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...
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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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4-3-47
Section 4-3-47 Powers of authority generally. The authority shall have the following powers,
together with all powers incidental thereto or necessary to the discharge thereof in corporate
form: (1) To have succession by its corporate name for the duration of time (which may be
in perpetuity) specified in its certificate of incorporation; (2) To sue and be sued in its
own name in civil actions, excepting actions in tort against the authority; (3) To adopt and
make use of a corporate seal and to alter the same at pleasure; (4) To adopt and alter bylaws
for the regulation and conduct of its affairs and business; (5) To acquire, receive, take
and hold, whether by purchase, option to purchase, gift, lease, devise or otherwise, property
of every description, whether real, personal or mixed, whether in one or more counties and
whether within or without the corporate limits of any authorizing subdivision, and to manage
said property and to develop any property and to sell, exchange, lease or...
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7-8-503
Section 7-8-503 Property interest of entitlement holder in financial asset held by securities
intermediary. (a) To the extent necessary for a securities intermediary to satisfy all security
entitlements with respect to a particular financial asset, all interests in that financial
asset held by the securities intermediary are held by the securities intermediary for the
entitlement holders, are not property of the securities intermediary, and are not subject
to claims of creditors of the securities intermediary, except as otherwise provided in Section
7-8-511. (b) An entitlement holder's property interest with respect to a particular financial
asset under subsection (a) is a pro rata property interest in all interests in that financial
asset held by the securities intermediary, without regard to the time the entitlement holder
acquired the security entitlement or the time the securities intermediary acquired the interest
in that financial asset. (c) An entitlement holder's property...
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7-8-508
Section 7-8-508 Duty of securities intermediary to change entitlement holder's position to
other form of security holding. A securities intermediary shall act at the direction of an
entitlement holder to change a security entitlement into another available form of holding
for which the entitlement holder is eligible, or to cause the financial asset to be transferred
to a securities account of the entitlement holder with another securities intermediary. A
securities intermediary satisfies the duty if: (1) the securities intermediary acts as agreed
upon by the entitlement holder and the securities intermediary; or (2) in the absence of agreement,
the securities intermediary exercises due care in accordance with reasonable commercial standards
to follow the direction of the entitlement holder. (Acts 1996, No. 96-742, p. 1241, §1.)...

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7-8-116
Section 7-8-116 Securities intermediary as purchaser for value. A securities intermediary that
receives a financial asset and establishes a security entitlement to the financial asset in
favor of an entitlement holder is a purchaser for value of the financial asset. A securities
intermediary that acquires a security entitlement to a financial asset from another securities
intermediary acquires the security entitlement for value if the securities intermediary acquiring
the security entitlement establishes a security entitlement to the financial asset in favor
of an entitlement holder. (Acts 1996, No. 96-742, p. 1241, §1.)...
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7-8-506
Section 7-8-506 Duty of securities intermediary to exercise rights as directed by entitlement
holder. A securities intermediary shall exercise rights with respect to a financial asset
if directed to do so by an entitlement holder. A securities intermediary satisfies the duty
if: (1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement
holder and the securities intermediary; or (2) in the absence of agreement, the securities
intermediary either places the entitlement holder in a position to exercise the rights directly
or exercises due care in accordance with reasonable commercial standards to follow the direction
of the entitlement holder. (Acts 1996, No. 96-742, p. 1241, §1.)...
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7-8-504
Section 7-8-504 Duty of securities intermediary to maintain financial asset. (a) A securities
intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity
corresponding to the aggregate of all security entitlements it has established in favor of
its entitlement holders with respect to that financial asset. The securities intermediary
may maintain those financial assets directly or through one or more other securities intermediaries.
(b) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary
may not grant any security interests in a financial asset it is obligated to maintain pursuant
to subsection (a). (c) A securities intermediary satisfies the duty in subsection (a) if:
(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement
holder and the securities intermediary; or (2) in the absence of agreement, the securities
intermediary exercises due care in accordance with reasonable...
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7-8-509
Section 7-8-509 Specification of duties of securities intermediary by other statute or regulation;
manner of performance of duties of securities intermediary and exercise of rights of entitlement
holder. (a) If the substance of a duty imposed upon a securities intermediary by Sections
7-8-504 through 7-8-508 is the subject of other statute, regulation, or rule, compliance with
that statute, regulation, or rule satisfies the duty. (b) To the extent that specific standards
for the performance of the duties of a securities intermediary or the exercise of the rights
of an entitlement holder are not specified by other statute, regulation, or rule or by agreement
between the securities intermediary and entitlement holder, the securities intermediary shall
perform its duties and the entitlement holder shall exercise its rights in a commercially
reasonable manner. (c) The obligation of a securities intermediary to perform the duties imposed
by Sections 7-8-504 through 7-8-508 is subject to:...
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7-8-505
Section 7-8-505 Duty of securities intermediary with respect to payments and distributions.
(a) A securities intermediary shall take action to obtain a payment or distribution made by
the issuer of a financial asset. A securities intermediary satisfies the duty if: (1) the
securities intermediary acts with respect to the duty as agreed upon by the entitlement holder
and the securities intermediary; or (2) in the absence of agreement, the securities intermediary
exercises due care in accordance with reasonable commercial standards to attempt to obtain
the payment or distribution. (b) A securities intermediary is obligated to its entitlement
holder for a payment or distribution made by the issuer of a financial asset if the payment
or distribution is received by the securities intermediary. (Acts 1996, No. 96-742, p. 1241,
§1.)...
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