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11-89A-2
Section 11-89A-2 Definitions. The following words and phrases used in this chapter, and others
evidently intended as the equivalent thereof, shall, in the absence of a clear implication
herein otherwise, be given the following respective interpretations herein: (1) APPLICANT.
A natural person who files a written application with the governing body of any county or
municipality in accordance with the provisions of Section 11-89A-3. (2) AUTHORITY. Any public
corporation organized pursuant to the provisions of this chapter. (3) AUTHORIZING RESOLUTION.
A resolution or ordinance adopted by the governing body of any county or municipality in accordance
with the provisions of Section 11-89A-3, that authorizes the incorporation of an authority.
(4) BOARD. The board of directors of an authority. (5) BONDS. Bonds, notes, or other obligations
representing an obligation to pay money. (6) COSTS. As applied to a facility or any portion
thereof, such term shall include all or any part of the cost of...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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19-3A-404
Section 19-3A-404 Principal receipts. A fiduciary shall allocate to principal: (1) To the extent
not allocated to income under this chapter, assets received from a transferor during the transferor's
lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under
a contract naming the trust or its fiduciary as beneficiary; (2) Subject to any contrary rules
in Section 19-3A-401 through Section 19-3A-415, money or other property received from the
sale, exchange, liquidation, or change in form of a principal asset, including realized profit;
(3) Amounts recovered from third parties to reimburse the trust because of disbursements described
in Section 19-3A-502(c) or for other reasons not based on the loss of income; (4) Proceeds
of property taken by eminent domain, but a separate award made for the loss of income with
respect to an accounting period during which a current income beneficiary had a mandatory
income interest is income; (5) Net income received in an...
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45-25-92.04
Section 45-25-92.04 Industrial Development Authority - Powers. The authority or its agents
or employees may do the following: (1) Investigate, study, and engage in basic research relative
to the natural resources of land, water, minerals, and people in the county and apply its
findings in efforts to promote a sound and balanced agricultural, industrial, and economic
development of the county. (2) Cooperate with municipal, regional, state, or federal planning
or other industrial development authorities. (3) Publicize and advertise the industrial, commercial,
and agricultural resources and opportunities in the county. (4) Collect, compile, and distribute
literature concerning the facilities, advantages, and attractions of the county, the educational,
historic, recreational, and scenic places of interest within the county, and the air, water,
and highway transportation facilities. (5) Contract with other agencies, individuals, or corporations
to promote the purposes of this part, and...
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45-27-90.04
Section 45-27-90.04 Powers of authority. The authority or its agents and employees may do all
of the following: (1) Investigate, study, and engage in basic research relative to the natural
resources of land, water, minerals, and people in the county and apply its findings in efforts
to promote a sound and balanced agricultural, industrial, and economic development of the
county. (2) Cooperate with municipal, regional, state, or federal planning or other industrial
development authorities. (3) Publicize and advertise the industrial, commercial, and agricultural
resources and opportunities in the county. (4) Collect, compile, and distribute literature
concerning the facilities, advantages, and attractions of the county, the educational, historic,
recreational, and scenic places of interest within the county, and the air, water, and highway
transportation facilities. (5) Contract with other agencies, individuals, or corporations
to promote the purposes of this article, and expressly to...
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45-32-90.04
Section 45-32-90.04 Powers of authority. The authority or its agents and employees may do all
of the following: (1) Investigate, study, and engage in basic research relative to the natural
resources of land, water, minerals, and people in the county and apply its findings in efforts
to promote a sound and balanced agricultural, industrial, and economic development of the
county. (2) Cooperate with municipal, regional, state, or federal planning or other industrial
development authorities. (3) Publicize and advertise the industrial, commercial, and agricultural
resources and opportunities in the county. (4) Collect, compile, and distribute literature
concerning the facilities, advantages, and attractions of the county, the educational, historic,
recreational, and scenic places of interest within the county and the air, water, and highway
transportation facilities. (5) Contract with other agencies, individuals, or corporations
to promote the purposes of this article, and expressly to...
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19-3A-402
Section 19-3A-402 Distributions from trust or decedent's estate. A fiduciary shall allocate
to income an amount received as a distribution of income from a trust or a decedent's estate
in which the trust has an interest other than a purchased interest, and shall allocate to
principal an amount received as a distribution of principal from such a trust or decedent's
estate. If a fiduciary purchases an interest in a trust that is an investment entity, or a
decedent or donor transfers an interest in such a trust to a fiduciary, then Section 19-3A-401
or Section 19-3A-415 applies to a receipt from such a trust. (Act 2000-675, p. 1343, ยง1.)...
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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...
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