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27-44-9
Section 27-44-9 Assessments. (a) For the purpose of providing the funds necessary to carry
out the powers and duties of the association, the board of directors shall assess the member
insurers, separately for each account, at such time and for such amounts as the board finds
necessary. Assessments shall be due not less than 30 days after prior written notice to the
member insurers and shall accrue interest at six percent per annum on and after the due date.
(b) There shall be two classes of assessments, as follows: (1) Class A assessments shall be
authorized and called for the purpose of meeting administrative and legal costs and other
expenses. Class A assessment may be authorized and called whether or not related to a particular
impaired or insolvent insurer. (2) Class B assessments shall be authorized and called to the
extent necessary to carry out the powers and duties of the association under Section 27-44-8
with regard to an impaired or insolvent insurer. (c)(1) The amount of a...
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5-17-22
Section 5-17-22 Merger and conversion procedures. Any credit union, with the approval of the
Administrator of the Alabama Credit Union Administration, may merge with another credit union,
under the existing certificate of organization of the other credit union, pursuant to any
plan agreed upon by the majority of each board of directors of each credit union joining in
the merger. In addition to approval by the administrator and each board of directors, the
membership of the merging credit union must also approve the merger plan in the following
manner: (1) At a meeting called for that purpose, notice of which purpose must be contained
in the call, two-thirds of those voting may vote to approve the merger plan. Voting must be
conducted in accordance with the bylaws of the credit union. The notice must be provided to
the members at least 45 calendar days, but no more than 90 calendar days, prior to the date
of the meeting. (2) After agreement by the directors and approval by the members...
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41-14A-2
Section 41-14A-2 Definitions. As used in this chapter, the following words and terms shall
have the following meanings: (1) AVERAGE MONTHLY BALANCE OF PUBLIC DEPOSITS. The sum of the
average daily balances of public deposits, meaning the net average daily balances of public
deposits determined without any deduction for deposit insurance, for the reported month and
the 11 months preceding that month, divided by 12. (2) BOARD OF DIRECTORS or BOARD. The Board
of Directors of the SAFE Program established under Section 41-14A-6. The board of directors
shall consist of eight members. (3) COLLATERAL-PLEDGING LEVEL or COLLATERAL-PLEDGING REQUIREMENT.
The percentage or percentages of collateral, in relation to one or more levels of public deposits
held, required to be pledged by a qualified public depository as determined in accordance
with the provisions of this chapter or rules or orders of the board adopted pursuant to this
chapter. (4) COVERED PUBLIC ENTITY. The state and its political...
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45-37A-54.63
Section 45-37A-54.63 Board of directors. Such authority formed under this subpart shall constitute
a public benefit agency of the State of Alabama and shall have a board of directors of nine
members selected as herein provided. Such board of directors shall constitute the governing
body of the authority. The members of the board of directors shall serve without compensation,
except they shall be reimbursed for actual expenses incurred in and about the performance
of their duties hereunder. No member of the board of directors shall be an officer of the
city. The six original and their subsequent directors shall be elected by the governing body
of the city, and they shall be so elected that they shall hold office for staggered terms.
For the purpose of so staggering the terms, the directorships shall be numbered one through
six, inclusive. The first term of office of each director shall be for a number of years corresponding
to the number of the directorship which he or she holds; and,...
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16-25A-12
Section 16-25A-12 Employees may elect not to participate; full state funding; subsequent election
to participate. (a) Any board of education, institution, or other employer with employees
as defined by Section 16-25A-1, may, upon a majority vote of its employees, elect not to participate
in the basic medical plan authorized by the provisions of this article; provided, however,
that for any fiscal year ending September 30 the Legislature appropriates the full amount
certified pursuant to Section 16-25A-8(b), the board shall declare the plan of insurance coverage
to be fully state-funded whereupon all employees of any board of education, institution, or
other employer as defined hereinabove shall for that fiscal year and all subsequent fiscal
years be declared members of the Public Education Employees' Health Insurance Plan. (b) Any
employer electing not to participate in the basic medical plan shall certify to the board
the names of their employees otherwise electing hospital/medical...
