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19-3C-3
Section 19-3C-3 Standard of conduct in managing and investing institutional funds. (a) Subject
to the intent of a donor expressed in a gift instrument, an institution, in managing and investing
an institutional fund, shall consider the charitable purposes of the institution and the purposes
of the institutional fund. (b) In addition to complying with the duty of loyalty imposed by
law other than this chapter, each person responsible for managing and investing an institutional
fund shall manage and invest the fund in good faith and with the care an ordinarily prudent
person in a like position would exercise under similar circumstances. (c) In managing and
investing an institutional fund, an institution: (1) may incur costs that are appropriate
and reasonable in relation to the assets, the purposes of the institution, and the skills
available to the institution; and (2) shall make a reasonable effort to verify facts relevant
to the management and investment of the fund. (d) An...
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26-2A-153
Section 26-2A-153 Distributive duties and powers of conservator. (a) A conservator may expend
or distribute income or principal of the estate without court authorization or confirmation
for the health, support, education, or maintenance of the protected person and dependents
in accordance with the following principles: (1) The conservator shall consider recommendations
relating to the appropriate standard of support, education, and benefit for the protected
person or dependents made by a parent or guardian, if any. The conservator may not be surcharged
for sums paid to persons or organizations furnishing support, education, or maintenance to
the protected person or a dependent pursuant to the recommendations of a parent or guardian
of the protected person unless the conservator knows that the parent or guardian derives personal
financial benefit therefrom, including relief from any personal duty of support, or the recommendations
are clearly not in the best interest of the protected...
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36-25-1
Section 36-25-1 Definitions. Whenever used in this chapter, the following words and terms shall
have the following meanings: (1) BUSINESS. Any corporation, partnership, proprietorship, firm,
enterprise, franchise, association, organization, self-employed individual, or any other legal
entity. (2) BUSINESS WITH WHICH THE PERSON IS ASSOCIATED. Any business of which the person
or a member of his or her family is an officer, owner, partner, board of director member,
employee, or holder of more than five percent of the fair market value of the business. (3)
CANDIDATE. This term as used in this chapter shall have the same meaning ascribed to it in
Section 17-5-2. (4) COMMISSION. The State Ethics Commission. (5) COMPLAINT. Written allegation
or allegations that a violation of this chapter has occurred. (6) COMPLAINANT. A person who
alleges a violation or violations of this chapter by filing a complaint against a respondent.
(7) CONFIDENTIAL INFORMATION. A complaint filed pursuant to this...
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22-32-1
Section 22-32-1 Enactment of Southeast Interstate Low-Level Radioactive Waste Management Compact.
The Southeast Interstate Low-Level Radioactive Waste Management Compact is hereby enacted
into law and entered into by the State of Alabama with any and all states legally joining
therein in accordance with its terms, in the form substantially as follows: SOUTHEAST INTERSTATE
LOW-LEVEL RADIOACTIVE WASTE MANAGEMENT COMPACT Article I. Policy and Purpose There is hereby
created the Southeast Interstate Low-Level Radioactive Waste Management Compact. The party
states recognize and declare that each state is responsible for providing for the availability
of capacity either within or outside the state for the disposal of low-level radioactive waste
generated within its borders, except for waste generated as a result of defense activities
of the federal government or federal research and development activities. They also recognize
that the management of low-level radioactive waste is handled most...
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45-37-123.01
Section 45-37-123.01 Definitions. For the purposes of this part, the following terms shall
have the following meanings: (1) ACT. The act adding this part, to be called the General Retirement
System for Employees of Jefferson County Act. (2) ACTIVE MEMBER. An individual who currently
is employed by the county or other entities set forth in subdivision (20) and is making employee
contributions to the system. (3) ACTUARIAL EQUIVALENT. Effective July 30, 1984, or such other
dates as set forth in Exhibit A, which is maintained in the office of the pension board, a
form of benefit differing in time, period, or manner of payment from a specific benefit provided
under the plan but having the same value when computed using the mortality tables, the interest
rate, and any other assumptions last adopted by the pension board, which assumptions shall
clearly preclude any discretion in the determination of the amount of a member's benefit.
