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26-1A-201
Section 26-1A-201 Authority that requires specific grant; grant of general authority. (a) An
agent under a power of attorney may do the following on behalf of the principal or with the
principal's property only if the power of attorney expressly grants the agent the authority
and exercise of the authority is not otherwise prohibited by another agreement or instrument
to which the authority or property is subject: (1) create, amend, revoke, or terminate an
inter vivos trust; (2) [reserved]; (3) create or change rights of survivorship; (4) create
or change a beneficiary designation; (5) delegate authority granted under the power of attorney;
(6) waive the principal's right to be a beneficiary of a joint and survivor annuity, including
a survivor benefit under a retirement plan; or (7) exercise fiduciary powers that the principal
has authority to delegate. (b) Notwithstanding a grant of authority to do an act described
in subsection (a), unless the power of attorney otherwise expressly...
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38-9B-5
Section 38-9B-5 AFT Corporation, Trust, and Charitable Trust. THIS SECTION WAS AMENDED BY ACT
2018-36 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 31, 2018. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. (a) The board of trustees shall establish and administer the AFT Corporation.
The board of trustees shall execute all documents necessary to establish and administer the
AFT Corporation including, but not limited to, documents to form a not-for-profit corporation
and to qualify as an organization pursuant to Section 501(c)(3) of the United States Internal
Revenue Code. (b) The AFT Corporation shall establish the AFT Trust and the AFT Charitable
Trust, and the board of trustees shall administer the AFT Trust and the AFT Charitable Trust
through the AFT Corporation. The board of trustees and the AFT Corporation shall take all
steps necessary to satisfy all federal and state laws, and all regulations, rules, and policies
established by the federal Social Security Administration to ensure...
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40-18-1
Section 40-18-1 Definitions. For the purpose of this chapter, the following terms shall have
the respective meanings ascribed by this section: (1) ADVANCED FOSSIL-BASED GENERATION. The
production of electricity from fossil-based generation with the use of technology or efficiency
improvements to control or reduce carbon emissions, including but not limited to, technologies
described in 26 U.S.C. § 48A(f), as such provision existed on December 31, 2007. (2) ALTERNATIVE
ENERGY RESOURCES. Coal gasification or liquefaction, nuclear, and advanced fossil-based generation.
(3) BIOMASS. Animals and plants, and the waste, by-products, or derivatives of either, including,
but not limited to, the materials described in 26 U.S.C. §§ 45(c)(2), 45(c)(3), 45K(c)(3),
or 48B(c)(4). (4) BUSINESS TRUST. Any entity which is a business trust for federal income
tax purposes. (5) CAPTIVE REIT. Any REIT whose shares or certificates of beneficial interest
are not regularly traded on an established...
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9-14A-17
Section 9-14A-17 Use of bonds. All bonds, including refunding bonds, issued pursuant hereto,
and the income therefrom, including the interest income thereon, shall be free from all taxation
by the state or any county, municipality, or other political subdivision or instrumentality
of the state, excepting inheritance, estate, and gift taxes. Any bonds issued by the corporations
may be used by the holder thereof as security for any funds belonging to the state or to any
instrumentality or agency of the state in any instance where security for such deposits may
be required by law. Unless otherwise directed by the court having jurisdiction thereof, or
by the document that is the source of authority, a trustee, executor, administrator, guardian,
or one acting in any other fiduciary capacity may, in addition to any other investment powers
conferred by law and with the exercise of reasonable business prudence, invest trust and other
fiduciary funds in bonds of the corporations. (Act 2000-708,...
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10A-2-8.50
Section 10A-2-8.50 Definitions. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE
JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. In this division: (1) "Corporation"
includes any domestic or foreign predecessor entity of a corporation in a merger or other
transaction in which the predecessor's existence ceased upon consummation of the transaction.
(2) "Director" means an individual who is or was a director of a corporation or
an individual who, while a director of a corporation, is or was serving at the corporation's
request as a director, officer, partner, trustee, employee, or agent of another foreign or
domestic corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise.
