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10A-2A-1.40
Section 10A-2A-1.40 Chapter definitions. Notwithstanding Section 10A-1-1.03, as used in this
chapter, unless otherwise specified or unless the context otherwise requires, the following
terms have the following meanings: (1) AUTHORIZED STOCK means the stock of all classes and
series a corporation or foreign corporation is authorized to issue. (2) BENEFICIAL STOCKHOLDER
means a person who owns the beneficial interest in stock, which is either a record stockholder
or a person on whose behalf shares of stock are registered in the name of an intermediary
or nominee. (3) CERTIFICATE OF INCORPORATION means the certificate of incorporation described
in Section 10A-2A-2.02, all amendments to the certificate of incorporation, and any other
documents permitted or required to be delivered for filing by a corporation with the Secretary
of State under this chapter or Chapter 1 that modify, amend, supplement, restate, or replace
the certificate of incorporation. After an amendment of the certificate...
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10A-2A-1.48
Section 10A-2A-1.48 Action on ratification. (a) The quorum and voting requirements applicable
to a ratifying action by the board of directors under Section 10A-2A-1.47(a) shall be the
quorum and voting requirements applicable to the corporate action proposed to be ratified
at the time such ratifying action is taken. (b) If the ratification of the defective corporate
action requires approval by the stockholders under Section 10A-2A-1.47(c), and if the approval
is to be given at a meeting, the corporation shall notify each holder of valid and putative
stock, regardless of whether entitled to vote, as of the record date for notice of the meeting
and as of the date of the occurrence of defective corporate action, provided that notice shall
not be required to be given to holders of valid or putative stock whose identities or addresses
for notice cannot be determined from the records of the corporation. The notice must state
that the purpose, or one of the purposes, of the meeting, is to...
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2-10-97
Section 2-10-97 Membership. Under the terms and conditions prescribed in its bylaws, an association
may admit as members or issue common stock or certificates of membership only to persons engaged
in the production of agricultural products, including the lessees and tenants of land used
for the production of such products and lessors and landlords who receive as rent part of
the crops raised on the leased premises. If a member of a nonstock association shall be other
than a natural person, such member may be represented by an individual, associate, officer,
manager or member thereof duly authorized in writing. All membership shall be personal
to the member and equal in right and shall not be transferable, assignable, vendable, inheritable,
devisable or seizable, and each member shall have one vote only. (Acts 1935, No. 220, p. 604;
Code 1940, T. 2, §121.)...
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23-1-301
Section 23-1-301 Definitions. When used in this article, the following words and phrases shall
have the following respective meanings unless the context clearly indicates otherwise: (1)
AUTHORITY. The Alabama Federal Aid Highway Finance Authority, a public corporation and instrumentality
of the state authorized to be organized under the provisions of this article. (2) BOARD OF
DIRECTORS. The board of directors of the authority. (3) BONDS. The bonds, including refunding
bonds issued to refund outstanding obligations, that in this article are authorized to be
sold and issued by the authority. (4) CORPORATION. The authority. (5) HIGHWAY GASOLINE TAX.
The excise tax levied under subdivision (1) of subsection (a) of Section 40-17-325, with the
exception of those portions of the tax levied on aviation fuel and marine gasoline. (6) LEGISLATURE.
The Legislature of Alabama. (7) NET GASOLINE TAX PROCEEDS. The entire proceeds from the highway
gasoline tax less the cost of collection and less any...
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27-31-6
Section 27-31-6 Surplus funds of domestic insurer. (a) A domestic reciprocal insurer formed
under this chapter, if it has otherwise complied with the applicable provisions of this title,
may be authorized to transact insurance if it has, and thereafter maintains, surplus funds
as follows: (1) To transact property insurance, surplus funds of not less than $200,000.00;
and (2) To transact casualty insurance, surplus funds of not less than $300,000.00. (b) In
addition to surplus required to be maintained under subsection (a) of this section, the insurer
shall have, when first so authorized, expendable surplus in amount as required of a like foreign
reciprocal insurer under Section 27-3-8. (c) A domestic reciprocal insurer may be authorized
to transact additional kinds of insurance if it has otherwise complied with the provisions
of this title therefor and possesses and so maintains surplus funds in amount equal to the
minimum capital stock required of a stock insurer for authority to...
