Code of Alabama

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19-3-120.2
Section 19-3-120.2 Standards for fiduciary investment and management. (a) When investing, reinvesting,
purchasing, acquiring, exchanging, selling and managing property for the benefit of another,
a trustee, executor, administrator, guardian, conservator or other fiduciary, other than a
trustee governed by Chapter 3B, shall act with the care, skill, prudence, and diligence under
the circumstances then prevailing that a prudent person acting in a like capacity and familiar
with such matters would use to attain the purposes of the account. In making investment decisions,
a fiduciary shall consider the role that the investment plays within the account's overall
portfolio of assets and may consider the general economic conditions, the anticipated tax
consequences of the investment, the anticipated duration of the account and the needs of the
beneficiaries of the account. (b) The propriety of an investment decision is to be determined
by what a fiduciary knew or should have known at the time...
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17-5-7
Section 17-5-7 Use of excess moneys received; solicitation, etc., of contributions. (a) Except
as provided in subsection (d) and in Section 17-5-7.1, a candidate, public official, or treasurer
of a principal campaign committee as defined in this chapter, may only use campaign contributions,
and any proceeds from investing the contributions that are in excess of any amount necessary
to defray expenditures of the candidate, public official, or principal campaign committee,
for the following purposes: (1) Necessary and ordinary expenditures of the campaign. (2) Expenditures
that are reasonably related to performing the duties of the office held. For purposes of this
section, expenditures that are reasonably related to performing the duties of the office held
do not include personal and legislative living expenses, as defined in this chapter. (3) Donations
to the State General Fund, the Education Trust Fund, or equivalent county or municipal funds.
(4) Donations to an organization to which...
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19-3C-5
Section 19-3C-5 Delegation of management and investment functions. (a) Subject to any specific
limitation set forth in a gift instrument or in law other than this chapter, an institution
may delegate to an external agent the management and investment of an institutional fund to
the extent that an institution could prudently delegate under the circumstances. An institution
shall act in good faith, with the care that an ordinarily prudent person in a like position
would exercise under similar circumstances, in: (1) selecting an agent; (2) establishing the
scope and terms of the delegation, consistent with the purposes of the institution and the
institutional fund; and (3) periodically reviewing the agent's actions in order to monitor
the agent's performance and compliance with the scope and terms of the delegation. (b) In
performing a delegated function, an agent owes a duty to the institution to exercise reasonable
care to comply with the scope and terms of the delegation. (c) Absent...
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8-6-19
Section 8-6-19 Civil liabilities of sellers, agents, etc.; remedies of purchasers. (a) Any
person who: (1) Sells or offers to sell a security in violation of any provision of this article
or of any rule or order imposed under this article or of any condition imposed under this
article, or (2) Sells or offers to sell a security by means of any untrue statement of a material
fact or any omission to state a material fact necessary in order to make the statements made,
in the light of the circumstances under which they are made, not misleading, the buyer not
knowing of the untruth or omission, and who does not sustain the burden of proof that he did
not know and in the exercise of reasonable care could not have known of the untruth or omission,
is liable to the person buying the security from him who may bring an action to recover the
consideration paid for the security, together with interest at six percent per year from the
date of payment, court costs and reasonable attorneys' fees,...
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45-39-221.03
Section 45-39-221.03 Powers of tourism board. (a) The tourism board may conduct programs and
events, including, but not limited to, programs of information and publicity, sporting events,
and other public events to attract tourists and visitors to the county. The tourism board
may conduct programs or events in the state and elsewhere and expend its funds in the furtherance
of such programs and events in the state and elsewhere. (b) The tourism board may enter into
contracts with any person, firm, corporation, or association to carry out the purposes set
forth herein. No contract entered into by the tourism board shall bind either the state, the
county, or any municipality. (c) The tourism board shall have the following additional powers,
together with all powers incidental thereto or necessary to the discharge thereof in corporate
form: (1) To sue and be sued in its own name in civil suits and actions, and to defend suits
and actions against it, including suits and actions ex delicto...
