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27-17A-50
Section 27-17A-50 Financial interest in asset or business in which endowment care trust
invests, etc.; disposition of funds. (a) No cemetery authority may directly or indirectly
require or direct the investment, reinvestment, or retention by a qualified trustee of any
part of an endowment care trust in any asset or business in which the cemetery authority or
any officer, director, owner, partner, or employee of the cemetery authority has a financial
interest. Nothing contained in this subsection shall prevent the trustee, subject to the provisions
regarding investment and reinvestment of the trust estate as are contained in the governing
instrument creating the trust, from investing, reinvesting, or retaining any asset or business
in which the cemetery authority or any officer, director, owner, partner, or employee of the
cemetery authority has an insubstantial or nonmaterial financial interest, provided that the
trustee, in the exercise of the trustee's discretion, deems the...
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27-17A-2
Section 27-17A-2 Definitions. As used in this chapter, the following terms shall have
the following meanings: (1) ALTERNATIVE CONTAINER. A nonmetal receptacle or enclosure, without
ornamentation or a fixed interior lining, which is designed for the encasement of human remains
and which is made of cardboard, pressed-wood, composition materials (with or without an outside
covering), or pouches of canvas or other materials. (2) ARRANGEMENT CONFERENCE. The meeting
occurring either at need or preneed between the seller and the purchaser during which funeral
or cemetery merchandise and services are discussed. (3) ARRANGEMENT CONFERENCE FEE. The charge
to the purchaser in conjunction with the arrangement conference. (4) AT NEED. At the time
of death, or immediately following death. (5) AUTHORIZING AGENT. One who is lawfully authorized
to control the final disposition of human remains. (6) BELOW-GROUND CRYPT. A preplaced enclosed
chamber, which is usually constructed of reinforced concrete,...
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16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one
college savings alternative under the plan whereby purchasers enter into PACT contracts for
the future payment of tuition and mandatory fees at eligible educational institutions. The
PACT Program includes the PACT Trust Fund and the PACT Administrative Fund created pursuant
to this chapter. (b) The official location of the trust fund shall be the State Treasurer's
office, and the facilities of the State Treasurer shall be used and employed in the administration
of the fund including, but without limitation thereto, the keeping of records, the management
of bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
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27-17A-47
Section 27-17A-47 Establishment and management of endowment care fund. (a) Every cemetery
authority operating an endowment care cemetery shall establish an endowment care fund which
shall be placed with and held by a bank, trust company, savings and loan association, or other
financial institution authorized to provide trust services under Title 5, as amended, or under
the applicable laws of the United States or any other state, or a board of trustees, consisting
of at least three members, who shall reside in the State of Alabama, one of whom is engaged
in outside cemetery management, and each of whom shall be bonded to honestly perform the duties
of trustee under a formal trust agreement. (b) Except as specifically provided in this subsection,
commencing on July 1, 2014, a person serving on a board of trustees or cemetery authority
may not also serve as a trustee of an endowment care fund for the cemetery authority. A board
of trustees in existence on July 1, 2014, may continue to...
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27-17A-49
Section 27-17A-49 Endowment care fund deposits; qualification as endowment care cemetery.
(a) From the sale price of each plot, crypt, or niche sold by the cemetery authority, of an
endowment care cemetery, it shall pay an amount, not less than as determined in accordance
with the following schedule, to the trustee of the endowment care fund, which payment shall
be paid over to the trustee not more than four months after the close of the month in which
the total or final payment on the sale has been received: (1) Fifteen percent of the sale
price of each grave or lawn crypt space. (2) Five percent of the sale price of each mausoleum
crypt or niche. (3) The amount received for special care funds, gifts, grants, contribution
devises, or bequests made with respect to the separate or special care of a particular lot,
grave, crypt, niche, mausoleum, monument, or marker or that of a particular family, as distinguished
from the general endowed care of a cemetery or of a garden. (b) In...
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27-17A-51
Section 27-17A-51 Propriety of expenditures; income payments to cemetery authority.
The trustee shall not be required to inquire into the propriety of the expenditures made by
the cemetery authority in connection with endowment care of the cemetery, and it shall not
be held responsible in any manner whatsoever for and on account of payments of the income
from the endowment care fund made to the cemetery authority. (Act 2002-74, p. 221, §1.)...
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27-17A-54
Section 27-17A-54 Annual report. An annual report of the endowment care fund shall be
made to the commissioner by each cemetery authority within 90 days of the close of each calendar
year. This report shall include the qualified trustee's name or names, the bond numbers if
individual trustees or the name and address of the financial institution in which the fund
is maintained, and the affidavit of the cemetery authority affirming compliance with this
article. Prior to the sale or transfer of a cemetery, the cemetery authority shall report
and document to the commissioner that the endowment care fund is currently funded in accordance
with this article. (Act 2002-74, p. 221, §1.)...
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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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36-31-1
Section 36-31-1 Designation and prescription of powers and duties of trustees. Each
governing body in the State of Alabama including the council, commission or similar governing
body of each municipal corporation, the board of directors of each incorporated municipal
board, the county commission of each county, the board of education of each city, the board
of education of each county, the board of directors of each county or municipal hospital,
each gas district, any other county or municipal public corporation, agency or authority and
the board of trustees, board of managers, board of control or similar governing body of each
state agency or institution of education, learning, training or correction or for the delinquent,
insane, sick, deaf, dumb, blind, needy, juvenile or aged, now existing or established after
September 16, 1963, may designate a bank (whether a national bank or banking association or
a banking or trust company operating under the jurisdiction of the Superintendent...
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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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