35-8A-402
Section 35-8A-402 Liability for offering statement requirements. (a) Except as provided in subsection (b), a declarant, prior to the offering of any interest in a unit to the public, shall prepare an offering statement conforming to the requirements of Sections 35-8A-403 through 35-8A-406. (b) A declarant may transfer responsibility for preparation of all or a part of the offering statement to a successor declarant specified in Section 35-8A-304 or to a person in the business of selling real estate who intends to offer units in the condominium for the offeror's own account. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection (a). (c) Any declarant or other person in the business of selling real estate who offers to a purchaser a unit for the offeror's own account to whom such responsibility for preparation and delivery of an offering statement has been...
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35-8A-404
Section 35-8A-404 Offering statement - Condominiums subject to development rights. If the declaration provides that a condominium is subject to any development rights, the offering statement must disclose, in addition to the information required by Section 35-8A-403: (1) The maximum number of units that may be created; (2) A statement of how many or what percentage of the units which may be created will be restricted exclusively to residential use, or a statement that no representations are made regarding use restrictions; (3) If any of the units that may be built within real estate subject to development rights are not to be restricted exclusively to residential use, a statement as to whether there is a maximum percentage of the units which may be used for nonresidential purposes; (4) A statement of any development rights reserved by a declarant and of any conditions relating to or limitations upon the exercise of development rights; (5) A statement of the maximum extent to which the...
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35-8A-410
Section 35-8A-410 Escrow of deposits. (a) As used in this section, except as otherwise provided, the following terms shall have the following meanings: (1) HARD COSTS. Any and all costs associated with the actual building and construction of the condominium project, including, but not limited to, site preparation, building materials, shell features, interior enclosures, fit-out costs, mechanical and electrical systems, and fixtures. The term hard costs does not include financing costs, compensation paid to architects, engineers, consultants, sales persons, or attorneys or for advertising or other marketing costs. (2) QUALIFIED PURCHASER. a. An individual, a group of individuals, or an entity owned directly or indirectly solely by individuals where each individual shall have an income of more than two hundred thousand dollars ($200,000) for the calendar year immediately preceding the date of the purchaser's signing of the purchase contract, or a joint income with his or her spouse of...
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35-8A-403
Section 35-8A-403 Offering statement - General provisions. (a) Except as provided in subsection (b), an offering statement must contain or fully and accurately disclose the following information with regard to the condominium, including a proposed condominium: (1) The name and principal address of the declarant; (2) The name and the address, legal description, or other description of the location of the condominium, and the number and types of units in the condominium; (3) A general description of the condominium, including to the extent possible, number and types of buildings, structures, and amenities the declarant is obligated to build, and declarant's schedule of commencement and completion of construction of buildings, structures, and amenities the declarant is obligated to include in the condominium; (4) Copies of the declaration, as well as any recorded plats, plans, easements, covenants, conditions, restrictions, and reservations affecting the condominium; the certificate or...
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35-8A-411
Section 35-8A-411 Release of liens. (a) In the case of a sale of a unit where delivery of an offering statement is required pursuant to Section 35-8A-402(c) or a disclosure is made pursuant to Section 35-8A-407, a seller shall record or furnish to the purchaser releases of all liens or an agreement to release any liens that encumber that unit and its common element interest, except liens on real estate that a declarant has the right to withdraw from the condominium, that the purchaser does not expressly agree in a written contract of sale which specifically identifies such lien and its amount to take subject to or assume, or provide a surety bond or substitute collateral for or insurance against the lien in the manner provided for liens on real estate in Section 35-11-233(b). (b) In conveying real estate to the association the declarant shall have that real estate released from: (i) all liens the foreclosure of which would deprive unit owners of any right of access to or easement of...
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35-8A-205
Section 35-8A-205 Contents of declaration. (a) The declaration for a condominium must contain: (1) The name of the condominium, which must include the word "condominium" or be followed by the words "a condominium," and the name of the association; (2) The name of every county in which any part of the condominium is situated; (3) A legally sufficient description of the real estate included in the condominium; (4) A statement of the maximum number of units which the declarant reserves the right to create; (5) A description of the boundaries of each unit created by the declaration, including the unit's identifying number; (6) A description of any limited common elements, other than those specified in Section 35-8A-202(2) and (4), as provided in Section 35-8A-209(b)(10); (7) A description of any common elements (except real estate subject to development rights) which may be allocated subsequently as limited common elements, other than limited common elements specified in Section...
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35-8A-304
Section 35-8A-304 Transfer of special declarant rights. (a) No special declarant right specified in Section 35-8A-103(24) created or reserved under this chapter may be transferred except by an instrument evidencing the transfer recorded in every county in which any portion of the condominium is located. The instrument is not effective unless executed by the transferor and the transferee in the same formality as a conveyance of real property. (b) Upon transfer of any special declarant right, the liability of a transferor declarant is as follows: (1) A transferor is not relieved of any obligation or liability arising before the transfer and remains liable for warranty obligations imposed upon him or her by this chapter. Lack of privity does not deprive any unit owner of standing to maintain an action to enforce any obligation of the transferor. (2) If a successor to any special declarant right is an affiliate of a declarant specified in Section 35-8A-103(1), the transferor is jointly and...
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8-6-8
Section 8-6-8 Registration of securities - Registration statement; conditions precedent; bond; notice of action; fees; quarterly reports and financial statements; discharge from supervision. (a) A registration statement on securities may be filed by the issuer, any other person on whose behalf the offering is to be made, or a registered dealer. Any document filed under this article within five years preceding the filing of a registration statement may be incorporated by reference in the registration statement to the extent that the document is currently accurate. The commission may permit, by rule or otherwise, the omission of any item of information or document from any registration statement. (b) The Securities Commission may require as a condition of registration by qualification or coordination that: (1) proceeds from the sale of the registered security be impounded until the issuer receives a specified amount, or (2) any security issued within the past three years, or to be...
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8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of the following transactions: (1) Any isolated nonissuer transaction, whether effected through a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered dealer if: a. The issuer has a class of securities subject to registration under Section 12 of the Securities Exchange Act of 1934 and has been subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days before the transaction; or has filed and maintained with the commission for not less than 180 days before the transaction information, in such form as the commission, by rule, specifies, substantially comparable to the information which the issuer would be required to file under Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved, adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes. The purposes of this compact are to: 1. Facilitate proper determination of state and local tax liability of multistate taxpayers, including the equitable apportionment of tax bases and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article II. Definitions. As used in this compact: 1. "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States. 2. "Subdivision" means any governmental unit or special district of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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