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45-13-120
Section 45-13-120 Compensation; election; oath and bond; office space, equipment; chief
clerk; powers and duties; issuance of licenses; disposition of funds. (a)(1) Effective October
1, 1991, there is hereby created the office of commissioner of licenses. The salary of the
commissioner of licenses shall be in the amount of thirty-six thousand dollars ($36,000) annually.
The annual salary shall be payable in equal biweekly installments from the general funds of
the county, as all other county employees are paid. (2) The office of commissioner of licenses
shall be established upon the occurrence of a vacancy before October 1, 1991, in either the
office of tax assessor or tax collector, then, in that event, the officer remaining after
the office of revenue commissioner is established, shall be the license commissioner for the
remainder of the unexpired term for which he or she was elected as either tax assessor or
as tax collector, as the case may be, and the license commissioner shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-13-120.htm - 16K - Match Info - Similar pages
27-3-8
Section 27-3-8 Authority to transact insurance - Kind or combinations of kinds - Special
surplus. (a) In addition to the minimum paid-in capital stock (stock insurers) or minimum
surplus (mutual and reciprocal insurers) required by Section 27-3-7, special surplus
shall be possessed by insurers hereafter applying for original certificates of authority in
this state as follows: (1) All stock insurers and foreign mutual and foreign reciprocal insurers
which have actively transacted insurance in their states or countries of domicile as an authorized
insurer for less than five years and which do not meet the requirements of paragraphs (2)
a or (2) b of Section 27-3-4, when first authorized to transact insurance in this state
shall have a surplus or additional surplus equal to 150 percent of the paid-up capital stock,
if a stock insurer, or surplus, if a foreign mutual or foreign reciprocal insurer, otherwise
required under Section 27-3-7 for the kinds of insurance to be transacted; and (2)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-3-8.htm - 2K - Match Info - Similar pages
5-5A-26
Section 5-5A-26 Acceptance of drafts or bills of exchange arising from transactions
involving shipment of goods - Limitations. No bank shall accept, whether in a foreign or domestic
transaction, for any one person, company, firm or corporation, to an amount equal at any time
in the aggregate to more than 10 percent of its paid up and unimpaired capital and surplus,
unless the bank is secured either by attached documents or by some other actual security growing
out of the same transaction as the acceptance, and no bank shall accept such bills to an amount
equal at any time in the aggregate to more than one half of its paid up and unimpaired capital
stock and surplus. Banks which are members of the Federal Reserve System may accept such bills
to an amount not exceeding at any time in the aggregate 100 percent of their paid up and unimpaired
capital and surplus, but the aggregate of acceptances growing out of domestic transactions
shall in no event exceed 50 percent of such capital and...
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27-27-41
Section 27-27-41 Deficiencies in stock insurer's capital or assets of mutual insurers
- Generally. (a) If a stock insurer's capital, as represented by the aggregated par value
of its outstanding capital stock, becomes impaired or the assets of a mutual insurer are less
than its liabilities and the minimum amount of surplus required to be maintained by it under
Sections 27-27-15 or 27-27-20 for authority to transact the kinds of insurance being transacted,
the commissioner shall, at once, determine the amount of deficiency and serve notice upon
the insurer to make good the deficiency within 60 days after service of such notice. (b) The
deficiency may be made good in cash or in assets eligible for the investment of the insurer's
funds, or, if a stock insurer, by reduction of the insurer's capital to an amount not below
the minimum required for the kinds of insurance thereafter to be transacted or, if a mutual
insurer, by amendment of its certificate of authority to cover only such kind...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-41.htm - 2K - Match Info - Similar pages
27-30-5
Section 27-30-5 Authorization to act as, or for, association - Requirements. No person
shall hereafter be authorized or hold authority to transact business in this state as a mutual
aid association unless it is otherwise in compliance with this chapter and meets the following
requirements: (1) Must be a corporation heretofore or hereafter lawfully formed under the
laws of the State of Alabama; (2) If a stock corporation, and except as provided in Section
27-30-6, must have and maintain unimpaired paid-in capital stock of not less than $50,000.00
and, if newly organized, must have, in addition when first so authorized, a paid-in surplus
of not less than $75,000.00; (3) If a mutual corporation, and except as provided in Section
27-30-6, must have applications for benefits and paid-in fees, dues, assessments, or contributions,
if required under Section 27-30-27, and must thereafter have and maintain unimpaired
surplus funds, representing the excess of its admitted assets over all its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-30-5.htm - 2K - Match Info - Similar pages
27-27-42
Section 27-27-42 Deficiencies in stock insurer's capital or assets of mutual insurers
- Curing of deficiency. Any insurer receiving the commissioner's notice mentioned in Section
27-27-41: (1) If a stock insurer and if its articles of incorporation and laws of this state
so permit, by resolution of its board of directors and subject to any limitations upon assessment
contained in its articles of incorporation, may assess its stockholders for amounts necessary
to cure the deficiency and provide the insurer with a reasonable amount of surplus in addition.