A director is considered to be serving an employee benefit plan at the corporation's request
if his or her duties to the corporation also impose duties on, or otherwise involve services
by, the director to the plan or to participants in or beneficiaries of the...
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10A-20-7.04
Section 10A-20-7.04 Powers of corporation. In furtherance of its purposes and in addition to
the powers now or hereafter conferred on business corporations by Alabama statutes, the corporation
shall, subject to the restrictions and limitations contained in this section, have the following
powers: (1) To elect, appoint, and employ officers, agents, and employees to make contracts
and incur liabilities for any of the purposes of the corporation; provided, that the corporation
shall not incur any secondary liability by way of guaranty or endorsement of the obligations
of any person, firm, corporation, joint stock company, association, or trust or in any other
manner. (2) To borrow money from its members and the small business administration and any
other similar federal agency for any of the purposes of the corporation, to issue therefor
its bonds, debentures, notes, or other evidences of indebtedness, whether secured or unsecured,
and to secure the same by mortgage, pledge, deed of...
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16-18B-14
Section 16-18B-14 Exemption from taxes; use of bonds as security; investment of funds. All
bonds (including refunding bonds) issued pursuant hereto, and the income therefrom (including
the interest income thereon) shall be free from all taxation by the state or any county, municipality,
or other political subdivision or instrumentality of the state, excepting inheritance, estate,
and gift taxes. Any bonds issued by the corporation may be used by the holder thereof as security
for any funds belonging to the state or to any instrumentality or agency of the state in any
instance where security for such deposits may be required by law. Unless otherwise directed
by the court having jurisdiction thereof, or by the document that is the source of authority,
a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity
may, in addition to any other investment powers conferred by law and with the exercise of
reasonable business prudence, invest trust and other...
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27-17A-32
Section 27-17A-32 Rights of seller; powers and duties of trustee. (a) If amounts paid by the
purchaser under a preneed contract for funeral merchandise have previously been deposited
in trust, the seller may withdraw the principal amount and trust appreciation attributable
to the delivered item at such time as the funeral merchandise is delivered or installed or,
if comprised of materials designed to withstand prolonged, protected storage without deterioration,
the merchandise is placed in storage with a responsible third party bonded and insured for
the wholesale value thereof and evidenced by a receipt specifically identifying the item,
the specific preneed contract, the location of the item, and the identity and address of the
bonding and insuring parties. For purposes of this subsection only, caskets and alternative
containers may not be held in storage by the seller or a third party storage facility prior
to the death of the funeral beneficiary. (b) The trustee shall make regular...
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35-4-302
Section 35-4-302 Release of powers. (a) Any power which is exercisable by deed, by will, by
deed or will, or otherwise, whether general or special, other than a power in trust which
is imperative, is releasable, either with or without consideration, by written instrument
signed by the grantee and delivered as provided in this section. (b) A power which is releasable
may be released with respect to the whole or any part of the property subject to such power
and may also be released in such manner as to reduce or limit the persons or objects, or classes
of persons or objects, in whose favor such power would otherwise be exercisable. No release
of a power shall be deemed to make imperative a power which was not imperative prior to such
release unless the instrument of release expressly so provides. (c) Such release may be delivered
to any of the following: (1) Any person specified for such purpose in the instrument creating
the power. (2) Any trustee of the property to which the power...
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5-12A-1
Section 5-12A-1 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) TRUST INSTITUTION.
Any state bank, any national bank or any trust company authorized to act in a fiduciary capacity
in this state and under the supervision of the Comptroller of the Currency of the United States
or the Federal Reserve System, or the Superintendent of Banks of the State of Alabama. (2)
AFFILIATED TRUST INSTITUTION. A trust institution which, together with one or more other trust
institutions, are each owned or controlled by a bank holding company which is under the supervision
of the Board of Governors of the Federal Reserve System. (3) OWNED OR CONTROLLED. The ownership
by a bank holding company of stock possessions of at least 80 percent of the voting power
of all classes of stock and at least 80 percent of each class of the nonvoting stock (other
than nonvoting stock which is limited and...
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