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5-2A-22
Section 5-2A-22 Independent audits; minimum standards; advisory committee; report in lieu of
audit. The board of directors of each state bank shall at least once in each calendar year
have an audit made of its books and affairs, including any accounts held in a fiduciary capacity,
by independent auditors approved by the superintendent. These may be separate audits. "Independent
auditors" shall include the audit staff of a correspondent bank or the audit staff of
a bank holding company, or auditors or accountants who are not employees of the bank. The
superintendent shall by regulation establish minimum standards for audits and reports, which
shall include such matters as he shall require. To assist in promulgating minimum standards
for audits and reports, the superintendent shall appoint an advisory committee of no less
than six members. Membership of the committee shall consist of auditors, as qualified in Chapters
1A through 12A of this title, who regularly perform audits in banks...
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7-9A-307
Section 7-9A-307 Location of debtor. (a) "Place of business." In this section, "place
of business" means a place where a debtor conducts its affairs. (b) Debtor's location:
General rules. Except as otherwise provided in this section, the following rules determine
a debtor's location: (1) A debtor who is an individual is located at the individual's principal
residence. (2) A debtor that is an organization and has only one place of business is located
at its place of business. (3) A debtor that is an organization and has more than one place
of business is located at its chief executive office. (c) Limitation of applicability of subsection
(b). Subsection (b) applies only if a debtor's residence, place of business, or chief executive
office, as applicable, is located in a jurisdiction whose law generally requires information
concerning the existence of a nonpossessory security interest to be made generally available
in a filing, recording, or registration system as a condition or result...
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10A-2-15.44
Section 10A-2-15.44 Foreign corporation previously acting in fiduciary capacity in state. REPEALED
IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. The provisions of this division shall not prohibit any foreign corporation
authorized to act in a fiduciary capacity or capacities in the state in which it is incorporated
or any national banking association or other corporation organized under the laws of the United
States authorized to act in a fiduciary capacity or capacities in its principal place of business
which, prior to April 14, 1956, or in the case of a corporation other than a national banking
association, prior to January 1, 1995, was acting or appointed to act in this state in a particular
fiduciary capacity or capacities, from continuing in the performance of the fiduciary activity
or activities without complying with the provisions of this division. (Acts 1994, No. 94-245,
p. 343, §1; §10-2B-15.44; amended...
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27-31B-2
Section 27-31B-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, unless the context clearly indicates otherwise: (1) AFFILIATED COMPANY. Any company
in the same corporate system as a parent, an industrial insured, or a member organization
by virtue of common ownership, control, operation, or management. (2) ALIEN CAPTIVE INSURANCE
COMPANY. Any insurance company formed to write insurance business for its parents and affiliates
and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory
standards in a form acceptable to the commissioner on companies transacting the business of
insurance in that jurisdiction. (3) ASSOCIATION. Any legal association of individuals, corporations,
limited liability companies, partnerships, associations, or other entities whereby either
of the following exists: a. The member organizations of which, or the association itself,
whether or not in conjunction with some or all of the...
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11-50-346
Section 11-50-346 Execution of trust agreement as security for payment of revenue bonds authorized;
provisions in trust agreements or resolutions for issuance of bonds generally. In the discretion
of the board, any revenue bonds issued under the provisions of this article may be secured
by a trust agreement by and between the board and a corporate trustee, which may be any trust
company or bank having the powers of a trust company within or without the state. Such trust
agreement or resolution providing for the issuance of such bonds may pledge or assign the
revenues to be received, but shall not convey or mortgage any water system or sewer system
or any part thereof. Such trust agreement or resolution providing for the issuance of such
bonds may contain such provisions for protecting and enforcing the rights and remedies of
the bondholders as may be reasonable and proper and not in violation of law, including covenants
setting forth the duties of the board in relation to the...