If any stockholder fails to pay a lawful assessment after notice given to him in person or
by advertisement in such time and manner as approved by the commissioner, the insurer may
require the return of the original certificate of stock held by the stockholder and, in cancellation
and in lieu thereof, issue a new certificate for such number of shares as the stockholder
may then be entitled to, upon the basis of the stockholder's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-42.htm - 1K - Match Info - Similar pages
10A-20-7.10
Section 10A-20-7.10 Rights to shares, bonds, securities, or other evidences of corporate
indebtedness. (a) Notwithstanding any rule at common law, any provision of any general or
special law or any provision in their respective charters, agreements of association, certificate
of formation, or trust indentures: (1) Any person, including all domestic corporations organized
for the purpose of carrying on business within this state, and further including, without
implied limitation, public utility companies, insurance companies, foreign corporations licensed
to do business within this state, all financial institutions, as defined in Section
10A-20-7.01, and all trusts, are hereby authorized to acquire, purchase, hold, sell, assign,
transfer, mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences
of indebtedness created by, or the shares of the capital stock of, the corporation and, while
owners of the stock, to exercise all the rights, powers, and privileges of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.10.htm - 2K - Match Info - Similar pages
10A-20-7.20
Section 10A-20-7.20 Amendment of certificate of formation. (a) The certificate of formation
may be amended by the votes of the stockholders and the members of the corporation, voting
separately by classes, and the amendments shall require approval by the affirmative vote of
two thirds of the votes to which the stockholders shall be entitled and two thirds of the
votes to which the members shall be entitled; provided, that no amendment of the certificate
of formation which is inconsistent with the general purposes expressed in this article, which
authorizes any additional class of capital stock to be issued or which eliminates or curtails
the right of the state Comptroller to examine the corporation or the obligation of the corporation
to make reports as provided in Section 10A-20-7.18 shall be made; and provided further,
that no amendment of the certificate of formation which increases the obligation of a member
to make loans to the corporation, makes any change in the principal...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.20.htm - 2K - Match Info - Similar pages
27-27-14
Section 27-27-14 Solicitation permit for subsequent financing. (a) No insurer, or insurance
holding corporation, or stock corporation for financing operations of a mutual insurer, or
attorney-in-fact corporation, or a reciprocal insurer, or any other type of organization existing
for the same purpose, after: (1) It has received a certificate of authority, if an insurer,
in this or any other state; or (2) It has completed its initial organization and financing,
if a corporation, syndicate, or other organization other than an insurer, shall in this state
solicit or receive funds in exchange for its securities, other than when combining and selling,
for the account of its stockholders entitled thereto, fractional shares to which they become
entitled through a stock dividend to existing stockholders until it has applied to the commissioner
for, and has been granted, a solicitation permit. (b) The commissioner shall issue such a
permit unless he finds: (1) That the funds proposed to be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-14.htm - 2K - Match Info - Similar pages
27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall
have the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or
INSOLVENCY. The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the
surplus of a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall
be deemed to be insolvent when such insurer is not possessed of assets at least equal to all
liabilities and required reserves, together with its total issued and outstanding capital
stock, if a stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal
insurer, required by this title to be maintained for the kind or kinds of insurance it is
then authorized to transact. (2) INSURER. Any person, firm, corporation, association, or aggregation
of persons doing an insurance business and subject to the insurance supervisory authority
of, or to liquidation, rehabilitation, reorganization, or conservation by, the...
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