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2-10-32
Section 2-10-32 Order of board after hearing; appeal. The State Board of Agriculture and Industries,
upon any hearing provided for in this article, may require the commissioner to call a meeting
of the directors of the association and seek to work out a solution of conditions with them,
may order the conditions on which there may be a continuation of the operation of such association
or may require an agent appointed by the board or commissioner to take charge and reorganize
the association or wind its business up or may make such other order as it deems will best
protect the interest of the public. An appeal shall lie from the order of the board by any
person interested by filing bond with and to be approved by the register or clerk of the Circuit
Court of Montgomery County. The matter shall be heard de novo in such court; provided, that
the order of the board shall be presumed prima facie correct. Upon such hearing the court
shall issue an order sustaining or reversing the order of...
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2-10-58
Section 2-10-58 Provisions of bylaws. Each association incorporated under this article shall,
within 30 days after its incorporation, adopt for its government and management bylaws not
inconsistent with the powers granted by this article. A majority vote of the members or stockholders
or their written assent is necessary to adopt such bylaws. Each association, under its bylaws,
may also provide for any or all of the following matters: (1) The time, place and manner of
calling and conducting its meetings; (2) The number of stockholders or members constituting
a quorum; (3) The right of members or stockholders to vote by proxy or by mail or by both
and the conditions, manner, form and effects of such votes; (4) The number of directors constituting
a quorum; (5) The qualification, compensation, duties and term of office of directors and
officers, the time of their election and the mode and manner of giving notice thereof; (6)
Penalties for violations of the bylaws; (7) The amount of...
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27-35-2
Section 27-35-2 Conversion into stock or mutual life insurance company - Plan of conversion;
approval or disapproval thereof. (a) The proposed plan for the conversion of the society into
a stock or mutual life insurer shall be prepared in writing, setting forth in full the terms
and conditions thereof. After approval of the plan by the society's board of directors, the
society shall file the plan of conversion with the commissioner. (b) If, upon examination
thereof, the commissioner is of the opinion that the plan is complete, is in compliance with
the law, is fair and equitable to the certificate holders and interests of the society and
that no reasonable objection thereto exists, he shall approve the plan; if he finds otherwise,
the commissioner shall disapprove the plan. If not disapproved and written notice thereof
given the society within 30 days after the date of filing with the commissioner, the plan
shall be deemed to have been approved as of the expiration of such 30 days'...
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45-19-141.11
Section 45-19-141.11 Disposition of funds. The association shall retain five percent of the
gross proceeds from each district to be used, after approval by a majority vote of member
departments in good standing, for countywide fire protection, fire prevention, and emergency
medical services to include, but not be limited to, fire or emergency medical equipment, fire
or emergency medical supplies, training, buildings, capital improvements, insurance, dues,
and professional services. These proceeds shall not be used for salaries, entertainment, or
fund-raising purposes. Any proceeds from the association's five percent share of the fees
collected that are unexpended or not appropriated at the end of the fiscal year shall remain
in the association's treasury for appropriation and use during any fiscal year thereafter.
These proceeds shall be administered by the association in compliance with all applicable
requirements of the Department of Examiners of Public Accounts. The association...
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27-44-6
Section 27-44-6 Creation of association; membership; accounts; supervision. (a) There is created
a nonprofit unincorporated legal entity to be known as the Alabama Life and Disability Insurance
Guaranty Association. All member insurers shall be and remain members of the association as
a condition of their authority to transact insurance in this state. The association shall
perform its functions under the plan of operation established and approved under Section 27-44-10
and shall exercise its powers through a board of directors established under Section 27-44-7.
For purposes of administration and assessment the association shall maintain three accounts:
(1) The disability insurance account; (2) The life insurance account; and (3) The annuity
account. (b) The association shall come under the immediate supervision of the commissioner
and shall be subject to the applicable provisions of the insurance laws of this state. (Acts
1982, No. 82-561, p. 922, ยง6.)...
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