6-5-682
Section 6-5-682 Limitations of liability. (a) Except as further limited in subsection (b), the cumulative successor asbestos-related liabilities of a corporation are limited to the fair market value of the total gross assets of the transferor determined as of the time of the merger or consolidation. The corporation does not have any responsibility for successor asbestos-related liabilities in excess of this limitation. (b) If the transferor had assumed or incurred successor asbestos-related liabilities in connection with a prior merger or consolidation with a prior transferor, the fair market value of the total assets of the prior transferor, determined as of the time of the earlier merger or consolidation, shall be substituted for the limitation set forth in subsection (a) for purposes of determining the limitation of liability of a corporation. (Act 2011-545, p. 1001, ยง3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-5-682.htm - 1K - Match Info - Similar pages
6-5-684
Section 6-5-684 Adjustment of fair market value of total gross assets. (a) Except as provided in subsections (b), (c), and (d), the fair market value of total gross assets at the time of a merger or consolidation shall increase annually at a rate equal to the sum of: (1) The prime rate as listed in the first edition of the Wall Street Journal published for each calendar year since the merger or consolidation, unless the prime rate is not published in that edition of the Wall Street Journal, in which case any reasonable determination of the prime rate on the first day of the year may be used. (2) One percent. (b) The rate in subsection (a) may not be compounded. (c) The adjustment of fair market value of total gross assets shall continue as provided under subsection (a) until the date the adjusted value is first exceeded by the cumulative amounts of successor asbestos-related liabilities paid or committed to be paid by or on behalf of the corporation or a predecessor, or by or on behalf...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-5-684.htm - 1K - Match Info - Similar pages
6-5-680
Section 6-5-680 Definitions. For the purposes of this article, the following words shall have the following meanings: (1) ASBESTOS CLAIM. Any claim, wherever or whenever made, for damages, losses, indemnification, contribution, or other relief arising out of, based on, or in any way related to asbestos, including: a. The health effects of exposure to asbestos, including any claim for: 1. Personal injury or death. 2. Mental or emotional injury. 3. Risk of disease or other injury. 4. The costs of medical monitoring or surveillance, to the extent these claims are recognized under state law. b. Any claim made by or on behalf of a person exposed to asbestos, or a representative, spouse, parent, child, or other relative of the person. c. Any claim for damage or loss caused by the installation, presence, or removal of asbestos. (2) CORPORATION. A corporation for profit, including a domestic corporation organized under the laws of this state, or a foreign corporation organized under laws other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-5-680.htm - 2K - Match Info - Similar pages
40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation, joint stock company, or association subject to income tax under this chapter shall file a return with the Department of Revenue for each taxable year, stating specifically the items of its gross income and the deductions and credits allowed by this chapter. In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall file returns for such corporations in the same manner and form as corporations are required to file returns. Any tax due on the basis of such returns filed by receivers, trustees, or assignees shall be collected in the same manner as if collected from the corporations of whose business or property they have custody and control. Returns shall be filed by the same date as the corresponding federal income tax returns are required to be filed as provided under federal law. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-39.htm - 15K - Match Info - Similar pages
10A-1-1.03
limited liability company or association, a member; and (D) with respect to another foreign or domestic entity, an owner of an equity interest in that entity. (69) OWNERSHIP INTEREST. An owner's interest in an entity. The term includes the owner's share of profits and losses or similar items and the right to receive distributions. The term does not include an owner's right to participate in management or participate in the direction or oversight of the entity. An ownership interest is personal property. (70) PARENT or PARENT ENTITY. An entity that: (A) owns at least 50 percent of the ownership or membership interest of a subsidiary; or (B) possesses at least 50 percent of the voting power of the owners or members of a subsidiary. (71) PARTNER. A limited partner or general partner. (72) PARTNERSHIP. Includes a general partnership, a limited liability partnership, a foreign limited liability partnership, a limited partnership, a foreign limited partnership, a limited liability...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-1.03.htm - 25K - Match Info - Similar pages
6-5-681
