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19-3A-502
Section 19-3A-502 Disbursements from principal. (a) A trustee shall make the following
disbursements from principal: (1) An amount, not to exceed fifty percent (50%), of the disbursements
described in Section 19-3A-501(a) and Section 19-3A-501(b); (2) All of the trustee's
compensation calculated on principal as a fee for acceptance, distribution, or termination,
and disbursements made to prepare property for sale; (3) Payments on the principal of a trust
debt; (4) Expenses of a proceeding that concerns primarily principal, including a proceeding
to construe the trust or to protect the trust or its property; (5) Premiums paid on a policy
of insurance not described in Section 19-3A-501(d), of which the trust is the owner
and beneficiary; and (6) Estate, inheritance, and other transfer taxes, including penalties
thereon, apportioned to the trust which carries the name of the estate. (b) If a principal
asset is encumbered with an obligation that requires income from that asset to be paid...
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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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37-6-3
Section 37-6-3 Enumerated powers. A cooperative shall have the power: (1) To sue and
be sued in its corporate name. (2) To adopt a corporate seal and alter the same at its pleasure.
(3) To generate, manufacture, purchase, acquire and transmit electric energy and to distribute,
sell, supply and dispose of electric energy to its members, to governmental agencies and political
subdivisions and to other persons; provided, however, that should a cooperative acquire any
electric facilities dedicated or devoted to the public use, it may continue to serve the persons
served directly from such facilities at the time of such acquisition without requiring that
such persons become members, and, provided further, that such nonmembers shall have the right
to become members upon nondiscriminatory terms. Cooperatives may not condition membership
or provision of service on compliance by the member with requirements not directly related
to the electric or other service to be provided by the cooperative....
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41-10-547
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time
to time to sell and issue its bonds for the purpose of financing project costs pertaining
to one or more projects or for the purpose of providing funds to pay training facility management
fees, or any combination of the foregoing including, without limitation, in the case of authority
obligations issued for the purpose of providing funds to pay training facility management
fees, costs, expenses, and other items of the type described in paragraphs g., h., i., and
j. of the definition of project costs in Section 41-10-541 or to enter into guaranty
agreements wherein the authority guarantees payment, in whole or in part, of debt service
referable to obligations issued by development agencies for the purpose of financing project
costs pertaining to one or more projects; provided, however, that the principal amount of
authority obligations shall not exceed three hundred million dollars ($300,000,000). For...
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19-3A-501
Section 19-3A-501 Disbursements from income. A trustee shall make the following disbursements
from income to the extent that they are not disbursements to which Section 19-3A-201(c)(2)
or Section 19-3A-201(c)(3) applies: (a) All of the regular compensation of the trustee
and of any person providing investment advisory or custodial services to the trustee, to the
extent not charged to principal pursuant to Section 19-3A-502(a)(1); (b) All expenses
for accountings, judicial proceedings, or other matters that involve both the income and remainder
interests, to the extent not charged to principal pursuant to Section 19-3A-502(a)(1);
(c) All of the other ordinary expenses incurred in connection with the administration, management,
or preservation of trust property and the distribution of income, including interest, ordinary
repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding
or other matter that concerns primarily the income interest; (d) All...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state,
shall execute a compact, in substantially the following form, with the State of Mississippi,
and the Legislature approves and ratifies the compact in the form substantially as follows:
Northeast Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states
solemnly agree: Article I. The purpose of this compact is to promote and develop trade, commerce,
industry, and employment opportunities for the public good and welfare in northeast Mississippi
and northwest Alabama through the establishment of a joint interstate authority to acquire
certain railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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19-3A-104
Section 19-3A-104 Trustee's power to adjust. (a) If the terms of the trust expressly
provide by specific reference to this section, then a trustee may have the power to
adjust between principal and income to the extent the trustee considers necessary if (1) the
trustee invests and manages trust assets as a prudent investor; (2) the terms of the trust
describe the amount that may or must be distributed to a beneficiary by referring to the trust's
income, and (3) the trustee determines, after applying the rules in Section 19-3A-103(a),
that the trustee is unable to comply with Section 19-3A-103(b). (b) In deciding whether
and to what extent to exercise the power conferred by subsection (a), a trustee shall consider
all factors relevant to the trust and its beneficiaries, including, but not limited to: (1)
The nature, purpose, and expected duration of the trust; (2) The intent of the settlor; (3)
The identity and circumstances of the beneficiaries; (4) The needs for liquidity for the...
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19-3A-504
Section 19-3A-504 Transfers from income to reimburse principal. (a) If a fiduciary makes
or expects to make a principal disbursement described in this section, then the fiduciary
may transfer an appropriate amount from income to principal in one or more accounting periods
to reimburse principal or to provide a reserve for future principal disbursements. (b) Principal
disbursements to which subsection (a) applies include the following, but only to the extent
that the fiduciary has not been and does not expect to be reimbursed by a third party: (1)
An amount chargeable to income but paid from principal because it is unusually large, including
extraordinary repairs; (2) A capital improvement to a principal asset, whether in the form
of changes to an existing asset or the construction of a new asset, including special assessments;
(3) Disbursements made to prepare property for rental, including tenant allowances, leasehold
improvements, and broker's commissions; and (4) Periodic payments...
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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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19-3A-302
Section 19-3A-302 Apportionment of receipts and disbursements upon decedent's death
or when income interest begins. (a) A fiduciary shall allocate an income receipt or disbursement,
other than one to which Section 19-3A-201(a) applies, to principal in the following
instances: (1) In the case of a decedent's estate, if its due date occurs before the date
of a decedent's death; or (2) In the case of a trust or successive income interest, if its
due date occurs before an income interest begins. (b) A fiduciary shall allocate an income
receipt or disbursement to income if its due date occurs on or after the date on which a decedent
dies or an income interest begins and it is a periodic due date. An income receipt or disbursement
shall be treated as accruing from day to day if its due date is not periodic or if it has
no due date. The portion of the receipt or disbursement accruing before the date on which
a decedent dies or an income interest begins shall be allocated to principal and the...
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