5-8A-24
Section 5-8A-24 Appointment of receiver to liquidate bank. The superintendent may under his
or her hand and official seal appoint a receiver to liquidate and distribute the assets of
any bank taken possession of by the superintendent under the provisions of this chapter, the
certificate of appointment to be filed in the office of the superintendent and a certified
copy in the office of the probate judge in the county in which the principal office of such
bank is located. The receiver may be the Federal Deposit Insurance Corporation or any other
agency or corporation created by the United States to act in such capacity or any person selected
by the superintendent; provided, however, no examiner shall be appointed receiver of any bank
whose books, papers, and affairs the examiner shall have examined within one year next preceding
the appointment of such receiver. Any receiver appointed other than the Federal Deposit Insurance
Corporation, or any other agency or corporation created by the...
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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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10A-30-2.09
Section 10A-30-2.09 Appointment of custodian for close corporation; applicable to corporations
formed as close corporations or electing close corporation status prior to January 1, 1995.
(a) The circuit court of the county in which the corporation has its registered office or
any court in such place having jurisdiction, upon application of any shareholder, may appoint
one or more persons to be custodians, and, if the corporation is insolvent, to be receivers,
of any close corporation when: (1) Pursuant to Section 10A-30-2.08, the business and affairs
of the corporation are managed by the shareholders and they are so divided that the business
of the corporation is suffering or is threatened with irreparable injury and any remedy with
respect to such deadlock provided in the governing documents or in any written agreement of
the shareholders has failed; or (2) The petitioning shareholder has the right to the dissolution
of the corporation under a provision of the certificate of formation...
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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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5-11A-5
Section 5-11A-5 Deposit of security for operation of trust business - Amount required and form;
charges against deposit. Any corporation organized and operating as a trust company or as
a bank authorized by law to do a trust business may deposit with the State Treasurer or elsewhere
United States bonds, bonds, notes or debentures of any federal agency such as a federal land
bank, banks for cooperatives, Farm Home Administration, Federal National Mortgage Association,
etc., Alabama bonds, bonds of any city or county in the State of Alabama or mortgages which
are first liens on real estate, worth in each case double the face of the mortgage, situated
in this state, to an amount not less than $25,000.00, and may increase said deposit from time
to time or reduce the same to an amount not less than $25,000.00, or may withdraw the deposit
entirely, provided such trust companies or banks have made final settlement and accounted
for all assets in their possession and under their control by...
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10A-30-2.10
Section 10A-30-2.10 Appointment of a provisional director in certain cases; applicable to corporations
formed as close corporations or electing close corporation status prior to January, 1 1995.
(a) Notwithstanding any contrary provision of the governing documents or agreement of the
shareholders, the circuit court of the county in which the registered office of the corporation
is located may appoint a provisional director for a close corporation if the directors are
so divided respecting the management of the corporation's business and affairs that the votes
required for action by the board of directors cannot be obtained with the consequence that
the business and affairs of the corporation can no longer be conducted to the advantage of
the shareholders generally. (b) An application for relief under this section must be filed
(1) by at least one-half of the number of directors then in office, or (2) by the holders
of at least one-third of all shares then entitled to elect directors,...
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45-27A-60
Section 45-27A-60 Town of Pollard Trust Account. (a)(1) There is hereby established a trust
account for the Town of Pollard, Alabama, for the exclusive benefit of the Town of Pollard
and its citizens. The name of the trust fund shall be the Town of Pollard Trust Account. (2)
In order to preserve for future generations the Town of Pollard Trust Account and to ensure
water service, garbage pickup, grass mowing, and general maintenance of public property, expenditures
from the income of the trust are authorized only for the following uses: a. Maintenance and
replacement of water system equipment and property. b. The payment of utility charges incurred
by the town. c. Purchase and maintenance of insurance for the water system, other town property,
and bonding fees required by law for the mayor, the town clerk, and any other person authorized
to sign checks for the Town of Pollard. d. Repair and replacement of town equipment. e. Employment
of two permanent employees to perform garbage...
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26-9-10
Section 26-9-10 Investment of funds of estate by guardian; limitation as to loans of funds
of ward. (a) Every guardian shall invest the funds of the estate in one or more of the following
forms in which the guardian has no interest and not otherwise: (1) Interest-bearing obligations
of the State of Alabama or of the United States or as to which the State of Alabama or the
United States has guaranteed the payment of both principal and interest. (2) Loans secured
by direct first mortgage on improved real estate located within the State of Alabama. Such
loans shall not exceed 50 percent of the actual value fixed by a competent appraiser or of
the value for which such real estate, with improvements, was assessed for taxation for the
last preceding tax year, whichever is the lower, except as provided in subdivision (3) of
this section. (3) Purchase of indebtedness secured by first real estate mortgages which have
been accepted for insurance by the Secretary of Housing and Urban Development...
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37-13-13
Section 37-13-13 Bonds of authority - Security. In the discretion of the authority any bonds
may be issued under and secured by an indenture between the authority and a trustee. Said
trustee may be a private person or corporation, including (but not limited to) any trust company
or bank having trust powers, whether such bank or trust company is located within or without
the state. In any such indenture or resolution providing for the issuance of bonds, the authority
may pledge, for payment of the principal of and the interest on such bonds, any of its revenues
to which its right then exists or may thereafter come into existence and may assign, as security
for such payment, any of its leases, franchises, permits and contracts; and in any such indenture,
the authority may mortgage any of its properties, including any that may be thereafter acquired
by it. Any such pledge of revenues shall be valid and binding from the time it is made, and
the revenues so pledged and thereafter received...
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4-3-17
Section 4-3-17 Security for bonds. In the discretion of the authority, any bonds may be issued
under and secured by an indenture between the authority and a trustee. Said trustee may be
a private person or corporation, including but not limited to any trust company or bank having
trust powers, whether such bank or trust company is located within or without the state. In
any such indenture or resolution providing for the issuance of bonds, the authority may pledge,
for payment of the principal of and the interest on such bonds, any of its revenues to which
its right then exists or may thereafter come into existence and may assign as security for
such payment, any of its leases, franchises, permits and contracts; and, in any such indenture
the authority may mortgage any of its properties, including any that may be thereafter acquired
by it. Any such pledge of revenues shall be valid and binding from the time it is made, and
the revenues so pledged and thereafter received by the authority...
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