Section 6-5-681 Applicability of limitations. (a) The limitations in Section 6-5-682 apply to a corporation that is a successor and became a successor before January 1, 1972, or is any of that successor corporation's successors. (b) The limitations in Section 6-5-682 do not apply to: (1) Workers' compensation benefits paid by or on behalf of an employer to an employee under the laws of this state or a comparable workers' compensation law of another jurisdiction. (2) Any claim against a corporation that does not constitute a successor asbestos-related liability. (3) An insurer, as defined in Section 27-1-2. (4) Any obligations under the National Labor Relations Act, as amended, or under any collective bargaining agreement. (5) A successor that, after a merger or consolidation, continued in the business of mining asbestos; in the business of selling or distributing asbestos fibers; or in the business of manufacturing, distributing, removing, or installing asbestos-containing products...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-5-681.htm - 1K - Match Info - Similar pages
6-5-683
Section 6-5-683 Fair market value of total gross assets. (a) A corporation may establish the fair market value of total gross assets for the purpose of the limitations under Section 6-5-682 through any method reasonable under the circumstances, including either of the following: (1) By reference to the going concern value of the assets or to the purchase price attributable to or paid for the assets in an arm's length transaction. (2) In the absence of other readily available information from which fair market value can be determined, by reference to the value of the assets recorded on a balance sheet. (b) Total gross assets include intangible assets. (c) Total gross assets include the aggregate coverage under any applicable liability insurance that was issued to the transferor whose assets are being valued for purposes of this section, which insurance has been collected or is collectible to cover successor asbestos-related liabilities except compensation for liabilities arising from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-5-683.htm - 1K - Match Info - Similar pages
40-14A-23
Section 40-14A-23 Definition of net worth. (a) Net worth of corporation. The net worth of a corporation shall equal the aggregate net amount of the following items determined as of the first day of the corporation's taxable year and adjusted as required in this article: (1) In the case of a corporation, the sum of the following: a. The issued capital stock and any additional paid-in capital, without reduction for treasury stock; and b. Retained earnings, but not less than zero, which shall include any amounts designated for the payment of dividends until the amounts are definitely and irrevocably placed to the credit of stockholders subject to withdrawal on demand, and (2) In the case of an entity taxed as a corporation under this article that does not issue stock, the difference between the book value of the entity's assets and liabilities, but not less than zero. (b) Net worth of limited liability entities. The net worth of a limited liability entity shall be an amount equal to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-23.htm - 10K - Match Info - Similar pages
22-30F-3
Section 22-30F-3 Definitions. The following words and phrases, whenever used in this chapter, shall have the following respective meanings unless the context clearly indicates otherwise: (1) AUTHORITY. The corporation organized pursuant to this chapter as a public corporation, agency, and instrumentality of the state and known as the "Alabama Land Recycling Finance Authority." (2) AUTHORIZING RESOLUTION. A resolution, order, or other proceedings adopted by the board of directors of the authority authorizing the issuance of agreements and related matters. (3) BOARD OF DIRECTORS. The board of directors of the authority. (4) DEPARTMENT. The Alabama Department of Environmental Management or any successor. (5) ELIGIBLE PROPERTY. Property which qualifies under Section 22-30E-6 for participation in the voluntary cleanup program established pursuant to Chapter 30E of this title, and which is owned and operated by an applicant or applicants which qualifies for the limitation of liability as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-30F-3.htm - 5K - Match Info - Similar pages
41-10-36
constitution or laws of the state to issue affected bonds. (10) LOCAL ISSUER. Any issuer which is a county, municipality, or public corporation organized by or pursuant to approval by a county or municipality (or pursuant to approval by two or more counties or municipalities or both) and which is authorized by or pursuant to the constitution or laws of the state to issue affected bonds. (11) MANUFACTURING FACILITY. Any facility which is used in the manufacturing or production of tangible personal property (including processing resulting in a change in the condition of such property), and includes any facility devoted to an activity described in Standard Industrial Classification (SIC) Code Major Groups 20 through 39, or to agricultural activities, and further includes office facilities related to the foregoing so long as such office facilities are located on the premises of the manufacturing facility to which they are related. (12) PRIVATE ACTIVITY BOND has the same meaning as that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-36.htm - 5K - Match Info - Similar pages
|