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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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8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter
in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of
the following transactions: (1) Any isolated nonissuer transaction, whether effected through
a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered
dealer if: a. The issuer has a class of securities subject to registration under Section 12
of the Securities Exchange Act of 1934 and has been subject to the reporting requirements
of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days
before the transaction; or has filed and maintained with the commission for not less than
180 days before the transaction information, in such form as the commission, by rule, specifies,
substantially comparable to the information which the issuer would be required to file under
Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-11.htm - 13K - Match Info - Similar pages
8-6-10
Section 8-6-10 Registration of securities - Exempt securities. Sections 8-6-4 through 8-6-9
shall not apply to any of the following securities: (1) Any security, including a revenue
obligation, issued or guaranteed by the United States, any state, any political subdivision
of a state, any agency, corporate, or other instrumentality of one or more of the foregoing;
or any certificate of deposit for any of the foregoing. (2) Any security issued or guaranteed
by Canada, any Canadian province, any political subdivision of any province, any agency, corporate,
or other instrumentality of one or more of the foregoing or any other foreign government with
which the United States currently maintains diplomatic relations if the security is recognized
as a valid obligation by the issuer or guarantor. (3) Any security issued by and representing
an interest in or a debt of, or guaranteed by, any bank organized under the laws of the United
States or any bank, savings institution, or trust company...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-10.htm - 7K - Match Info - Similar pages
19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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40-16-1
Section 40-16-1 Definitions. For the purpose of this chapter, the following terms shall have
the respective meanings ascribed to them by this section: (1) FINANCIAL INSTITUTION. Any person,
firm, corporation, and any legal entity whatsoever doing business in this state as a national
banking association, bank, banking association, trust company, industrial or other loan company
or building and loan association, and such term shall likewise include any other institution
or person employing moneyed capital coming into competition with the business of national
banks, and shall apply to such person or institution regardless of what business form and
whether or not incorporated, whether of issue or not, and by whatsoever authority existing.
The common parent corporation of a controlled group of corporations eligible to elect to file
a consolidated excise tax return, in accordance with Section 40-16-3, shall be considered
a financial institution if such parent corporation is a registered bank...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-16-1.htm - 4K - Match Info - Similar pages
5-5A-23
Section 5-5A-23 Investments and loans with respect to housing. (a) Banks, insurance companies
and savings and loan associations are authorized: (1) To make such loans and advances of credit
and purchases of obligations representing loans and advances of credit as are eligible for
insurance and to obtain such insurance; and (2) To make such loans secured by real property
or leasehold as the Federal Housing Administrator insures or makes a commitment to insure
and to obtain such insurance. (b) It shall be lawful for banks, insurance companies or savings
and loan associations to purchase, invest in and dispose of bonds or notes secured by mortgages
issued by the Federal Housing Administrator and in securities issued by national mortgage
associations. (c) No law of this state requiring security upon which loans or investments
may be made, or prescribing or limiting interest rates upon loans or investments, or prescribing
or limiting the period for which loans or investments may be made...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-23.htm - 2K - Match Info - Similar pages
19-3B-802
Section 19-3B-802 Duty of loyalty. (a) A trustee shall administer the trust solely in the interests
of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee
as provided in Section 19-3B-1012, a sale, encumbrance, or other transaction involving the
investment or management of trust property entered into by the trustee for the trustee's own
personal account or which is otherwise affected by a conflict between the trustee's fiduciary
and personal interests is voidable by a beneficiary affected by the transaction unless: (1)
the transaction was authorized by the terms of the trust; (2) the transaction was approved
by the court; (3) the beneficiary did not commence a judicial proceeding within the time allowed
by Section 19-3B-1005; (4) the beneficiary consented to the trustee's conduct, ratified the
transaction, or released the trustee in compliance with Section 19-3B-1009; or (5) the transaction
involves a contract entered into or claim acquired by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-802.htm - 5K - Match Info - Similar pages
8-6-2
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual
other than a dealer who represents a dealer or issuer in effecting or attempting to effect
sales of securities, but such term does not include an individual who represents an issuer
in: a. Effecting a transaction in a security exempted by subdivisions (1), (2), (3), (4),
(9) or (10) of Section 8-6-10; b. Effecting transactions exempted by Section 8-6-11; or c.
Effecting transactions with existing employees, partners, or directors of the issuer if no
commission or other remuneration is paid or given directly or indirectly for soliciting any
person in this state. A partner, officer, or director of a dealer or issuer is an agent if
he otherwise comes within this definition. (3) DEALER. Any person engaged in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-2.htm - 11K - Match Info - Similar pages
26-2A-152
Section 26-2A-152 Powers of conservator in administration. (a) Subject to limitation provided
in Section 26-2A-154, a conservator shall have all of the powers conferred in this section
and any additional powers now or hereafter conferred by law on trustees in this state. In
addition, a conservator of the estate of an unmarried minor as to whom no one has parental
rights, has the powers of a guardian of a minor described in Section 26-2A-78 until the minor
attains the age of 19 years, or the disabilities of nonage have been removed, but the parental
rights so conferred on a conservator do not preclude appointment of a guardian as provided
in Division 1 of this article. (b) A conservator without court authorization or confirmation
may invest and reinvest funds of the estate as would a trustee. (c) A conservator, acting
as a fiduciary in efforts to accomplish the purpose of the appointment, may act without court
authorization or confirmation, to (1) Collect, hold, and retain assets of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-2A-152.htm - 7K - Match Info - Similar pages
34-27-50
Section 34-27-50 Definitions. For the purposes of this article, the following terms shall have
the meaning respectively ascribed to them by this section: (1) ACCOMMODATIONS. Any hotel or
motel room, condominium, or cooperative unit, cabin, lodge, apartment, or any other private
or commercial structure designed for occupancy by one or more individuals or any recreational
vehicle campsite or campground. (2) BUSINESS ENTITY. Any individual, corporation, firm, association,
joint venture, partnership, trust, estate, business trust, syndicate, fiduciary, and any other
group or combination which engages in acts or practices in any trade or commerce. (3) CONTRACT.
Any contract, promissory note, credit agreement, negotiable instrument, lease, use agreement,
license, security, or other muniment conferring on the purchaser the rights, benefits, and
obligations of a vacation time-sharing plan. (4) COMMISSION. The Alabama Real Estate Commission.
(5) COMMISSIONER. A member of the Alabama Real Estate...
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