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5-2A-7
Section 5-2A-7 Superintendent - Expansion of banking powers; rules and regulations. (a) The
Legislature finds as fact and determines that the financial industry composed of those banks
and savings and loan associations having their principal place of business in Alabama must
keep pace with technological and other improvements constantly being made throughout the United
States so as to enable Alabama banks and savings and loan associations to render better and
more efficient services to the citizens of Alabama. It is necessary and desirable that the
superintendent be given additional authority in these fields. (b) The superintendent is hereby
authorized to expand banking powers of Alabama banks or the powers of Alabama savings and
loan associations in order to: (1) Accommodate or take advantage of changing technologies;
and (2) Assure the ability of Alabama banks and Alabama savings and loan associations to be
responsive in their respective businesses to the needs and conveniences...
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19-3-120
Section 19-3-120 Classes of authorized investments; repeal of conflicting statutes. (a) Unless
otherwise authorized or directed by the court having jurisdiction thereof, or by the will,
trust agreement or other document which is the source of authority, a trustee, executor, administrator,
guardian or one acting in any other fiduciary capacity, other than as a trustee governed by
the Alabama Uniform Trust Code, with the exercise of reasonable business prudence, in addition
to any other investments now permitted by law, may invest funds in securities or investments
which, at the time of the making or purchase thereof, are included in one or more of the following
classes: (1) Bonds or other interest-bearing obligations of the United States of America,
or payment of which the United States of America has guaranteed as to both principal and interest.
(2) Bonds issued by the Federal Land Bank, under the act of Congress of the United States
of America, designated as "the Federal Farm Loan...
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41-10-541
Section 41-10-541 Definitions. (a) The following words and phrases used in this division, and
others evidently intended as the equivalent thereof, shall, in the absence of clear implication
herein otherwise, be given the following respective interpretations herein: (1) APPROPRIATED
FUNDS. Net TVA payments to the extent such payments are pledged and appropriated to the authority
pursuant to Section 41-10-550. (2) AUTHORITY. The public corporation organized pursuant to
this division. (3) AUTHORITY GUARANTY. An agreement of the authority pursuant to which the
payment of debt service referable to bonds, notes, or other evidences of indebtedness of a
development agency is guaranteed by the authority. (4) AUTHORITY OBLIGATIONS. Bonds of the
authority and authority guaranties. (5) AUTHORITY-GUARANTEED OBLIGATIONS. Bonds, notes, or
other evidences of indebtedness of a development agency that are issued solely for the purpose
in financing a project and that are guaranteed, in whole or in part,...
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9-8A-1
Section 9-8A-1 Definitions. The following words and phrases used in this chapter, and others
evidently intended as the equivalent thereof, shall, in the absence of clear implication herein
otherwise, have the following respective meanings: (1) ALLOCATED FUNDS. That portion of the
funds appropriated to the commission that are allocated by the commission to the soil and
water conservation district in each county of the state. (2) AUTHORIZED INVESTMENTS. Bonds
or other obligations of, or guaranteed by, the United States of America or the state, or interest
bearing bank and savings and loan association deposits or obligations, obligations of any
agency of the United States of America, any obligations in which a state chartered savings
and loan association may invest its funds, any agreement to repurchase any of the foregoing,
or any thereof. (3) COMMISSION. The Alabama Agricultural and Conservation Development Commission
organized pursuant to the provisions of the Constitution of Alabama...
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11-81-21
Section 11-81-21 Investment of funds obligation in which sinking funds may be invested. Any
municipal funds or county funds not presently needed for other purposes may be invested in
any obligations in which sinking funds are now authorized to be invested, pursuant to Section
11-81-19, and in addition in any of the following: (1) Direct obligations of (including obligations
issued or held in book entry form on the books of) the Department of the Treasury of the United
States of America; (2) Obligations of any of the following federal agencies, which obligations
represent the full faith and credit of the United States of America: a. Farmers Home Administration.
b. General Services Administration. c. U. S. Maritime Administration. d. Small Business Administration.
e. Government National Mortgage Association (GNMA). f. U. S. Department of Housing and Urban
Development (HUD). g. Federal Housing Administration (FHA). (3) U. S. dollar denominated deposit
accounts and certificates of deposit...
