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10A-20-7.11
Section 10A-20-7.11 Loans to corporation by members. Each member of the corporation shall make
loans to the corporation as and when called upon by it to do so on the terms and other conditions
as shall be approved from time to time by the board of directors, subject to the following
conditions: (1) All loan limits shall be established at the one thousand dollars ($1,000)
amount nearest to the amount computed in accordance with the provisions of this section. (2)
No loan to the corporation shall be made if immediately thereafter the total amount of the
obligations of the corporation would exceed 50 times the amount then paid in on the outstanding
capital stock of the corporation. (3) The total amount outstanding on loans to the corporation
made by any member at any one time, when added to the amount of the investment in the capital
stock of the corporation then held by the member, shall not exceed: a. Twenty percent of the
total amount then outstanding on loans to the corporation by all...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.11.htm - 3K - Match Info - Similar pages
37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-11A-1.htm - 33K - Match Info - Similar pages
10A-20-7.01
Section 10A-20-7.01 Definitions. For the purposes of this article, the following terms shall
have the meanings respectively ascribed to them by this section: (1) BOARD OF DIRECTORS. The
board of directors of the corporation created under this article. (2) CORPORATION. An Alabama
industrial development corporation created under this article. (3) FINANCIAL INSTITUTION.
Any banking, mortgaging corporation or trust company, savings and loan association, insurance
company or related corporation, partnership, foundation, pension funds or other institution
engaged primarily in lending or investing funds. (4) LOAN LIMIT. For any member, the maximum
amount permitted to be outstanding at one time on loans made by the member to the corporation,
as determined under the provision of this article. (5) MEMBER. Any financial institution authorized
to do business within this state which shall undertake to lend money to a corporation created
under this article, upon its call and in accordance with the...
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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-2.htm - 10K - Match Info - Similar pages
10A-20-7.10
Section 10A-20-7.10 Rights to shares, bonds, securities, or other evidences of corporate indebtedness.
(a) Notwithstanding any rule at common law, any provision of any general or special law or
any provision in their respective charters, agreements of association, certificate of formation,
or trust indentures: (1) Any person, including all domestic corporations organized for the
purpose of carrying on business within this state, and further including, without implied
limitation, public utility companies, insurance companies, foreign corporations licensed to
do business within this state, all financial institutions, as defined in Section 10A-20-7.01,
and all trusts, are hereby authorized to acquire, purchase, hold, sell, assign, transfer,
mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences of indebtedness
created by, or the shares of the capital stock of, the corporation and, while owners of the
stock, to exercise all the rights, powers, and privileges of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.10.htm - 2K - Match Info - Similar pages
23-1-158
Section 23-1-158 Bonds - Disposition of proceeds. (a) The proceeds of all bonds, other than
refunding bonds, issued by the corporation, remaining after paying the expenses of their issuance,
shall be turned in to the Treasury or shall be deposited into such account or accounts as
specified in the resolution of the board of directors whereunder such bonds are authorized
to be issued, and shall be subject to be drawn on upon the approval of the Department of Transportation
solely for the purpose of constructing, reconstructing, and relocating public roads, bridges
and approaches thereto, tunnels, other public roadway improvements, or work incidental or
related thereto, in the State of Alabama, including the acquisition of property necessary
for such construction, reconstruction, and relocation and incidental and related work. If
action is necessary in order to comply with any federal legislation relating to federal aid
in construction of roads, the corporation may authorize the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-1-158.htm - 5K - Match Info - Similar pages
23-1-178
Section 23-1-178 Bonds - Disposition of proceeds. (a) The proceeds of all bonds, other than
refunding bonds, issued by the corporation remaining after paying the expenses of their issuance
shall be deposited in the State Treasury and credited to the Road and Bridge Fund, and shall
be subject to be drawn on by the corporation, upon the approval of the State Department of
Transportation, but solely for the purpose of constructing, reconstructing , or relocating
public roads and bridges, or work incidental or related thereto, including the acquisition
of property necessary therefor, in the State of Alabama; provided, that such funds may be
used only for payment of the state's share or the costs thereof to be paid by any county or
municipality within the state, of the cost of constructing, reconstructing, or relocating
public roads and bridges, or work incidental or related thereto, which have been or will be
constructed, reconstructed, or relocated under programs financed jointly by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-1-178.htm - 5K - Match Info - Similar pages
27-31B-16
Section 27-31B-16 Tax on premiums collected. (a) Each captive insurance company shall pay to
the commissioner, by March 1 of each year, a tax at the rate of four-tenths of one percent
on the first 20 million dollars, three-tenths of one percent on the next 20 million dollars,
two-tenths of one percent on the next 20 million dollars, seventy-five thousandths of one
percent on each dollar thereafter on the direct premiums collected or contracted for on policies
or contracts of insurance written by the captive insurance company during the year ending
December 31 next preceding, after deducting from the direct premiums subject to the tax the
amounts paid to policyholders as return premiums which shall include dividends on unabsorbed
premiums or premium deposits returned or credited to policyholders. Notwithstanding the foregoing,
no tax shall be due or payable as to considerations received for annuity contracts. (b) Each
captive insurance company shall pay to the commissioner by March 1 of...
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40-14A-1
Section 40-14A-1 Definitions. For purposes of this chapter, the following terms shall mean:
(a) ALABAMA S CORPORATION. An S corporation defined under Section 40-18-160. (b) C CORPORATION.
A corporation other than an Alabama S corporation. (c) CODE. The Internal Revenue Code of
1986, as amended from time to time. (d) CORPORATION. An entity, including a limited liability
company electing to be taxed as a corporation for federal income tax purposes, through which
business can be conducted while offering limited liability to the owners of the entity with
respect to some or all of the obligations of the entity, other than a limited liability entity
or a disregarded entity. The term "corporation" shall include but not be limited
to the following: Corporations, professional corporations, joint stock companies, unincorporated
professional associations, real estate investment trusts, limited liability companies electing
to be taxed as corporations for federal income tax purposes, and all...
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2-3A-7
Section 2-3A-7 Powers of authority; open meetings. (a) 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 perpetuity, subject to the provisions of Section 2-3A-14) specified in its certificate
of incorporation; (2) To sue and be sued in its own name in civil suits and actions, and to
defend suits against it; (3) To adopt and make use of a corporate seal and to alter the same
at pleasure; (4) To adopt, alter and repeal bylaws, not inconsistent with the provisions of
this article, for the regulation and conduct of its affairs and business; (5) To loan its
funds to one or more persons to be used by such persons to pay the costs of agricultural operations,
such loans to be on such terms and conditions, and for such period of time, and secured or
evidenced by such mortgages, deeds of trust, notes, debentures,...
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