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19-3A-401
Section 19-3A-401 Character of receipts. (a) For purposes of this section, "entity"
means a corporation, partnership, limited liability company, regulated investment company,
real estate investment trust, common trust fund, or any other organization in which a fiduciary
has an interest other than (1) a trust or decedent's estate to which Section 19-3A-402 applies,
(2) a business or activity to which Section 19-3A-403 applies, or (3) an asset-backed security
to which Section 19-3A-415 applies. (b) Except as otherwise provided in this section, a fiduciary
shall allocate to income money received from an entity. (c) A fiduciary shall allocate the
following receipts from an entity to principal: (1) Property other than money except in cases
when the fiduciary has the choice to receive dividends or similar payments either in cash
or in the shares or similar ownership interests of the corporation or other business entity,
in which case, the fiduciary shall allocate the receipts to income; (2)...
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19-3D-19
Section 19-3D-19 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. TAX-RELATED LIMITATIONS.
(a) In this section the following terms have the following meanings: (1) GRANTOR TRUST. A
trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. Sections
671 through 677, as amended, or 26 U.S.C. Section 679, as amended. (2) INTERNAL REVENUE CODE.
The United States Internal Revenue Code of 1986, as amended. (3) NONGRANTOR TRUST. A trust
that is not a grantor trust. (4) QUALIFIED BENEFITS PROPERTY. Property subject to the minimum
distribution requirements of 26 U.S.C. Section 401(a)(9), as amended, and any applicable regulations,
or to any similar requirements that refer to 26 U.S.C. Section 401(a)(9) or the regulations.
(b) An exercise of the decanting power is subject to the following limitations: (1) If a first
trust contains property that qualified, or would have...
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2-15-84
Section 2-15-84 Promulgation of rules and regulations by commissioner. The commissioner with
approval of the State Board of Agriculture and Industries is hereby authorized to promulgate
such rules and regulations as may be necessary to carry out the evident intent and purpose
of this division including, but not limited to, the reporting requirements of livestock markets,
the manner and method of payment required of dealers to comply with this division, the method
of disseminating information by the commissioner to livestock markets of the nonpayment for
livestock purchases by dealers, records required to be kept by livestock markets, together
with the identification of dealers purchasing livestock and whether such dealers are purchasing
for their own account or as agent for others with disclosure of such information to be made
to the livestock market either prior to or subsequent to the time of purchase, as well as
such other rules and regulations as may be reasonable and necessary to...
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2-5A-31
Section 2-5A-31 Authorization to issue bonds. The commissioner, with approval of the Board
of Agriculture and Industries, in addition to all other powers previously conferred upon it,
may issue and sell its bonds in the aggregate principal amount not to exceed ten million dollars
($10,000,000) for the purpose of acquiring, constructing, enlarging, improving, renovating,
equipping, and maintaining farmers' market facilities which the Department of Agriculture
and Industries may establish pursuant to Section 2-5A-1. The bonds shall be in such form or
forms and denomination or denominations and of such tenor and maturities, shall bear such
rate or rates of interest payable and evidenced in such manner, shall be made subject to redemption
prior to their maturities, and shall contain provisions not inconsistent with this article,
all as may be provided by the resolution under which the bonds may be issued; provided, that
those bonds having maturities more than 10 years after their date...
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27-15-7
Section 27-15-7 Life insurance policy provisions - Dividends. There shall be a provision in
participating policies that, beginning not later than the end of the third policy year, the
insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue
on the policy anniversary or other dividend date specified in the policy, provided the policy
is in force and all premiums to that date are paid. Except as provided in this section, any
dividend becoming payable shall, at the option of the party entitled to elect such option,
be either: (1) Payable in cash; or (2) Applied to any one of such other dividend options as
may be provided by the policy. If any such other dividend options are provided, the policy
shall further state which option shall be automatically effective if such party shall not
have elected some other option. If the policy specifies a period within which such other dividend
option may be elected, such period shall be not less than 30 days...
