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5-11A-37
Section 5-11A-37 Appointment of agent. Regardless of objection to any fiduciary transfer as
provided in Section 5-11A-33 and the outcome thereof, and notwithstanding any procedure under
this article, any bank may appoint a related bank, trust company or trust department as its
agent for the performance of all acts, obligations and responsibilities of the bank with respect
to any fiduciary account. In such an event, the appointing bank shall remain fully responsible
and liable with respect to all actions of the related bank, trust company or trust department
as if performed by the appointing bank itself. No such agency relationship shall: (1) Be deemed
an impermissible delegation of responsibility or duty by the appointing bank; (2) Constitute
a resignation or disqualification of the appointing bank as fiduciary or relinquishment of
trust powers by the appointing bank; or (3) Require the consent of any person, entity, court
or other governmental authority. (Acts 1989, No. 89-539, p....
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5-11A-33
Section 5-11A-33 Objection to transfer; hearing on objection; appointment of related institution
as agent. (a) Any person given notice pursuant to Section 5-11A-32 may file a written objection
to the fiduciary transfer with the Superintendent of the State Banking Department, stating
grounds for objection, within 30 days of receipt of notice of the transfer by the person notified
pursuant to Section 5-11A-32. The transferor shall then have 30 days to either: (1) Abandon
the transfer of fiduciary accounts to which objection was given and hold such transfer for
nought, or (2) Apply to the State Banking Department for a hearing on the merits of the objection
to transfer. After such hearing, the State Banking Department shall either approve or deny
the transfer. (b) Nothing herein shall preclude the transferor from appointing a related bank,
trust company or trust department as its agent for the performance of any and all fiduciary
obligations as provided in Section 5-11A-37. (Acts 1989,...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature finds
that the number of students attending the several school systems located in those areas of
North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions
will collectively increase by an estimated 9,000 students. As a result, there will be a need
for the construction of additional school facilities as well as the renovation of existing
school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions
will have a positive impact on future receipts to the Education Trust Fund, as the significant
population growth in North Alabama will increase sales, income, and other tax collections.
Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital
improvement costs associated with BRAC-related school construction. (b) The Alabama Public
School and College Authority is hereby authorized to sell and issue its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-16A-7.htm - 24K - Match Info - Similar pages
37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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5-11A-35
Section 5-11A-35 Substitution of transferee bank, trust company or trust department as fiduciary;
effect. If a bank, trust company or trust department completes a fiduciary transfer, the bank,
trust company or trust department to which such fiduciary accounts have been transferred shall
be automatically substituted as the fiduciary of all the accounts so transferred without further
action and without any order or decree by any court or public officer; and without such transfer
being treated or considered as a resignation by the transferor as a fiduciary; and such transferee
bank, trust company or trust department shall have all the rights, duties, responsibilities,
obligations and liabilities, financial or otherwise, of such transferor bank with respect
to such accounts. A bank, trust company or trust department which completes a fiduciary transfer
shall be relieved as fiduciary without an accounting and without any order or decree of any
court or public officer, and prospectively...
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20-2-212
Section 20-2-212 Controlled substances prescription database program; powers and duties of
department; trust fund; advisory committee; review committee. (a) The department may establish,
create, and maintain a controlled substances prescription database program. In order to carry
out its responsibilities under this article, the department is granted the following powers
and authority: (1) To adopt regulations, in accordance with the Alabama Administrative Procedure
Act, governing the establishment and operation of a controlled substances prescription database
program. (2) To receive and to expend for the purposes stated in this article funds in the
form of grants, donations, federal matching funds, interagency transfers, and appropriated
funds designated for the development, implementation, operation, and maintenance of the controlled
substances prescription database. The funds received pursuant to this subdivision shall be
deposited in a new fund that is established as a separate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/20-2-212.htm - 6K - Match Info - Similar pages
24-10-8
Section 24-10-8 Alabama Housing Trust Fund Advisory Committee - Composition; expenses; staff.
(a) There is created the Alabama Housing Trust Fund Advisory Committee for the purpose of
advising the Director of ADECA and staff of the department with respect to the Alabama Housing
Trust Fund. (b) The membership of the advisory committee shall be inclusive and reflect the
racial, gender, geographic, urban/rural and economic diversity of the state. The advisory
committee shall annually report to the Legislature by the second legislative day of each regular
session the extent to which the advisory committee has complied with the diversity provisions
provided for in this chapter. (c) Each member of the advisory committee should have a demonstrated
interest in the housing needs of individuals and families with extremely low incomes to incomes
at 60 percent of median family income and the revitalization of distressed neighborhoods.
(d) The advisory committee shall consist of 16 members and...
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41-23-195
Section 41-23-195 Advisory committee - Membership. (a) There is created the Alabama Public
Transportation Fund Advisory Committee for the purpose of advising the director and staff
of the department with respect to the administration of the trust fund; provided, however,
all decisionmaking authority remains with the department. (b) The advisory committee shall
consist of the following members: (1) A member of the House of Representatives appointed by
the Speaker of the House of Representatives. (2) A member of the Senate appointed by the President
Pro Tempore of the Senate. (3) The Lieutenant Governor or his or her designee. (4) A representative
of the American Association of Retired Persons (AARP) appointed by AARP Alabama. (5) A representative
of the Department of Senior Services appointed by that department. (6) A representative of
the Alabama Association of Regional Councils appointed by that organization. (7) A representative
of the Community Action Association of Alabama...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-23-195.htm - 4K - Match Info - Similar pages
19-3B-802
Section 19-3B-802 Duty of loyalty. (a) A trustee shall administer the trust solely in the interests
of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee
as provided in Section 19-3B-1012, a sale, encumbrance, or other transaction involving the
investment or management of trust property entered into by the trustee for the trustee's own
personal account or which is otherwise affected by a conflict between the trustee's fiduciary
and personal interests is voidable by a beneficiary affected by the transaction unless: (1)
the transaction was authorized by the terms of the trust; (2) the transaction was approved
by the court; (3) the beneficiary did not commence a judicial proceeding within the time allowed
by Section 19-3B-1005; (4) the beneficiary consented to the trustee's conduct, ratified the
transaction, or released the trustee in compliance with Section 19-3B-1009; or (5) the transaction
involves a contract entered into or claim acquired by...
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