(4) ACTUARIAL GAIN. As defined in Section...
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16-6F-7
Section 16-6F-7 Applicant proposals; conversion to public charter school; terms of charters;
contracts. (a) Request for proposals. (1) To solicit, encourage, and guide the development
of quality public charter school applications, every local school board, in its role as public
charter school authorizer, shall issue and broadly publicize a request for proposals for public
charter school applications by July 17, 2015, and by November 1 in each subsequent year. The
content and dissemination of the request for proposals shall be consistent with the purposes
and requirements of this act. (2) Public charter school applicants may submit a proposal for
a particular public charter school to no more than one local school board at a time. (3) The
department shall annually establish and disseminate a statewide timeline for charter approval
or denial decisions, which shall apply to all authorizers in the state. (4) Each local school
board's request for proposals shall present the board's strategic...
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16-6F-6
Section 16-6F-6 Authorization of establishment; Alabama Public Charter School Commission; registration
requirements; powers and duties of authorizers. (a) Eligible authorizing entities. (1) A public
charter school shall not be established in this state unless its establishment is authorized
by this section. No governmental entity or other entity, other than an entity expressly granted
chartering authority as set forth in this section, may assume any authorizing function or
duty in any form. The following entities shall be authorizers of public charter schools: a.
A local school board, for chartering of schools within the boundaries of the school system
under its jurisdiction, pursuant to state law. b. The Alabama Public Charter School Commission,
pursuant to this section. (2) A local school board that registers as an authorizer may approve
or deny an application to form a public charter school within the boundaries of the local
school system overseen by the local school board. (3) All...
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19-3B-902
Section 19-3B-902 Standard of care; portfolio strategy; risk and return objectives. (a) A trustee
shall invest and manage trust assets as a prudent investor would, by considering the purposes,
terms, distribution requirements, and other circumstances of the trust. In satisfying this
standard, the trustee shall exercise reasonable care, skill, and caution. (b) A trustee's
investment and management decisions respecting individual assets must be evaluated not in
isolation but in the context of the trust portfolio as a whole and as a part of an overall
investment strategy having risk and return objectives reasonably suited to the trust. (c)
Among circumstances that a trustee may consider in investing and managing trust assets are
such of the following as are relevant to the trust or its beneficiaries: (1) general economic
conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences
of investment decisions or strategies; (4) the role that each investment...
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19-3C-2
Section 19-3C-2 Definitions. In this chapter: (1) CHARITABLE PURPOSE means the relief of poverty,
the advancement of education or religion, the promotion of health, governmental or municipal
purposes, or other purposes the achievement of which is beneficial to the community. (2) ENDOWMENT
FUND means an institutional fund or part thereof that, under the terms of a gift instrument,
is not wholly expendable by the institution on a current basis. The term does not include
assets that an institution designates as an endowment fund for its own use. (3) GIFT INSTRUMENT
means a record or records, including an institutional solicitation, under which property is
granted to, transferred to, or held by an institution as an institutional fund. (4) INSTITUTION
means: (A) a person, other than an individual, organized and operated exclusively for charitable
purposes; (B) a government or governmental subdivision, agency, or instrumentality, to the
extent that it holds funds exclusively for a charitable...
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16-33C-25
Section 16-33C-25 Administration of programs. (a) In acquiring, investing, reinvesting, exchanging,
retaining, selling, and managing property for the benefit of the ABLE Program and ACES Program,
the Savings Board, and any person, investment manager, or committee to whom the Savings Board
delegates any of its investment authority, shall act as trustee and shall exercise the judgment
and care under the circumstances then prevailing which persons of prudence, discretion, and
intelligence exercise in the management of their own affairs, not in regard to speculation
but to permanent disposition of funds, considering the probable income as well as the safety
of their capital. (b) No Savings Board member nor any person, investment manager, or committee
to whom the Savings Board delegates any of its investment authority who acts within the standard
of care set forth in subsection (a) shall be held personally liable for any losses, damages,
or claims suffered by the ABLE Program or ACES...
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