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27-27-34
Section 27-27-34 Nonassessable policies in mutual insurers - Generally. (a) While possessing
surplus funds in amount not less than the paid-in capital stock required of a domestic stock
insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of
the commissioner's order so authorizing, extinguish the contingent liability of its members
as to all its policies in force and may omit provisions imposing contingent liability in all
its policies currently issued. (b) A foreign or alien mutual insurer may issue nonassessable
policies to its members in this state pursuant to its articles of incorporation and the laws
of its domicile. (Acts 1971, No. 407, p. 707, §530.)...
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27-27-39
Section 27-27-39 Dividends - Liability for illegal dividends by domestic insurers. (a) Any
director of a domestic stock or mutual insurer who knowingly votes for, or concurs in, declaration
or payment of a dividend to stockholders or members except as authorized in Sections 27-27-37
or 27-27-38 shall, upon conviction thereof, be guilty of a misdemeanor and shall be jointly
and severally liable, together with other such directors likewise voting for or concurring,
for any loss thereby sustained by the insurer. (b) Any stockholder receiving such an illegal
dividend shall be liable in the amount thereof to the insurer. (c) The commissioner may revoke
or suspend the certificate of authority of an insurer which has declared or paid such an illegal
dividend. (Acts 1971, No. 407, p. 707, §535.)...
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27-3-13
Section 27-3-13 Deposit requirements - Special deposit - Title insurers. (a) For authority
to transact such insurance in this state, a foreign title insurer shall have and maintain
on deposit in this state for the better protection of its guaranty holders and creditors,
resident in this state, under its contracts of title insurance, cash and securities eligible
under Section 27-6-3 having a value at all times of not less than $50,000.00. The deposit
shall be so made and maintained in trust with a bank or trust company located in this state,
approved by the commissioner, having a capital and surplus of not less than $500,000.00. (b)
At its option, a domestic title insurer may maintain a deposit in like manner, amount, character
and for like purposes as required for foreign insurers under subsection (a) of this section.
(c) Such deposits shall be subject to the applicable provisions of Chapter 6 of this title.
(Acts 1923, No. 485, p. 635; Acts 1971, No. 407, p. 707, §58.)...
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27-30-9
Section 27-30-9 Certificate of authority - Issuance or refusal. If, upon completion of the
application for a certificate of authority, the commissioner finds: (1) That the documents
filed with the application are lawful and equitable in terms and have been properly executed
and filed; (2) That the applicant has the amount of unimpaired paid-in capital stock and/or
surplus as required under this chapter and has made the deposit required under Section 27-30-18;
(3) That the forms of contracts, policies, or other agreements proposed to be used by the
association in this state fulfill the requirements of Section 27-30-14 and are not disapproved
by him on any ground referred to in subsection (c) of Section 27-30-14; (4) That the proposed
schedule of fees, dues, contributions, or other sums to be charged or received by the association
are provided for on a practical and feasible basis and would be adequate in amount to cover
the risks and obligations to be assumed by the association under...
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40-18-165
Section 40-18-165 Distribution of property generally. (a) A distribution of property made by
an Alabama S corporation with respect to its stock to which, but for this article, Section
40-18-36 would apply shall be treated in the manner provided in subsection (b) or (c) of this
section, whichever applies. (b) In the case of a distribution described in subsection (a)
of this section by an Alabama S corporation which has no accumulated earnings and profits:
(1) The distribution shall not be included in gross income to the extent that it does not
exceed the adjusted basis of the stock. (2) If the amount of the distribution exceeds the
adjusted basis of the stock, such excess shall be treated as gain from the sale or exchange
of property. (c) In the case of a distribution described in subsection (a) of this section
by an Alabama S corporation which has accumulated earnings and profits: (1) That portion of
the distribution which does not exceed the accumulated adjustments account shall be...
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