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27-32-1
is deemed to be domiciled in such state. (7) ANCILLARY STATE. Any state other than a domiciliary
state. (8) RECIPROCAL STATE. Any state other than this state in which in substance and effect
the provisions of the Uniform Insurers Liquidation Act, as defined in Section 27-32-22, are
in force, including the provisions requiring that the Commissioner of Insurance or equivalent
insurance supervisory official be the receiver of a delinquent insurer. (9) GENERAL ASSETS.
All property, real, personal, or otherwise, not specifically mortgaged, pledged, deposited,
or otherwise encumbered for the security or benefit of specified persons or a limited class
or classes of persons, and as to such specifically encumbered property, the term includes
all such property or its proceeds in excess of the amount necessary to discharge the sum or
sums secured thereby. Assets held in trust and assets held on deposit for the security or
benefit of all policyholders or all policyholders and creditors in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-32-1.htm - 4K - Match Info - Similar pages
2-10-27
Section 2-10-27 Authority to acquire stock and execute mortgages. All cooperative agricultural
associations of any kind or character whatsoever, heretofore or hereafter organized under
the laws of the State of Alabama, are hereby authorized and empowered to purchase or otherwise
acquire and to hold stock in the New Orleans Bank for Cooperatives and in the Central Bank
for Cooperatives in accordance with the provisions of the Farm Credit Act of 1971, as heretofore
amended and as it may hereafter be amended by the Congress of the United States. All corporations,
heretofore or hereafter organized under the laws of the State of Alabama, which are eligible
to borrow from production credit associations, are hereby authorized and empowered to purchase
or otherwise acquire and to hold stock in production credit associations in accordance with
the provisions of the Farm Credit Act of 1971, as heretofore amended and as it may hereafter
be amended by the Congress of the United States....
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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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27-27-15
applicable to the foregoing schedule and provisions as indicated by like arabic numerals appearing
in such schedule: (1) No group insurance or term policies for terms of less than 10 years
shall be included; (2) No group, blanket, or family plans of insurance shall be included.
In lieu of weekly indemnity a like premium value in medical, surgical and hospital benefits
may be provided. Any accidental death or dismemberment benefit provided shall not exceed $2,500.00;
(3) Only insurance of the owner's interest in real property may be included; (4) Must include
insurance of legal liability for bodily injury and property damage, to which the maximum
and minimum insured amounts apply; (5) The maximums provided for in column (f) are net of
applicable reinsurance; and (6) The deposit of surplus in the amount specified in columns
(g) and (h) must thereafter be maintained unimpaired. The deposit is subject to the provisions
of Chapter 6 of this title. (Acts 1971, No. 407, p. 707, §511.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-15.htm - 3K - Match Info - Similar pages
27-41-33
Section 27-41-33 Particular investments - Loans on personal property; chattel mortgages.
In connection with mortgage loans made under subdivisions (2) and (3) of Section 27-41-29,
an insurer may loan on the value of personal property items listed in the Department
of Housing and Urban Development Commitment for Insurance or the Veterans Administration Certificates
of Reasonable Value. Nothing in this section shall be deemed to prevent an insurer from taking
liens on personal property items as additional security for any investment eligible
for investment under this chapter. Domestic life insurance companies are authorized to invest,
within the limitations set forth in this section, in chattel mortgages resulting from the
financing of tangible personal property, which mortgages must constitute valid first
liens on the chattels mortgaged. The maximum amount of such mortgages to be admitted as assets
shall not exceed one half of the amount of surplus remaining after deducting from capital...
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