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19-3-11
liability to the trust or otherwise impair the value of the assets held therein; (4) To settle
or compromise at any time any and all claims against the trust or estate which may be asserted
by any governmental body or private party involving the alleged violation of any environmental
law affecting property held in trust or in an estate; (5) To disclaim any power granted by
any document, statute, or rule of law which, in the sole discretion of the fiduciary, may
cause the fiduciary to incur personal liability under any environmental law; (6) To
decline to serve as a fiduciary if the fiduciary reasonably believes that there is or may
be a conflict of interest between the fiduciary in its or his fiduciary capacity and in its
or his individual capacity because of potential claims or liabilities which may be asserted
against the fiduciary on behalf of the trust or estate because of the type or condition of
assets held therein. (b) The fiduciary shall be entitled to charge the cost of any...
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19-3B-205
Section 19-3B-205 Judicial accountings and settlements. (a) A trustee may file an accounting
of the trustee's administration of a trust in court at any time and seek a partial or final
settlement thereof or, upon petition of an interested party, a court may order a trustee to
render an accounting of the trustee's administration of a trust and require a partial or final
settlement thereof. Notice of such judicial proceeding shall be provided to the trustee and
each beneficiary, or representative thereof pursuant to Article 3, as provided by the applicable
rules of civil procedure. (b) A trust accounting must be a reasonably understandable report
from the date of the last accounting or, if none, from the date upon which the trustee became
accountable, or other such date the court may set, which provides reasonable detail of the
transactions affecting the administration of the trust, and which adequately discloses the
following information: (1) The accounting must identify the trust, the...
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40-18-19
payment would be taxable for federal income tax purposes. (7) Net income realized by individuals
and partnerships from time to time in the business of conducting a financial business employing
moneyed capital coming into competition with the business of national banks, but only if such
individuals and partnerships are subject to an excise tax imposed by this state on or with
respect to such income. (8) In the case of a single person or a married person not living
with husband or wife, a personal exemption of one thousand five hundred dollars ($1,500)
or, in the case of a head of a family or a married person living with husband or wife, a personal
exemption of three thousand dollars ($3,000), but a husband and wife living together shall
receive only one personal exemption of three thousand dollars ($3,000) against their
aggregate income, and in case they make separate returns each must claim a personal
exemption of one thousand five hundred dollars ($1,500). (9) a. Three hundred...
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16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature finds
that the number of students attending the several school systems located in those areas of
North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions
will collectively increase by an estimated 9,000 students. As a result, there will be a need
for the construction of additional school facilities as well as the renovation of existing
school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions
will have a positive impact on future receipts to the Education Trust Fund, as the significant
population growth in North Alabama will increase sales, income, and other tax collections.
Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital
improvement costs associated with BRAC-related school construction. (b) The Alabama Public
School and College Authority is hereby authorized to sell and issue its...
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26-1A-301
Power of Attorney Act, Chapter 1A, Title 26, Code of Alabama 1975: If you wish to grant general
authority over all of the subjects enumerated in this section you may SIGN here: ___ (Signature
of Principal) OR If you wish to grant specific authority over less than all subjects enumerated
in this section you must INITIAL by each subject you want to include in the agent's authority:
_____Real Property as defined in Section 26-1A-204 _____Tangible Personal Property
as defined in Section 26-1A-205 _____Stocks and Bonds as defined in Section 26-1A-206 _____Commodities
and Options as defined in Section 26-1A-207 _____Banks and Other Financial Institutions as
defined in Section 26-1A-208 _____Operation of Entity or Business as defined in Section 26-1A-209
_____Insurance and Annuities as defined in Section 26-1A-210 _____Estates, Trusts, and Other
Beneficial Interests as defined in Section 26-1A-211 _____Claims and Litigation as defined
in Section...
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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...
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19-3A-106
Section 19-3A-106 Conversion to unitrust. (a) Unless expressly prohibited by the governing
instrument, a trustee may convert a trust into a unitrust as described in this section if
all of the following apply: (1) The trustee has concluded that the conversion will enable
the trustee to better carry out the intent of the settlor or testator and the purposes of
the trust. (2) The trustee gives written notice of the trustee's intention to convert the
trust into a unitrust, including the trustee's initial decisions as set forth below, to all
the qualified beneficiaries. The written notice shall include the following: a. An explanation
of how the unitrust will operate; b. The effective date of the conversion to a unitrust; c.
The unitrust percentage to be used; d. The provisions for prorating a unitrust distribution
for a short year in which a beneficiary's right to payments commences or ceases; e. Whether
the net fair market value of the trust assets will be determined annually or averaged...
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23-1-157
Section 23-1-157 Bonds - Generally. (a) The bonds of the corporation shall be signed by its
president or vice president and attested by its secretary; provided, that a facsimile of the
signature of the officers may be imprinted or otherwise reproduced on any such bonds in lieu
of his or her signing the same. The seal of the corporation shall be affixed to such bonds;
provided, that a facsimile of the seal may be imprinted or otherwise reproduced on any such
bonds in lieu of being manually affixed thereon. (b) Any bonds of the corporation may be executed
and delivered at any time and from time to time, shall be in such form and denominations and
of such tenor and maturities, shall bear such rate or rates of interest payable and evidenced
in such manner, may contain provisions for redemption prior to maturity and may contain other
provisions not inconsistent with this article, all as may be provided by the resolution of
the board of directors whereunder such bonds are authorized to be...
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36-25-1
person is associated in a manner different from the manner it affects the other members of
the class to which he or she belongs. A conflict of interest shall not include any of the
following: a. A loan or financial transaction made or conducted in the ordinary course of
business. b. An occasional nonpecuniary award publicly presented by an organization for performance
of public service. c. Payment of or reimbursement for actual and necessary expenditures for
travel and subsistence for the personal attendance of a public official or public employee
at a convention or other meeting at which he or she is scheduled to meaningfully participate
in connection with his or her official duties and for which attendance no reimbursement is
made by the state. d. Any campaign contribution, including the purchase of tickets to, or
advertisements in journals, for political or testimonial dinners, if the contribution is actually
used for political purposes and is not given under circumstances from...
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40-9F-33
Section 40-9F-33 Limitations on tax credits; Historic Income Tax Credit Account; transfer or
assignment of tax credits. (a) The state portion of any tax credit against the tax imposed
by Chapter 18 for the taxable year in which the certified rehabilitation is placed in service,
shall be equal to 25 percent of the qualified rehabilitation expenditures for certified historic
structures. No tax credit claimed for any certified rehabilitation may exceed five million
dollars ($5,000,000) for all allowable property types except a certified historic residential
structure, and fifty thousand dollars ($50,000) for a certified historic residential structure.
(b) There is created within the Education Trust Fund a separate account named the Historic
Preservation Income Tax Credit Account. The Commissioner of Revenue shall certify to the Comptroller
the amount of income tax credits under this section and the Comptroller shall transfer into
the Historic Preservation Income Tax Credit Account only...
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