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34-27-50
contract, promissory note, credit agreement, negotiable instrument, lease, use agreement, license,
security, or other muniment conferring on the purchaser the rights, benefits, and obligations
of a vacation time-sharing plan. (4) COMMISSION. The Alabama Real Estate Commission. (5) COMMISSIONER.
A member of the Alabama Real Estate Commission. (6) FACILITIES. Any structure, service, or
property whether improved or unimproved made available to the purchaser for recreational,
social, family, or personal use. (7) SELLER. Any owner of a vacation time-sharing plan
or any business entity, including but not limited to an agent, dealer, distributor, franchiser,
subsidiary, assignee, reseller, broker, or any other representative thereof who, for a fee,
commission, or other valuable consideration, negotiates or attempts to negotiate the listing,
sale, auction, purchase, exchange, or lease of any real estate or the improvements thereon
or collects rents or attempts to collect rents, or who...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-50.htm - 7K - Match Info - Similar pages
9-17-13
the circumstances allocation of production on this basis shall be considered as a just and
reasonable allocation which will afford to each person owning each tract or interest within
the unit the opportunity to recover or receive his or her just and equitable share of the
oil and gas produced from the unit. Nothing herein or in any order issued pursuant hereto
shall be construed to subject any nonconsenting owner who is subject to a risk compensation
fee, as hereinabove provided, to any personal liability for any damages caused by or
resulting from any negligent act or other tort committed by the operator or by any consenting
owner in the course of developing and operating a pooled or integrated unit; nor shall anything
herein or in any order issued pursuant hereto prevent the operator and any other owner or
owners in the unit from entering into any agreement that contains provisions respecting the
pooling, integration, or development of their tracts or interests in the pooled or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/9-17-13.htm - 15K - Match Info - Similar pages
10A-1-1.03
limited liability company or association, a member; and (D) with respect to another foreign
or domestic entity, an owner of an equity interest in that entity. (69) OWNERSHIP INTEREST.
An owner's interest in an entity. The term includes the owner's share of profits and losses
or similar items and the right to receive distributions. The term does not include an owner's
right to participate in management or participate in the direction or oversight of the entity.
An ownership interest is personal property. (70) PARENT or PARENT ENTITY. An entity
that: (A) owns at least 50 percent of the ownership or membership interest of a subsidiary;
or (B) possesses at least 50 percent of the voting power of the owners or members of a subsidiary.
(71) PARTNER. A limited partner or general partner. (72) PARTNERSHIP. Includes a general partnership,
a limited liability partnership, a foreign limited liability partnership, a limited partnership,
a foreign limited partnership, a limited liability...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-1.03.htm - 25K - Match Info - Similar pages
34-27-57
Section 34-27-57 Acts constituting violation of article - Sell, etc., interest in plan to third
person that substantially affects rights of other owners. (a) It shall be a violation of this
article for any seller of vacation time-sharing plans to sell, lease, assign, or otherwise
transfer the seller's interest in the vacation time-sharing plan or the accommodations or
facilities to a third party when such a sale, lease, assignment, or other transfer substantially
affects the rights of other owners or lessees of the time-share units, unless: (1) The third
party agrees in writing to: a. Fully honor the rights of purchasers of the vacation time-sharing
plan to occupy and use the accommodations or facilities; and b. Fully honor rights of purchasers
of the vacation time-sharing plan to cancel their contracts and receive an appropriate refund
as provided in this article; and c. Comply with the provisions of this article for as long
as the third party continues to sell the vacation...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-57.htm - 2K - Match Info - Similar pages
34-27-55
Section 34-27-55 Acts constituting violation of article - Failure to refund all payments; failure
to place all funds in escrow account. It shall be a violation of this article for a seller
of vacation time-sharing plans to: (1) Fail to refund any and all payments made by the buyer
under the contract and return any negotiable instrument, other than checks, executed by the
buyer in connection with the contract or services within 20 days after receipt of notice of
cancellation made pursuant to Section 34-27-53, if the buyer has not received any benefits
pursuant to the contract. (2) If the buyer has received any benefits pursuant to the contract,
fail to refund within 30 days after receipt of notification of cancellation made pursuant
to Section 34-27-53 or Section 34-27-54 any and all payments made by the buyer to the seller
which exceed a pro rata portion of the total price, taking into consideration the cost of
