45-37A-51.262
Section 45-37A-51.262 Life insurance; security. (a) Should a participant obtaining a loan terminate employment for any reason, the participant shall be required to post security or collateral to allow for payments on the loan to continue subsequent to retirement or repay the loan balance within 60 days after termination, or the participant's retirement benefit under Division 6 shall be affected. The entire pension loan, including interest thereon, shall be paid in full prior to receiving any pension benefits funds or return of contributions. Provided however, if the participant is due to collect a retirement benefit beginning immediately upon termination, the posting of insurance and/or security shall allow the payments to be deducted from the participant's pension check. Such security may include a policy of insurance on his or her life, all premiums payable by the participant, providing for the insurance company to repay the unpaid balance of the loan in the event of his or her death...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.262.htm - 1K - Match Info - Similar pages
22-21-318
Section 22-21-318 Powers of authority. (a) In addition to all other powers granted elsewhere in this article, and subject to the express provisions of its certificate of incorporation, an 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 or until dissolved as provided in Section 22-21-339; (2) To sue and be sued in its own name in civil suits and actions, and to defend suits and actions against it, including suits and actions ex delicto and ex contractu, subject, however, to the provisions of Chapter 93 of Title 11, which chapter is hereby made applicable to the authority; (3) To adopt and make use of a corporate seal and to alter the same at pleasure; (4) To adopt, alter, amend and repeal bylaws, regulations and rules, not inconsistent with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-318.htm - 12K - Match Info - Similar pages
45-37A-51.03
Section 45-37A-51.03 Board of managers. (a)(1) In order to assure representation of all participants of this system, there shall be a board of managers of five members for the administration, management, and control of the supplemental pension system, including administration, management, control, acquisition, and disbursement of the fund. The board shall consist of the president of the governing body of the city, who shall be chair of the board, and four associate members, designated respectively as Member No. 1, Member No. 2, Member No. 3, and Member No. 4. (2) Member No. 1 shall be appointed by the Jefferson County Personnel Board and shall be a person who at the time of appointment has had five or more consecutive years immediately preceding his or her appointment and has been an officer of, or the occupant of an executive position in insurance, actuarial, investment, banking, or as a certified public accountant and shall serve for a term of four years. Should the appointed Member...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.03.htm - 11K - Match Info - Similar pages
45-37A-51.04
Section 45-37A-51.04 Membership. (a) The following shall be members of the supplemental pension system hereby created: Members of the fire department or police department of the city who belong to the general retirement and relief system, created by Act 929 on whose account the city makes no contribution or pays no tax, to the United States of America under the federal Social Security Act. (b) As used in this subpart these terms have the meanings here given them: (1) ACT 556 CREDITABLE SERVICE. A member's service with the city during the period while the salary deductions of Section 45-37A-51.05 applied to him or her and also his or her service with the city during any period while salary deductions did not apply to him or her, provided he or she exercises the option subsection (d) or (e) accords him or her to have his or her service during the last mentioned period counted as Act 556 creditable services. (2) BENEFIT. A benefit payable under this subpart to a member or to any person...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-51.04.htm - 10K - Match Info - Similar pages
35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires, the following terms shall have the meanings respectively ascribed to them by this section: (1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, safe deposit company, financial organization, insurance company, mutual fund, utility, or other business entity consisting of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan association, industrial loan organization, credit union, cooperative bank,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-71.htm - 6K - 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
19-3B-508
Section 19-3B-508 Qualified trusts under the Internal Revenue Code. (a) As used in this section: (1) ASSIGNMENT or ALIENATION, and any conjugation thereof, includes any anticipation, assignment at law or in equity, alienation, attachment, garnishment, levy, execution, or other legal or equitable process. The term includes: (i) any arrangement providing for the payment to the employer or other sponsor of such plan of benefits that otherwise would be due the participant under the plan; (ii) any direct or indirect arrangement, whether revocable or irrevocable, whereby any person acquires from a participant or beneficiary of such plan a right or interest enforceable against the plan in, or to, all or any part of a plan benefit which is, or may become, payable to the participant or beneficiary; (iii) any attachment, execution, seizure, or the like, or under any form of legal process whatsoever; and (iv) the operation of any bankruptcy or insolvency laws under 11 U.S.C. ยง 522(b) as from...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-508.htm - 6K - Match Info - Similar pages
27-31B-3
Section 27-31B-3 Licensing. (a) Any captive insurance company, when permitted by its articles of association, charter, or other organizational document, may apply to the commissioner for a license to do any and all insurance defined in Sections 27-5-2, 27-5-4, and 27-5-5, in subdivisions (1), (2), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), and (14) of subsection (a) of Section 27-5-6, in Sections 27-5-7, 27-5-8, 27-5-9, and 27-5-10, and to grant annuity contracts as defined in Section 27-5-3, subject, however, to all of the following: (1) No pure captive insurance company may insure any risks other than those of its parent and affiliated companies or controlled unaffiliated business. (2) No association captive insurance company may insure any risks other than those of the member organizations of its association, and their affiliated companies. (3) No industrial insured captive insurance company may insure any risks other than those of the industrial insureds that comprise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-3.htm - 11K - Match Info - Similar pages
11-95-7
Section 11-95-7 Powers of corporation. In addition to all other powers granted elsewhere in this chapter, a corporation 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 11-95-19) 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 and alter bylaws for the regulation and conduct of its affairs and business; (5) To acquire, construct, equip, enlarge, improve, maintain, and operate hospital facilities in the authorizing county and to do all things necessary to that end; (6) To receive, acquire, take and hold, whether by purchase, gift, lease, devise, or otherwise, real and personal property...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-95-7.htm - 5K - Match Info - Similar pages
16-25-23
Section 16-25-23 Exemptions from execution; recovery actions. (a) Except as provided in subsection (b), the right of a person to a pension; an annuity, or a retirement allowance; to the return of contributions; the pension, annuity or retirement allowance itself; any optional benefit or any other right accrued or accruing to any person under the provisions of this chapter; and the monies in the various funds created by this chapter are hereby exempt from any state or municipal tax and exempt from levy and sale, garnishment, attachment or any other process whatsoever, and shall be unassignable except as in this chapter specifically otherwise provided. (b)(1) Restitution, fines, court costs, fees, or any other financial obligations in a criminal case ordered by a circuit or district court judge in this state are not subject to the exemption set out in subsection (a), provided all of the following are satisfied: a. The amount of the restitution ordered is in the amount of one thousand...
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