.30 General standards for directors. REPEALED IN THE 2019 REGULAR SESSION BY
ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A director
shall discharge his or her duties as a director, including duties as a member of a committee:
(1) In good faith; (2) With the care an ordinarily prudent person in a like position would
exercise under similar circumstances; and (3) In a manner the director believes to be in the
best interests of the corporation. (b) In discharging his or her duties, a director is entitled
to rely on information, opinions, reports, or statements, including financial statements and
other financial data, if prepared or presented by: (1) One or more officers or employees of
the corporation whom the director reasonably believes to be reliable and competent in the
matters; (2) Legal counsel, public accountants, certified public accountants, or other persons
as to matters the director reasonably believes are within the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-8.30.htm - 2K - Match Info - Similar pages
10A-2-8.42
Section 10A-2-8.42 Standards of conduct for officers. REPEALED IN THE 2019 REGULAR SESSION
BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a)
An officer with discretionary authority shall discharge his or her duties under that authority:
(1) In good faith; (2) With the care an ordinarily prudent person in a like position would
exercise under similar circumstances; and (3) In a manner he or she reasonably believes to
be in the best interests of the corporation. (b) In discharging his or her duties an officer
is entitled to rely on information, opinions, reports, or statements, including financial
statements and other financial data, if prepared or presented by: (1) One or more officers
or employees of the corporation whom the officer reasonably believes to be reliable and competent
in the matters presented; or (2) Legal counsel, public accountants, certified public accountants,
or other persons as to matters the officer reasonably believes are...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-8.42.htm - 1K - Match Info - Similar pages
10A-2A-8.30
Section 10A-2A-8.30 Standards of conduct for directors. Notwithstanding Division C of Article
3 of Chapter 1: (a) Each member of the board of directors, when discharging the duties of
a director, shall act: (i) in good faith, and (ii) in a manner the director reasonably believes
to be in the best interests of the corporation. (b) The members of the board of directors
or a board committee, when becoming informed in connection with their decision-making function
or devoting attention to their oversight function, shall discharge their duties with the care
that a person in a like position would reasonably believe appropriate under similar circumstances.
(c) In discharging board of directors or board committee duties, a director shall disclose,
or cause to be disclosed, to the other board of directors or board committee members information
not already known by them but known by the director to be material to the discharge of their
decision-making or oversight functions, except that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-8.30.htm - 3K - Match Info - Similar pages
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