use of the time-share facilities at an average rental rate per unit for all...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-55.htm - 2K - Match Info - Similar pages
34-27-58
Section 34-27-58 Acts constituting violation of article - Failure to place 50 percent of cash,
etc., received in escrow; failure to provide liability insurance, etc. (a) It shall be a violation
of this article for a seller of vacation time-sharing lease plans to fail to: (1) Place in
escrow 50 percent of the cash and receivables received from the purchasers of such plans,
such receivables to be assessed at net principal value. a. The purpose of such escrow account
is to protect the purchaser's right to a refund if at any time the accommodations and facilities
are no longer available as provided in the contract; provided however, nothing contained in
this section shall operate to deny the seller the option to repair, replace, or reconstruct,
within a reasonable time, the accommodations or facilities, if destroyed or damaged. b. The
purchaser shall be entitled to a refund from the escrow account upon the conditions described
above in an amount which represents the buyer's pro rata share...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-58.htm - 8K - Match Info - Similar pages
34-27-66
Section 34-27-66 Examination and license requirements; issuance and renewal of license; inactive
status; change of address. (a) Any person desiring to act as a seller of vacation time-sharing
plans shall file with the commission a written application upon such form as the commission
shall designate and shall pass to the satisfaction of the commission the examination hereinafter
prescribed. (b) Prerequisites for taking the vacation time-sharing sales examination are as
follows: (1) Evidence satisfactory to the commission that the applicant bears a good reputation
for honesty and truthfulness. (2) The applicant should not have been convicted of any criminal
offense involving moral turpitude or of any felony in this or any other state. (3) The applicant
shall be at least 19 years of age. (4) The applicant shall be a citizen of the United States
or, if not a citizen of the United States, a person who is legally present in the United States
with appropriate documentation from the federal...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-66.htm - 8K - Match Info - Similar pages
10A-2A-1.20
Section 10A-2A-1.20 Requirements for filing instruments; extrinsic facts. (a) Whenever any
filing instrument is to be filed with the Secretary of State or in accordance with this chapter,
such instrument shall be executed as follows: (1) Except as provided in subsection (a)(3),
the certificate of incorporation, and any other instrument to be filed before the election
of the initial board of directors if the initial directors were not named in the certificate
of incorporation, shall be signed by the incorporator or incorporators or the successors and
assigns of the incorporator or incorporators. If any incorporator is not available then any
other instrument may be signed, with the same effect as if the incorporator had signed it,
by any person for whom or on whose behalf the incorporator, in executing the certificate of
incorporation, was acting directly or indirectly as employee or agent, provided that the other
instrument shall state that the incorporator is not available and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-1.20.htm - 5K - Match Info - Similar pages
10A-2A-11.04
permitted by Section 10A-2A-10.05, its certificate of incorporation will not be changed; and
(3) each stockholder of the corporation whose stock was outstanding immediately before the
effective date of the merger or stock exchange will hold the same number of shares of stock,
with identical preferences, rights and limitations, immediately after the effective date of
the merger. (i) If as a result of a merger or stock exchange one or more stockholders of a
corporation will have new personal liability with respect to the surviving organization
or the acquiring entity, approval of the plan of merger or stock exchange will be ineffective
without the consent to the plan of merger or stock exchange of the stockholder who will have
new personal liability. A stockholder does not give consent required in this subsection
(i) merely by consenting to a provision in the certification of incorporation, the bylaws,
or an agreement of the stockholders, that allows for a plan of merger or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-11.04.htm - 11K - Match Info - Similar pages
8-6-2
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual
other than a dealer who represents a dealer or issuer in effecting or attempting to effect
sales of securities, but such term does not include an individual who represents an issuer
in: a. Effecting a transaction in a security exempted by subdivisions (1), (2), (3), (4),
(9) or (10) of Section 8-6-10; b. Effecting transactions exempted by Section 8-6-11; or c.
Effecting transactions with existing employees, partners, or directors of the issuer if no
commission or other remuneration is paid or given directly or indirectly for soliciting any
person in this state. A partner, officer, or director of a dealer or issuer is an agent if
he otherwise comes within this definition. (3) DEALER. Any person engaged in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-2.htm - 11K - Match Info - Similar pages
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