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11-56-13
Section 11-56-13 Bonds - Security for payment of principal and interest; remedies upon default
generally. (a) The principal of and the interest on the bonds shall be secured by a pledge
of the revenues out of which the bonds shall be made payable and by a pledge of the lease
agreement covering the project from which revenues so pledged shall be derived and of the
rental therefrom and may be secured by an indenture covering such project. The trustee under
any indenture may be a trust company or bank having trust powers, whether located within or
without the state. The indenture may contain any agreements and provisions customarily contained
in instruments securing evidences of indebtedness including, without limiting the generality
of the foregoing, provisions respecting the collection, segregation and application of the
rental from any project covered by such indenture, the terms to be incorporated in the lease
agreement respecting such project, the maintenance and insurance of such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-56-13.htm - 3K - Match Info - Similar pages
19-4-2
Section 19-4-2 Deposit of securities authorized; merger, etc., of certificates representing
securities; transfer of ownership, etc., of securities; maintenance of records by fiduciary;
rules and regulations governing banks acting as fiduciaries; certification by fiduciary of
securities deposited. (a) Notwithstanding any other provision of law to the contrary, any
fiduciary holding securities in a fiduciary capacity is authorized, in the absence of specific
provision to the contrary in the governing instrument or court order under which the fiduciary
is acting, to deposit or arrange for the deposit of such securities in a clearing corporation.
(b) When such securities are so deposited, certificates representing securities of the same
class of the same issuer may be merged and held in bulk in the name of the nominee of such
clearing corporation with any other such securities deposited in such clearing corporation
by any person regardless of the ownership of securities and certificates of...
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27-31B-6
Section 27-31B-6 Minimum capital and surplus. (a) No captive insurance company shall be issued
a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus
as follows: (1) In the case of a pure captive insurance company, not less than two hundred
fifty thousand dollars ($250,000) or such other amount determined by the commissioner and
actuarially supported by a feasibility study. (2) In the case of an association captive insurance
company or risk retention group, not less than five hundred thousand dollars ($500,000) or
such other amount determined by the commissioner and actuarially supported by a feasibility
study. (3) In the case of an industrial insured captive insurance company, not less than five
hundred thousand dollars ($500,000). (4) In the case of a protected cell captive insurance
company, not less than two hundred fifty thousand dollars ($250,000) or such other amount
determined by the commissioner and actuarially supported by a...
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27-7-1
Section 27-7-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) BUSINESS ENTITY. A corporation,
association, partnership, limited liability company, limited liability partnership, or other
legal entity. (2) COMMISSIONER. The Alabama Commissioner of Insurance. (3) HOME STATE. The
District of Columbia and any state or territory of the United States in which an insurance
producer maintains his or her principal place of residence or principal place of business
and is licensed to act as an insurance producer. (4) INSURANCE. As defined in Section 27-1-2.
(5) INSURANCE PRODUCER or PRODUCER. A person required to be licensed under the laws of this
state to sell, solicit, or negotiate insurance. (6) INSURER. As defined in Section 27-1-2.
For the purposes of this chapter, insurer shall also mean an insurance company licensed pursuant
to Chapter 3, commencing with Section 27-3-1 of this title; a health...
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5-11A-1
Section 5-11A-1 Amenability of trust companies to banking laws; use of word "trust"
in corporate name generally; operation of trust departments, etc., by banks. All corporations
organized and operating as trust companies shall have the word "trust" as a part
of their corporate names, shall be amenable to the general banking laws of the state insofar
as said laws are applicable to trust companies and not in conflict with the provisions of
this chapter and shall be examined by the superintendent as state banks are examined. The
word "trust" need not be a part of the corporate name of any corporation now or
hereafter organized under the laws of this state to do a banking business and all such banks,
although the word "trust" is not a part of their corporate names, shall have the
right to operate and conduct a trust department, become trustees for any purpose, be appointed
and act as executors, administrators, guardians and receivers and do any business and exercise
any powers incident to...
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