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24-1-72
Section 24-1-72 Powers of authority to secure payment of bonds, etc. In connection with the
issuance of bonds or the incurring of any obligation under a lease and in order to secure
the payment of such bonds or obligations, the authority shall have power: (1) To pledge by
resolution, trust indenture, mortgage, subject to the limitations hereinafter imposed, or
other contract all or any part of its rents, fees, or revenues. (2) To covenant against mortgaging
all or any part of its property, real or personal, then owned or thereafter acquired, or against
permitting or suffering any lien thereon. (3) To covenant with respect to limitations on its
right to sell, lease, or otherwise dispose of any housing project, or any part thereof, or
with respect to limitations on its right to undertake additional housing projects. (4) To
covenant against pledging all or any part of its rents, fees, and revenues to which its right
then exists, or the right to which may thereafter come into existence, or...
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8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter
in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of
the following transactions: (1) Any isolated nonissuer transaction, whether effected through
a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered
dealer if: a. The issuer has a class of securities subject to registration under Section 12
of the Securities Exchange Act of 1934 and has been subject to the reporting requirements
of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days
before the transaction; or has filed and maintained with the commission for not less than
180 days before the transaction information, in such form as the commission, by rule, specifies,
substantially comparable to the information which the issuer would be required to file under
Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
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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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15-22-1.1
Section 15-22-1.1 Interstate Compact for Adult Offender Supervision. Whereas: The Interstate
Compact for the Supervision of Parolees and Probationers was established in 1937, it is the
earliest corrections "compact" established among the states and has not been amended
since its adoption over 62 years ago; Whereas: This compact is the only vehicle for the controlled
movement of adult parolees and probationers across state lines, and it currently has jurisdiction
over more than a quarter of a million offenders; Whereas: The complexities of the compact
have become more difficult to administer, and many jurisdictions have expanded supervision
expectations to include currently unregulated practices such as victim input, victim notification
requirements, and sex offender registration; Whereas: After hearings, national surveys, and
a detailed study by a task force appointed by the National Institute of Corrections, the overwhelming
recommendation has been to amend the document to bring about...
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19-3D-9
Section 19-3D-9 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. COURT INVOLVEMENT.
(a) On application of an authorized fiduciary, a person entitled to notice under Section 19-3D-7
(c), a beneficiary, or with respect to a charitable interest that is not entirely held by
or for the benefit of one or more identified and existing charitable organizations, the Attorney
General or other person that has standing to enforce the charitable interest, the court may:
(1) provide instructions to the authorized fiduciary regarding whether a proposed exercise
of the decanting power is permitted under this chapter and consistent with the fiduciary duties
of the authorized fiduciary; (2) appoint a special fiduciary and authorize the special fiduciary
to determine whether the decanting power should be exercised under this chapter and to exercise
the decanting power; (3) approve an exercise of the...
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5-12A-6
Section 5-12A-6 Control of investments by instrument under which trust institution acts. If
the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity
arose before or is created after July 8, 1943, shall either expressly or by its silence limit
or restrict the investment of moneys of the estate and securities to the class authorized
by law as legal investments, the trust institution may, in its capacity as sole fiduciary
or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest
moneys of the estate in any such common trust fund maintained by the trust institution or
by an affiliated trust institution, provided, the securities composing such fund consist solely
of securities of the class authorized as legal investments for funds held by a fiduciary.
If the instrument under which the trust institution acts as fiduciary, whether such fiduciary
capacity arose before or is created after July 8, 1943, shall authorize...
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19-3D-27
Section 19-3D-27 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. OBLIGATIONS. A debt,
liability, or other obligation enforceable against property of a first trust is enforceable
to the same extent against the property when held by the second trust after exercise of the
decanting power. (Act 2018-519, ยง27.)...
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19-3A-103
Section 19-3A-103 Fiduciary duties; general principles. (a) In allocating receipts and disbursements
to or between principal and income, and with respect to any matter within the scope of Article
2 and Article 3, a fiduciary: (1) Shall administer a trust or decedent's estate in accordance
with the terms of the trust or the will, even if there is a different provision in this chapter;
(2) May administer a trust or decedent's estate by the exercise of a discretionary power of
administration given to the fiduciary by the terms of the trust or the will, even if the exercise
of the power produces a result different from a result required or permitted by this chapter;
(3) Subject to the provisions of Section 19-3A-104, shall administer a trust or decedent's
estate in accordance with this chapter if the terms of the trust or the will do not contain
a different provision or do not give the fiduciary a discretionary power of administration;
and (4) Shall add a receipt or charge a disbursement...
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19-3D-23
Section 19-3D-23 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. TRUST FOR CARE OF ANIMAL.
(a) In this section the following terms have the following meanings: (1) ANIMAL TRUST. A trust
or an interest in a trust created to provide for the care of one or more animals. (2) PROTECTOR.
A person appointed in an animal trust to enforce the trust on behalf of the animal or, if
no such person is appointed in the trust, a person appointed by the court for that purpose.
(b) The decanting power may be exercised over an animal trust that has a protector to the
extent the trust could be decanted under this chapter if each animal that benefits from the
trust were an individual, if the protector consents in a signed record to the exercise of
the power. (c) A protector for an animal has the rights under this chapter of a qualified
beneficiary. (d) Notwithstanding any other provision of this chapter,...
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5-12A-1
Section 5-12A-1 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) TRUST INSTITUTION.
Any state bank, any national bank or any trust company authorized to act in a fiduciary capacity
in this state and under the supervision of the Comptroller of the Currency of the United States
or the Federal Reserve System, or the Superintendent of Banks of the State of Alabama. (2)
AFFILIATED TRUST INSTITUTION. A trust institution which, together with one or more other trust
institutions, are each owned or controlled by a bank holding company which is under the supervision
of the Board of Governors of the Federal Reserve System. (3) OWNED OR CONTROLLED. The ownership
by a bank holding company of stock possessions of at least 80 percent of the voting power
of all classes of stock and at least 80 percent of each class of the nonvoting stock (other
than nonvoting stock which is limited and...
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