27-5A-2
Section 27-5A-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACTUARY. A person
who is a member in good standing of the American Academy of Actuaries. (2) COMMISSIONER. The
Alabama Commissioner of Insurance. (3) CONTROLLING PERSON. Any person, firm, association,
or corporation who directly or indirectly has the power to direct or cause to be directed,
the management, control, or activities of the reinsurance intermediary. (4) INSURER. Any person,
firm, association, or corporation duly licensed in this state pursuant to the applicable provisions
of the insurance law as an insurer. (5) LICENSED PRODUCER. An insurance producer or reinsurance
intermediary licensed pursuant to the applicable provision of the insurance law. (6) QUALIFIED
U.S. FINANCIAL INSTITUTION. An institution that: a. Is organized or, in the case of a U.S.
office of a foreign banking organization, licensed,...
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10A-1-8.01
Section 10A-1-8.01 Conversion of business and nonprofit entities. (a) A conversion of an entity
may be accomplished as provided in this section: (1) CORPORATIONS. a. The terms and conditions
of a plan of conversion of a corporation, other than a nonprofit corporation, must be approved
in accordance with the procedures and by the stockholder vote required by Article 9 of Chapter
2A. If the governing documents provide for approval of a conversion by less than all of a
corporation's stockholders, approval of the conversion shall constitute corporate action subject
to appraisal rights pursuant to Article 13 of Chapter 2A. No conversion of a corporation to
a general or limited partnership may be effected without the consent in writing of each stockholder
who will have personal liability with respect to the converted entity, notwithstanding any
provision in the governing documents of the converting corporation providing for less than
unanimous stockholder approval for the conversion. b. The...
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11-32-7
Section 11-32-7 Powers of authority. (a) The authority shall exercise powers and duties necessary
to the discharge of its powers and duties in corporate form as follows: (1) Have succession
by its corporate name in perpetuity subject to Section 11-32-20. (2) Sue and be sued in its
own name in civil suits and actions and defend suits against it. (3) Adopt and make use of
a corporate seal and alter the same at its pleasure. (4) Adopt and alter bylaws for the regulation
and conduct of its affairs and business. (5) Acquire, receive, take, by purchase, gift, lease,
devise, or otherwise, and hold property of every description, real, personal, or mixed, whether
located in one or more counties or municipalities and whether located within or outside the
authorizing county. (6) Make, enter into, and execute contracts, agreements, leases, and other
instruments and take other actions as may be necessary or convenient to accomplish any purpose
for which the authority was organized, or exercise any...
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9-16-90
Section 9-16-90 Environmental protection performance standards. (a) Any permit issued pursuant
to this article to conduct surface mining operations shall require that such surface coal
mining operations will meet all applicable performance standards of this article, and such
other requirements as the regulatory authority shall promulgate. (b) General performance standards
shall be applicable to all surface coal mining and reclamation operations and shall require
the operation as a minimum to: (1) Conduct surface coal mining operations so as to maximize
the utilization and conservation of the solid fuel resource being recovered so that reaffecting
the land in the future through surface coal mining can be minimized; (2) Restore the land
affected to a condition capable of supporting the uses which it was capable of supporting
prior to any mining, or higher or better uses of which there is reasonable likelihood, so
long as such use or uses do not present any actual or probable hazard to...
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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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19-3B-405
Section 19-3B-405 Charitable purposes; enforcement. (a) A charitable trust may be created for
the relief of poverty, the advancement of education or religion, the promotion of health,
governmental or municipal purposes, or other purposes the achievement of which is beneficial
to the community. (b) If the terms of a charitable trust do not indicate a particular charitable
purpose or beneficiary, then the court may select one or more charitable purposes or beneficiaries.
The selection must be consistent with the settlor's intention to the extent it can be ascertained.
(c) The settlor of a charitable trust, among others, may maintain a proceeding to enforce
the trust. (Act 2006-216, p. 314, §1.)...
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19-3B-414
Section 19-3B-414 Modification or termination of uneconomic trust. (a) After notice to the
qualified beneficiaries, the trustee of a trust consisting of trust property having a total
value less than $50,000 may terminate the trust if the trustee concludes that the value of
the trust property is insufficient to justify the cost of administration. (b) The court may
modify or terminate a trust or remove the trustee and appoint a different trustee if it determines
that the value of the trust property is insufficient to justify the cost of administration.
(c) Upon termination of a trust under this section, the trustee shall distribute the trust
property in a manner consistent with the purposes of the trust. (d) This section does not
apply to an easement for conservation or preservation. (Act 2006-216, p. 314, §1.)...
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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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19-3D-16
Section 19-3D-16 Change in compensation. (a) If a first-trust instrument specifies an authorized
fiduciary's compensation, the fiduciary may not exercise the decanting power to increase the
fiduciary's compensation above the specified compensation unless: (1) all qualified beneficiaries
of the second trust consent to the increase in a signed record; or (2) the increase is approved
by the court. (b) If a first-trust instrument does not specify an authorized fiduciary's compensation,
the fiduciary may not exercise the decanting power to increase the fiduciary's compensation
above the compensation permitted by Chapter 3B (commencing with Section 19-3B-101) of this
title, unless: (1) all qualified beneficiaries of the second trust consent to the increase
in a signed record; or (2) the increase is approved by the court. (c) A change in an authorized
fiduciary's compensation which is incidental to other changes made by the exercise of the
decanting power is not an increase in the fiduciary's...
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19-3B-410
Section 19-3B-410 Modification or termination of trust; proceedings for approval or disapproval.
(a) In addition to the methods of termination prescribed by Sections 19-3B-411 through 19-3B-414,
a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no
purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful,
contrary to public policy, or impossible to achieve. (b) A proceeding to approve or disapprove
a proposed modification or termination under Sections 19-3B-411 through 19-3B-416, or trust
combination or division under Section 19-3B-417, may be commenced by a trustee or beneficiary.
The settlor of a charitable trust may maintain a proceeding to modify the trust under Section
19-3B-413. (Act 2006-216, p. 314, §1.)...
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