|
5-11A-37
Section 5-11A-37 Appointment of agent. Regardless of objection to any fiduciary transfer as
provided in Section 5-11A-33 and the outcome thereof, and notwithstanding any procedure under
this article, any bank may appoint a related bank, trust company or trust department as its
agent for the performance of all acts, obligations and responsibilities of the bank with respect
to any fiduciary account. In such an event, the appointing bank shall remain fully responsible
and liable with respect to all actions of the related bank, trust company or trust department
as if performed by the appointing bank itself. No such agency relationship shall: (1) Be deemed
an impermissible delegation of responsibility or duty by the appointing bank; (2) Constitute
a resignation or disqualification of the appointing bank as fiduciary or relinquishment of
trust powers by the appointing bank; or (3) Require the consent of any person, entity, court
or other governmental authority. (Acts 1989, No. 89-539, p....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-11A-37.htm - 1K - Match Info - Similar pages
19-4-40
Section 19-4-40 Definitions. When used in this article, the following words and phrases shall
have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator
de bonis non, an executor, a trustee, a guardian, a conservator, an agent or a custodian.
(2) FIDUCIARY ACCOUNT. An estate, a trust, a guardianship, a custodianship, an agency or any
other fiduciary relationship, including a custodianship or agency for another fiduciary or
fiduciaries. (3) BANK. A bank or trust company organized and existing under the laws of Alabama
with authority to act as a fiduciary and a national banking association with its principal
office in the State of Alabama and with authority to act as a fiduciary. (4) TREASURY SECURITY.
Any bill, note, bond, certificate of indebtedness or other evidence of indebtedness the principal
and interest of which the United States or any department, agency or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-4-40.htm - 1K - Match Info - Similar pages
19-4-41
Section 19-4-41 Deposit of treasury securities in federal reserve banks authorized; transfer
of ownership, etc., of securities; maintenance of records as to fiduciary accounts; rules
and regulations governing banks; certification of securities deposited for fiduciary accounts.
(a) Notwithstanding any other provision of law to the contrary, any bank holding treasury
securities as a fiduciary, as a cofiduciary or as a custodian or agent for another fiduciary
or fiduciaries is authorized, in the absence of specific provision to the contrary in the
governing instrument or court order under which the bank is acting, to deposit or arrange
for the deposit with the federal reserve bank in its district of such treasury securities
to be credited to one or more accounts on the books of said federal reserve bank in the name
of such bank to be designated trust or other accounts in accordance with rules and regulations
of the federal reserve bank, to which similar treasury securities deposited by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-4-41.htm - 2K - Match Info - Similar pages
27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life insurance
or annuities and benefits incidental thereto. A life insurer organized under the laws of this
state may, by or pursuant to a resolution of its board of directors, establish one or more
separate accounts and may allocate thereto amounts, including without limitation proceeds
applied under optional modes of settlement or under dividend options, to provide for life
insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts
or both, subject to the following: (1) The income, gains, and losses, realized or unrealized,
from assets allocated to a separate account shall be credited to, or charged against, the
account, without regard to other income, gains, or losses of the insurer; (2) Except as provided
in this section, amounts allocated to any separate account, and accumulations thereon, may
be invested and reinvested without regard to any requirements or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-38-1.htm - 6K - Match Info - Similar pages
38-14-9
Section 38-14-9 Administration of accounts. (a) Subject to rules promulgated by the department,
a fiduciary organization has sole authority over, and responsibility for, the administration
of individual development accounts. The responsibility of the fiduciary organization extends
to all aspects of the account program, including marketing to all eligible individuals and
families, soliciting matching funds, counseling account owners, providing financial literacy
education, and conducting required verification and compliance activities. The fiduciary organization
may establish program provisions as the organization believes necessary to ensure account
owner compliance with this chapter. (b) A fiduciary organization may act in partnership with
other entities, including businesses, government agencies, corporations, nonprofit organizations,
community action programs, community development corporations, housing authorities and faith-based
entities, to assist in the fulfillment of its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/38-14-9.htm - 3K - Match Info - Similar pages
19-3A-414
Section 19-3A-414 Derivative instruments and options. (a) In this section, "derivative
instrument" means a contract, a financial instrument, or a combination of contracts and
financial instruments which gives a trust the right or obligation to participate in some or
all changes in the price of a tangible or intangible asset or group of assets, or changes
in a rate, an index of prices or rates, or other market indicator for an asset or a group
of assets. (b) To the extent that a fiduciary does not account under Section 19-3A-403 for
transactions in derivative instruments, the fiduciary shall allocate to principal receipts
from and disbursements made in connection with those transactions. (c) If a fiduciary grants
an option to buy property from the trust, whether or not the trust owns the property when
the option is granted, grants an option that permits another person to sell property to the
trust, or acquires an option to buy property for the trust or an option to sell an asset owned...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-414.htm - 1K - Match Info - Similar pages
19-4-2
Section 19-4-2 Deposit of securities authorized; merger, etc., of certificates representing
securities; transfer of ownership, etc., of securities; maintenance of records by fiduciary;
rules and regulations governing banks acting as fiduciaries; certification by fiduciary of
securities deposited. (a) Notwithstanding any other provision of law to the contrary, any
fiduciary holding securities in a fiduciary capacity is authorized, in the absence of specific
provision to the contrary in the governing instrument or court order under which the fiduciary
is acting, to deposit or arrange for the deposit of such securities in a clearing corporation.
(b) When such securities are so deposited, certificates representing securities of the same
class of the same issuer may be merged and held in bulk in the name of the nominee of such
clearing corporation with any other such securities deposited in such clearing corporation
by any person regardless of the ownership of securities and certificates of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-4-2.htm - 2K - Match Info - Similar pages
27-27-56
Section 27-27-56 Insider trading of domestic stock insurer equity securities - Exemptions from
Sections 27-27-54 and 27-27-55; prescription of terms and conditions thereon. The provisions
of Section 27-27-54 shall not apply to any purchase and sale or sale and purchase and the
provisions of Section 27-27-55 shall not apply to any sale of an equity security of a domestic
stock insurance company not then, or theretofore, held by him in an investment account by
a dealer in the ordinary course of his business and incident to the establishment, or maintenance
by him, of a primary or secondary market, otherwise than on an exchange as defined in the
Securities Exchange Act of 1934, for such security. The commissioner may, by such rules and
regulations as he deems necessary or appropriate in the public interest, define and prescribe
terms and conditions with respect to securities held in an investment account and transactions
made in the ordinary course of business and incident to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-56.htm - 1K - Match Info - Similar pages
45-49A-81.04
Section 45-49A-81.04 Investment of funds. All monies properly belonging to the fund shall be
kept in a separate account or accounts, and may, in the discretion of the persons charged
with the duties of administering the fund, be invested in any securities provided by law to
be a suitable investment for trust fund monies pursuant to the laws of this state including,
but not limited to, the following: (1) Bonds, notes, or other obligations of the United States,
or those guaranteed by the United States or for which the credit of the United States is pledged
for the payment of the principal and interest or the dividends thereof. (2) State bonds pledging
the full faith and credit of the state and revenue bonds additionally secured by the full
faith and credit of the state. (3) Bonds of the counties and municipalities of the state which
contain a pledge of full faith and credit of the county or municipality which issues the bonds.
(4) Savings accounts or certificates of deposit at any bank...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-81.04.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-12A-1.htm - 2K - Match Info - Similar pages
|