16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one college savings alternative under the plan whereby purchasers enter into PACT contracts for the future payment of tuition and mandatory fees at eligible educational institutions. The PACT Program includes the PACT Trust Fund and the PACT Administrative Fund created pursuant to this chapter. (b) The official location of the trust fund shall be the State Treasurer's office, and the facilities of the State Treasurer shall be used and employed in the administration of the fund including, but without limitation thereto, the keeping of records, the management of bank accounts and other investments, the transfer of funds, and the safekeeping of securities evidencing investments. The PACT Trust Fund is hereby created as the source for payment of the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust Fund shall not constitute property of the state, and the state may have no...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-33C-6.htm - 5K - Match Info - Similar pages
16-36-71
Section 16-36-71 Qualified depository for textbooks. (a) A qualified depository of textbooks shall be responsible for receiving textbook orders from the State Board of Education or local boards of education, storing sufficient quantities of textbooks, and distributing textbooks in accordance with this article. (b) A qualified depository shall do all of the following: (1) Have sufficient warehouse space to maintain sufficient stock. (2) Be located within the state. (3) Have the financial capacity to provide steady and continuous operations upon which the State Board of Education and local boards of education can rely. The financial capacity may be maintained in a qualified depository or in another member of the same Alabama affiliated group, as that term is defined in Section 40-18-39. (c) For the services provided herein, a qualified depository may not charge the State Board of Education or a local board of education, but rather shall sell the textbooks in accordance with the prices...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-36-71.htm - 2K - Match Info - Similar pages
27-5A-4
Section 27-5A-4 Required contract provisions; reinsurance intermediary-brokers. Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that: (1) The insurer may terminate the reinsurance intermediary-broker's authority at any time. (2) The reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing, to the reinsurance intermediary-broker, and remit all funds due to the insurer within 30 days of receipt. (3) All funds collected for the insurer's account shall be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank which is a qualified U.S. financial institution as defined herein. (4) The reinsurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-5A-4.htm - 1K - Match Info - Similar pages
29-2A-5
Section 29-2A-5 Material to be provided to commission; grant funds. (a) Any department, agency, institution, and establishment of the executive branch of government and regulatory agency or regulatory commission of the state, excluding entities that do not receive a direct appropriation from the state General Fund or the Education Trust Fund, shall furnish to the commission any available material, subject to the restrictions and limitations of federal law or regulations limiting the sharing of personally identifying information, which the commission determines to be necessary in the performance of the duties and functions of the commission. (b) Any collection of data by a department, agency, institution, establishment, or regulatory agency or regulatory commission of the state, excluding entities that do not receive a direct appropriation from the state General Fund or the Education Trust Fund, shall be furnished to the commission, if available, upon request by the director or an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/29-2A-5.htm - 1K - Match Info - Similar pages
31-6-15
Section 31-6-15 Reimbursement of educational institutions providing benefits to veterans and dependents. The benefits provided in this chapter shall be paid from an annual appropriation from the Education Trust Fund to reimburse every Alabama state institution of higher learning, college, university, or Alabama community or technical college in which benefits are given to veterans, their wives, widows, or children under this chapter. Such reimbursement shall be made timely at the end of each academic quarter or semester for all tuition reimbursements for the certified invoices submitted by such institution or school to the State Department of Veterans' Affairs, and shall be supported by names of the students receiving such benefits, together with the amounts claimed for each student. Any amount of in-state tuition, books, or fees not paid by the combination of federal, state, and third party funds may be billed to students receiving such benefits or waived by the institution or school....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/31-6-15.htm - 1K - Match Info - Similar pages
5-12A-4
Section 5-12A-4 Common trust fund plan. Each common trust fund shall be established and maintained in accordance with a written plan (referred to herein as the plan) approved by resolution of the board of directors of the trust institution and approved in writing by competent legal counsel. The plan shall provide that the common trust fund shall be administered under the laws of this state and of the United States and in conformity with the rules and regulations promulgated from time to time under authority of such laws and shall contain full and detailed provisions, not inconsistent with the provisions of this chapter, as to the manner in which the common trust fund is to be operated, the investment powers with respect to the common trust fund, the allocation and apportionment of income, profits and losses, the terms and conditions governing the admission or withdrawal of investments or participations in the common trust fund, the auditing and settlement of accounts of the trust...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-12A-4.htm - 2K - Match Info - Similar pages
5-3A-3
Section 5-3A-3 Disclosure of information obtained by superintendent, bank examiners, etc. (a) Neither the superintendent, any member of the Banking Board, nor any bank examiner or other state employee shall disclose the condition and affairs of any bank or bank holding company, or their subsidiaries or other affiliates, ascertained by an examination of such bank, or bank holding company, or affiliates, or report or give information as to persons who are depositors or debtors of a bank, except as authorized or required by law; provided, that this section shall not be construed to prevent bank examiners and other employees from reporting such information to the superintendent or such persons as the superintendent may lawfully designate. (b) Notwithstanding the provisions of subsection (a), the superintendent, at the superintendent's discretion, may disclose any information, otherwise protected under this section, to the members of the Banking Board and confer with the members of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-3A-3.htm - 3K - Match Info - Similar pages
5-7A-22
Section 5-7A-22 Conversion of national bank, etc., into state bank - Powers and duties of bank, stockholders, officers, etc., upon issuance of certificate. (a) When the superintendent has given to such bank a certificate that the provisions of this article have been complied with, such bank and all its stockholders, officers and employees shall have the same powers and privileges and shall be subject to the same duties, liabilities and regulations, in all respects, as shall have been prescribed for banks originally organized as banking corporations under the laws of Alabama. (b) At the time when such conversion of the national bank into a state bank, under the charter of the latter, becomes effective, all the property of the national bank, including all its rights, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value or benefit then existing, belonging...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-7A-22.htm - 4K - Match Info - Similar pages
11-101A-17
Section 11-101A-17 Securities are legal investments. Securities issued under this chapter are hereby made legal investments for savings banks and insurance companies organized under the laws of the state. Unless otherwise directed by the court having jurisdiction thereof or the document that is the source of authority, a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity may, in addition to any other investment powers conferred by law and with the exercise of reasonable business prudence, invest trust funds in securities of an authority. The governing body of any authorizing subdivision, or any county or municipality in which any project of an authority may be situated, may, in its discretion, invest in securities of the authority any idle or surplus money held in its treasury which is not otherwise earmarked or pledged. (Act 2001-642, p. 1317, ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-101A-17.htm - 1K - Match Info - Similar pages
19-3D-17
Section 19-3D-17 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. RELIEF FROM LIABILITY AND INDEMNIFICATION. (a) Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. (b) A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity under the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised. (c) A second-trust instrument may not reduce fiduciary liability in the aggregate. (d) Subject to subsection (c), a second-trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors,...
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