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16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one college
savings alternative under the plan whereby purchasers enter into PACT contracts for the future
payment of tuition and mandatory fees at eligible educational institutions. The PACT Program
includes the PACT Trust Fund and the PACT Administrative Fund created pursuant to this chapter.
(b) The official location of the trust fund shall be the State Treasurer's office, and the
facilities of the State Treasurer shall be used and employed in the administration of the
fund including, but without limitation thereto, the keeping of records, the management of
bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
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5-3A-33
Section 5-3A-33 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Whenever a serviced
bank causes to be performed for itself, by contract or otherwise, any of the covered services
listed in this section, the performance, condition, and affairs of the service provider are
subject to regulation and examination to the same extent as if the services were being performed
by the serviced bank itself when deemed necessary by the superintendent to ensure the safe
and sound operation of a serviced bank or serviced banks or to respond to a danger, or potential
danger, to the public welfare. (b) For the purposes of this section, covered services include
all of the following: (1) Data processing services. (2) Activities that support financial
services including, but not limited to, lending, funds transfer, fiduciary activities, trading
activities, and deposit taking. (3) Internet related services...
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26-9-10
Section 26-9-10 Investment of funds of estate by guardian; limitation as to loans of funds
of ward. (a) Every guardian shall invest the funds of the estate in one or more of the following
forms in which the guardian has no interest and not otherwise: (1) Interest-bearing obligations
of the State of Alabama or of the United States or as to which the State of Alabama or the
United States has guaranteed the payment of both principal and interest. (2) Loans secured
by direct first mortgage on improved real estate located within the State of Alabama. Such
loans shall not exceed 50 percent of the actual value fixed by a competent appraiser or of
the value for which such real estate, with improvements, was assessed for taxation for the
last preceding tax year, whichever is the lower, except as provided in subdivision (3) of
this section. (3) Purchase of indebtedness secured by first real estate mortgages which have
been accepted for insurance by the Secretary of Housing and Urban Development...
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5-17-22
Section 5-17-22 Merger and conversion procedures. Any credit union, with the approval of the
Administrator of the Alabama Credit Union Administration, may merge with another credit union,
under the existing certificate of organization of the other credit union, pursuant to any
plan agreed upon by the majority of each board of directors of each credit union joining in
the merger. In addition to approval by the administrator and each board of directors, the
membership of the merging credit union must also approve the merger plan in the following
manner: (1) At a meeting called for that purpose, notice of which purpose must be contained
in the call, two-thirds of those voting may vote to approve the merger plan. Voting must be
conducted in accordance with the bylaws of the credit union. The notice must be provided to
the members at least 45 calendar days, but no more than 90 calendar days, prior to the date
of the meeting. (2) After agreement by the directors and approval by the members...
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22-23B-2
Section 22-23B-2 Definitions. The following words and phrases, whenever used in this chapter,
shall have the following respective meanings unless the context clearly indicates otherwise:
AUTHORITY. The corporation organized pursuant to the provisions of this chapter as a public
corporation, agency and instrumentality of the state and known as the "Alabama Drinking
Water Finance Authority." AUTHORIZING RESOLUTION. A resolution, order or other proceedings
adopted by the board of directors of the authority authorizing the issuance of bonds, agreements
and related matters. BOARD OF DIRECTORS. The board of directors of the authority. BOND PROCEEDS.
The net proceeds of sale of bonds or notes, and the income derived from the investment of
such proceeds. BONDS. The bonds, notes or obligations or other evidences of indebtedness issued
by the authority under the provisions of this chapter. DEPARTMENT. The Alabama Department
of Environmental Management or any successor. FEDERAL ACT. The Act of...
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