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45-46-90.06
Section 45-46-90.06 Powers of the authority. (a) The authority shall have the following powers,
together with all powers incidental thereto or necessary to the discharge thereof in corporate
form: (1) To have succession by its corporate name for the duration of time which may be perpetuity,
subject to Section 45-46-90.18, specified in its certificate of incorporation. (2) To sue
and be sued in its own name in civil suits and actions, excepting actions in tort, and to
defend suits against it. (3) To adopt and make use of a corporate seal and to alter the same
at pleasure. (4) To adopt and alter bylaws for the regulation and conduct of its affairs and
business. (5) To acquire, receive, and take, by purchase, gift, lease, devise, or otherwise,
and to hold property of every description, real, personal, or mixed. (6) To make, enter into,
and execute such contracts, agreements, leases, and other instruments and to take such other
actions as may be necessary or convenient to accomplish any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-46-90.06.htm - 9K - Match Info - Similar pages
10A-1-1.03
Section 10A-1-1.03 Definitions. As used in this title, unless the context otherwise requires,
the following terms mean: (1) AFFILIATE. A person who controls, is controlled by, or is under
common control with another person. An affiliate of an individual includes the spouse, or
a parent or sibling thereof, of the individual, or a child, grandchild, sibling, parent, or
spouse of any thereof, of the individual, or an individual having the same home as the individual,
or a trust or estate of which an individual specified in this sentence is a substantial beneficiary;
a trust, estate, incompetent, conservatee, protected person, or minor of which the individual
is a fiduciary; or an entity of which the individual is director, general partner, agent,
employee or the governing authority or member of the governing authority. (2) ASSOCIATE. When
used to indicate a relationship with: (A) a domestic or foreign entity for which the person
is: (i) an officer or governing person; or (ii) a beneficial...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-1.03.htm - 25K - Match Info - Similar pages
35-8-19
Section 35-8-19 Mortgage investments on condominium property. All persons, as defined in Section
35-8-2, including but not limited to insurance companies, banking organizations, mortgage
companies and savings and loan associations, may be permitted to invest in bonds, notes, and
evidences of indebtedness which are secured by mortgages or deeds of trust upon condominium
property or units thereof wherever such persons may invest and subject to all of the rules
and limitations applicable to such investment in bonds, notes, and evidences of indebtedness
which are secured by like instruments of the same priority upon real property. Where the applicable
limitations are dependent upon the type of use of the real property, only the type of use
of the particular unit or units which constitute the security for such investment shall be
taken into consideration for the purpose of such limitations. (Acts 1973, No. 1059, p. 1732,
§19.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-8-19.htm - 1K - Match Info - Similar pages
40-14B-4
Section 40-14B-4 Prohibited activities. (a) An insurance company or other persons who may have
state premium tax liability or the affiliates of the insurance companies or other persons
may not, directly or indirectly, do any of the following: (1) Manage a certified capital company.
(2) Beneficially own, whether through rights, options, convertible interests, or otherwise,
more than 15 percent of the outstanding voting securities of a certified capital company.
(3) Control the direction of investments for a certified capital company. (b) Not more than
one certified investor in any certified capital company or affiliates thereof, may provide
a guaranty, indemnity, bond, insurance policy, or other payment undertaking in favor of all
of the certified investors of the certified capital company and its affiliates. (c) Subsection
(a) applies without regard to whether the insurance company or other person or the affiliate
of the insurance company or other person is licensed by or transacts...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14B-4.htm - 2K - Match Info - Similar pages
11-101A-17
Section 11-101A-17 Securities are legal investments. Securities issued under this chapter are
hereby made legal investments for savings banks and insurance companies organized under the
laws of the state. Unless otherwise directed by the court having jurisdiction thereof or the
document that is the source of authority, a trustee, executor, administrator, guardian, or
one acting in any other fiduciary capacity may, in addition to any other investment powers
conferred by law and with the exercise of reasonable business prudence, invest trust funds
in securities of an authority. The governing body of any authorizing subdivision, or any county
or municipality in which any project of an authority may be situated, may, in its discretion,
invest in securities of the authority any idle or surplus money held in its treasury which
is not otherwise earmarked or pledged. (Act 2001-642, p. 1317, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-101A-17.htm - 1K - Match Info - Similar pages
2-6-84
Section 2-6-84 Securities as legal investments. Securities issued by the corporation under
the provisions of this article shall be legal investments for fiduciaries investing trust
funds and for investments by savings banks, savings and loan associations and insurance companies
organized under the laws of the state and shall be eligible to be used as security for the
deposit of funds of the state and its instrumentalities. (Acts 1984, No. 84-252, p. 405, §15.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-6-84.htm - 770 bytes - Match Info - Similar pages
27-5-7
Section 27-5-7 "Surety insurance" defined. "Surety insurance" includes:
(1) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions
of public or private trust; (2) Insurance guaranteeing the performance of contracts, other
than insurance policies, and guaranteeing and executing bonds, undertakings and contracts
of suretyship; and (3) Insurance indemnifying banks, bankers, brokers, financial or moneyed
corporations or associations against loss, resulting from any cause, of bills of exchange,
notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other
valuable papers, documents, money, precious metals, and articles made therefrom, jewelry,
watches, necklaces, bracelets, gems, precious and semiprecious stones, including any loss
while the same are being transported in armored motor vehicles or by messenger, but not including
any other risks of transportation or navigation; also, insurance against loss or damage to
such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5-7.htm - 1K - Match Info - Similar pages
22-21-326
Section 22-21-326 Securities issued under article as legal investments. Securities issued under
the provisions of this article are hereby made legal investments for savings banks and insurance
companies organized under the laws of the state. Unless otherwise directed by the court having
jurisdiction thereof or the document that is the source of authority, a trustee, executor,
administrator, guardian or one acting in any other fiduciary capacity may, in addition to
any other investment powers conferred by law and with the exercise of reasonable business
prudence, invest trust funds in securities of an authority. The governing body of any authorizing
subdivision (or any county or municipality in which any health care facilities of an authority
may be situated) is authorized, in its discretion, to invest in securities of such authority
any idle or surplus money held in its treasury which is not otherwise earmarked or pledged.
(Acts 1982, No. 82-418, p. 629, §17.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-326.htm - 1K - Match Info - Similar pages
19-3-122
Section 19-3-122 Securities issued or insured by secretary of housing and urban development.
It shall be lawful for trustees, executors, administrators, guardians and other fiduciaries,
the State of Alabama and any of its departments, boards, institutions and agencies, and the
municipalities, counties and other political subdivisions of the state to invest their funds
and the moneys in their custody or possession eligible for investment in notes or bonds secured
by mortgage or trust deed insured by the Secretary of Housing and Urban Development or his
predecessor officer pursuant to the laws and regulations governing the insurance of such as
now constituted or as hereafter amended and in debentures issued by such official. (Acts 1939,
No. 153, p. 227; Code 1940, T. 58, §49.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-122.htm - 1K - Match Info - Similar pages
19-3-125
Section 19-3-125 Life, endowment, or annuity contracts. In addition to any other investment
now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary
of the trust in life, endowment or annuity contracts of legal reserve life insurance companies
duly qualified and authorized to write such business in the State of Alabama; provided, however,
that the annual premium or premiums on such contracts purchased by such guardian or trustee
shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar
year preceding the date of such purchase. The contract must contain the following options
after it has been in force for three years or less: a cash surrender value option, a paid-up
insurance or endowment option, and an extended insurance or endowment option. Such contract
may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of
the trust or upon the life or lives of persons in whose life or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-125.htm - 2K - Match Info - Similar pages
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