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44-2-20
Section 44-2-20 Text of compact. The Interstate Compact on the Placement of Children is hereby
enacted into law and entered into with all other jurisdictions legally joining therein in
form substantially as follows: Article I. Purpose and Policy. It is the purpose and policy
of the party states to cooperate with each other in the interstate placement of children to
the end that: (a) Each child requiring placement shall receive the maximum opportunity to
be placed in a suitable environment and with persons or institutions having appropriate qualifications
and facilities to provide a necessary and desirable degree and type of care. (b) The appropriate
authorities in a state where a child is to be placed may have full opportunity to ascertain
the circumstances of the proposed placement, thereby promoting full compliance with applicable
requirements for the protection of the child. (c) The proper authorities of the state from
which the placement is made may obtain the most complete...
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43-2-843
Section 43-2-843 Transactions authorized for personal representatives; exceptions. Except as
restricted or otherwise provided by the will or by an order of court and subject to the priorities
stated in Section 43-8-76, a personal representative, acting prudently for the benefit of
the interested persons, may properly: (1) Retain assets owned by the decedent pending distribution
or liquidation including those in which the representative is personally interested or which
are otherwise improper for trust investment. (2) Receive assets from fiduciaries, or other
sources. (3) Perform, compromise, or refuse performance of the decedent's contracts that continue
as obligations of the estate, as the personal representative may determine under the circumstances.
In performing enforceable contracts by the decedent to convey or lease land, the personal
representative, among other possible courses of action, may do either of the following: a.
Execute and deliver a deed of conveyance for cash...
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11-54-131
Section 11-54-131 Investment of moneys; duties of fund manager. (a) Moneys held in and forming
a part of an endowment trust fund, including, without limitation, proceeds of investments
held in and forming a part of the fund, shall, to the extent practicable and feasible, be
kept fully and continuously invested, pending their distribution and expenditure for the purposes
authorized by this division, in any of the following: (1) Interest-bearing bank time deposits
and interest-bearing bank certificates of deposit. (2) Debt securities that are direct general
obligations of the United States of America or any agency thereof, and debt securities of
any state or local government. (3) Other debt securities, common and preferred stocks, shares
of investment companies or mutual funds, or other like investments. (b) All of the above as
may be authorized in the trust agreement under which such fund has been established, and all
with the care, skill, prudence, and diligence under the circumstances...
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13A-9-150
Section 13A-9-150 Public assistance fraud; penalties. (a) For the purposes of this section,
public assistance means money or property provided directly or indirectly to eligible persons
through programs of the federal government, the state, or any political subdivision thereof,
including any program administered by a public housing authority. (b) It shall be unlawful
for an individual or business entity to knowingly do any of the following: (1) Fail, by false
statement, misrepresentation, impersonation, or other fraudulent means, to disclose a material
fact used in making a determination as to the qualification of the person to receive public
assistance. (2) Fail to disclose a change in circumstances in order to obtain or continue
to receive any public assistance to which he or she is not entitled or in an amount larger
than that to which he or she is entitled. (3) Aid and abet another person in the commission
of the prohibitions enumerated in subdivisions (1) and (2). (4) Use,...
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16-33B-4
Section 16-33B-4 Basic powers and duties of the Alabama Commission on Higher Education for
the Alabama Guaranteed Student Loan Program. (a) Basic powers. The Alabama Commission on Higher
Education (ACHE) is authorized to administer the Alabama Guaranteed Student Loan Program in
accordance with the Federal Student Loan Law, and empowered to promulgate such rules, regulations,
policies, and procedures as may be reasonable and proper in order to carry out the provisions
and purposes of this chapter. Without limiting the generality of the foregoing, the ACHE is
authorized and empowered: (1) To establish regulations deemed necessary to comply with federal
regulations and legislation relative to guaranteed student loans and the Federal Student Loan
Law. (2) To establish eligibility criteria for participating postsecondary educational institutions.
(3) To establish reasonable eligibility criteria for the initial and continuing participation
of approved lenders in the student loan program. (4)...
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