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19-3C-2
Section 19-3C-2 Definitions. In this chapter: (1) CHARITABLE PURPOSE means the relief of poverty,
the advancement of education or religion, the promotion of health, governmental or municipal
purposes, or other purposes the achievement of which is beneficial to the community. (2) ENDOWMENT
FUND means an institutional fund or part thereof that, under the terms of a gift instrument,
is not wholly expendable by the institution on a current basis. The term does not include
assets that an institution designates as an endowment fund for its own use. (3) GIFT INSTRUMENT
means a record or records, including an institutional solicitation, under which property is
granted to, transferred to, or held by an institution as an institutional fund. (4) INSTITUTION
means: (A) a person, other than an individual, organized and operated exclusively for charitable
purposes; (B) a government or governmental subdivision, agency, or instrumentality, to the
extent that it holds funds exclusively for a charitable...
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41-10-44.6
Section 41-10-44.6 Project obligations generally. (a) Issuance of project obligations. The
authority is authorized and empowered to issue its project obligations from time to time for
the purpose of financing one or more projects in such aggregate principal amount as the board
of directors shall determine to be necessary to provide for all or a portion of the project
costs of the project or projects being financed and to pay the expenses of issuing the project
obligations. (b) Source of payment. All project obligations issued by the authority shall
be limited obligations of the authority payable solely from any combination of the following:
(1) The revenues and receipts of the authority derived from the financing agreement or agreements
entered into by the authority with respect to the project or projects financed by such project
obligations; (2) the income or proceeds realized by the authority under any mortgage or other
security granted to the authority; (3) amounts derived from any...
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19-3-120.2
Section 19-3-120.2 Standards for fiduciary investment and management. (a) When investing, reinvesting,
purchasing, acquiring, exchanging, selling and managing property for the benefit of another,
a trustee, executor, administrator, guardian, conservator or other fiduciary, other than a
trustee governed by Chapter 3B, shall act with the care, skill, prudence, and diligence under
the circumstances then prevailing that a prudent person acting in a like capacity and familiar
with such matters would use to attain the purposes of the account. In making investment decisions,
a fiduciary shall consider the role that the investment plays within the account's overall
portfolio of assets and may consider the general economic conditions, the anticipated tax
consequences of the investment, the anticipated duration of the account and the needs of the
beneficiaries of the account. (b) The propriety of an investment decision is to be determined
by what a fiduciary knew or should have known at the time...
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45-2-245.20
Section 45-2-245.20 Trust fund established; administration. (a) Any laws or parts of laws to
the contrary notwithstanding, any annual privilege tax levied upon persons engaging in the
business of producing or severing oil or gas or other hydrocarbons from the soil or waters
of Baldwin County measured by the gross value of such oil or gas or other hydrocarbons and
which tax is applicable only in Baldwin County and under which collections were being made
on January 1, 1987, shall be continued and collected only as herein prescribed. (1) All revenues
collected from such local severance taxes, shall, beginning the first day of the month following
May 19, 1989, be paid into the general fund of the county exclusively for transfer and deposit
into the trust fund hereby established until the total sum of fifteen million dollars ($15,000,000)
in severance tax revenues of the type described in this section, excluding any interest income
on amounts deposited therein from such total sum, has been...
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11-99A-2
Section 11-99A-2 Definitions. In this chapter the following words shall have the following
meanings: (1) APPOINTING GOVERNMENT. The municipality or county that approves the creation
of a district and appoints members to the board. (2) BOARD. The board of directors of a district.
(3) CONTIGUOUS. Two tracts of land if touching for a continuous distance of not less than
200 feet. The term includes tracts of land divided by bodies of water, streets, railroad,
or utility rights-of-way, or by land owned by any public person. In determining whether land
is contiguous with a municipality, (i) land separated by bodies of water, streets, or railroad,
or utility rights-of-way is contiguous even though the bodies of water, streets, or rights-of-way
are within the city limits of another municipality and (ii) land separated by land owned by
a public person is not contiguous if the land owned by the public person is within the city
limits of another municipality. (4) COUNCIL. The governing body of a...
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26-1A-217
Section 26-1A-217 Gifts. (a) In this section, a gift "for the benefit of" a person
includes a gift to a trust, an account under the Uniform Transfers to Minors Act, and a tuition
savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529,
26 U.S.C. Section 529, as amended. (b) Unless the power of attorney otherwise expressly provides,
language in a power of attorney granting general authority with respect to gifts authorizes
the agent only to: (1) make outright to, or for the benefit of, a person including the agent,
a gift of any of the principal's property, including by the exercise of a presently exercisable
general power of appointment held by the principal, in an amount per donee not to exceed the
annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section
2503(b), 26 U.S.C. Section 2503(b), as amended, without regard to whether the federal gift
tax exclusion applies to the gift, or if the principal's spouse agrees to...
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34-27-31
Section 34-27-31 Recovery Fund created; fees paid to fund; injured party's recovery from fund;
procedures, appeals, etc.; licensee to report any legal action taken against him or her. (a)
The commission shall establish and maintain a Recovery Fund from which an aggrieved party
may recover actual or compensatory damages, not including interest and court costs, sustained
only within the State of Alabama as a result of conduct of a broker or salesperson in violation
of Article 1 or 2 of this chapter or the rules and regulations of the commission. (b) Notwithstanding
any other provision to the contrary, payments from the Recovery Fund are subject to the following
conditions and limitations: (1) The fund shall not be obligated for the acts or omissions
of a broker or salesperson while acting on his or her own behalf or on behalf of his or her
child, spouse, or parent regarding property in which he or she or his or her spouse, child,
or parent has, or is attempting to acquire, an interest;...
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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
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10A-1-8.01
Section 10A-1-8.01 Conversion of business and nonprofit entities. (a) A conversion of an entity
may be accomplished as provided in this section: (1) CORPORATIONS. a. The terms and conditions
of a plan of conversion of a corporation, other than a nonprofit corporation, must be approved
in accordance with the procedures and by the stockholder vote required by Article 9 of Chapter
2A. If the governing documents provide for approval of a conversion by less than all of a
corporation's stockholders, approval of the conversion shall constitute corporate action subject
to appraisal rights pursuant to Article 13 of Chapter 2A. No conversion of a corporation to
a general or limited partnership may be effected without the consent in writing of each stockholder
who will have personal liability with respect to the converted entity, notwithstanding any
provision in the governing documents of the converting corporation providing for less than
unanimous stockholder approval for the conversion. b. The...
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10A-1-8.02
Section 10A-1-8.02 Mergers of entities. (a) A merger of two or more entities, whether the other
entity or entities are the same or another form of entity, may be accomplished as provided
in this section. (1) CORPORATIONS. a. In the case of a corporation, other than a nonprofit
corporation, that is a party to a merger, a plan of merger must be approved in accordance
with the procedures and by the stockholder vote required by Article 11 of Chapter 2A. If the
governing documents of the corporation provide for approval of a merger by less than all of
the corporation's stockholders, approval of the merger shall constitute corporate action subject
to appraisal rights pursuant to Article 13 of Chapter 2A, as applicable. No merger of a corporation
into a general or limited partnership may be effected without the consent in writing of each
stockholder who will have personal liability with respect to the surviving entity, notwithstanding
any provision in the governing documents of the...
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