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19-3C-6
Section 19-3C-6 Release or modification of restrictions on management, investment, or purpose.
(a) If the donor consents in a record, an institution may release or modify, in whole or in
part, a restriction contained in a gift instrument on the management, investment, or purpose
of an institutional fund. A release or modification may not allow a fund to be used for a
purpose other than a charitable purpose of the institution. (b) The court, upon application
of an institution, may modify a restriction contained in a gift instrument regarding the management
or investment of an institutional fund if the restriction has become impracticable or wasteful,
if it impairs the management or investment of the fund, or if, because of circumstances not
anticipated by the donor, a modification of a restriction will further the purposes of the
fund. The institution shall apply in the name of the institution to the circuit court of the
county in which the principal activities of the institution are...
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19-3C-3
Section 19-3C-3 Standard of conduct in managing and investing institutional funds. (a) Subject
to the intent of a donor expressed in a gift instrument, an institution, in managing and investing
an institutional fund, shall consider the charitable purposes of the institution and the purposes
of the institutional fund. (b) In addition to complying with the duty of loyalty imposed by
law other than this chapter, each person responsible for managing and investing an institutional
fund shall manage and invest the fund in good faith and with the care an ordinarily prudent
person in a like position would exercise under similar circumstances. (c) In managing and
investing an institutional fund, an institution: (1) may incur costs that are appropriate
and reasonable in relation to the assets, the purposes of the institution, and the skills
available to the institution; and (2) shall make a reasonable effort to verify facts relevant
to the management and investment of the fund. (d) An...
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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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19-3C-2
Section 19-3C-2 Definitions. In this chapter: (1) CHARITABLE PURPOSE means 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. (2) ENDOWMENT
FUND means an institutional fund or part thereof that, under the terms of a gift instrument,
is not wholly expendable by the institution on a current basis. The term does not include
assets that an institution designates as an endowment fund for its own use. (3) GIFT INSTRUMENT
means a record or records, including an institutional solicitation, under which property is
granted to, transferred to, or held by an institution as an institutional fund. (4) INSTITUTION
means: (A) a person, other than an individual, organized and operated exclusively for charitable
purposes; (B) a government or governmental subdivision, agency, or instrumentality, to the
extent that it holds funds exclusively for a charitable...
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36-15-4.2
Section 36-15-4.2 Attorney General's Litigation Support Fund. (a) There is established in the
State Treasury a special fund to be known as the Attorney General's Litigation Support Fund.
(b) The fund shall consist of any and all monies designated by a court order as reasonable
attorney fees and related expenses or negotiated fees and related expenses for matters settled
out of court, and penalties paid in certain cases received by the Attorney General pursuant
to this section as a result of any fees, fines, restitution, forfeitures, penalties, costs,
interest, or judgments collected pursuant to any civil litigation, or any administrative proceedings,
or in settlement of any claim asserted by or against the people of Alabama, the State of Alabama,
or any of its departments, agencies, institutions, officers, employees, or political subdivisions
thereof. Notwithstanding the foregoing, the fees, fines, restitution, forfeitures, penalties,
costs, interest, or judgements shall not be...
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19-3C-4
Section 19-3C-4 Appropriation for expenditure or accumulation of endowment fund; rules of construction.
(a) Subject to the intent of a donor expressed in the gift instrument, an institution may
appropriate for expenditure or accumulate so much of an endowment fund as the institution
determines is prudent for the uses, benefits, purposes, and duration for which the endowment
fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment
fund are donor-restricted assets until appropriated for expenditure by the institution. In
making a determination to appropriate or accumulate, the institution shall act in good faith,
with the care that an ordinarily prudent person in a like position would exercise under similar
circumstances, and shall consider, if relevant, the following factors: (1) the duration and
preservation of the endowment fund; (2) the purposes of the institution and the endowment
fund; (3) general economic conditions; (4) the possible effect...
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26-1A-211
Section 26-1A-211 Estates, trusts, and other beneficial interests. (a) In this section, "estates,
trusts, and other beneficial interests" means a trust, probate estate, guardianship,
conservatorship, escrow, or custodianship or a fund from which the principal is, may become,
or claims to be, entitled to a share or payment. (b) Unless the power of attorney otherwise
provides, language in a power of attorney granting general authority with respect to estates,
trusts, and other beneficial interests authorizes the agent to: (1) accept, receive, receipt
for, sell, assign, pledge, or exchange a share in or payment from the fund; (2) demand or
obtain money or another thing of value to which the principal is, may become, or claims to
be, entitled by reason of the fund, by litigation or otherwise; (3) exercise for the benefit
of the principal a presently exercisable general power of appointment held by the principal;
(4) initiate, participate in, submit to alternative dispute resolution,...
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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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41-15B-2
Section 41-15B-2 Children First Trust Fund. (a) There is established a special fund in the
State Treasury to be known as the Children First Trust Fund. (b) The existence of the fund
is contingent upon the receipt by the state of tobacco revenues. (c) The fund shall consist
of tobacco revenues and any appropriations or revenues received from any other source. The
amounts provided for in Section 41-15B-2.1 shall be deposited into the fund from tobacco revenues
with the remainder of the tobacco revenues being distributed as provided in Division 1, Article
17, Chapter 10 of this title. (d) The council shall keep detailed permanent records of all
expenditures and distributions from the fund and shall file a monthly written report of all
transactions, and any other information requested, with the permanent Joint Legislative Oversight
Committee of the Children First Trust Fund. (e) The council shall prepare an annual report
to the Governor and the Legislature detailing the expenditures and...
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2-6-70
Section 2-6-70 Definitions. As used in this article, the following words shall have the following
meanings unless the context clearly requires otherwise: (1) AGRICULTURAL CENTER BOARD. The
board of that name established pursuant to Article 2 of this chapter. (2) AGRICULTURAL FUND.
The fund of that name created and administered pursuant to Article 1, Chapter 9, Title 2.
(3) BOARD OF AGRICULTURE AND INDUSTRIES. The Alabama Board of Agriculture and Industries created
pursuant to Section 2-3-1. (4) BUILDING COMMISSION. The Building Commission created under
Article 6, Chapter 9, Title 41, and any successor agency thereto. (5) COLISEUM. The existing
Garrett Coliseum and the grounds and other buildings and structures associated therewith,
all owned by the Agricultural Center Board and located in the City of Montgomery, Alabama.
(6) CORPORATION. The public corporation authorized to be created by this article. (7) ELIGIBLE
INVESTMENTS. (i) Any time deposit with, or any certificate of deposit...
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