reglab/housing_qa huggingface dataset:
AL Code § 8-6-58 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 2 - Securities Commission.|Section 8-6-58 - Personnel.

Section 8-6-58Personnel. (a) The Director of the Securities Commission shall prepare in writing a manual of necessary employee positions for the commission, including job classifications, personnel qualifications, duties, maximum and minimum salary schedules, and other personnel information for approval by the commission. (b) Subject to the provisions of the Merit System law, the director may select, appoint, and employ such accountants, auditors, financial analysts, special agents and senior special agents, clerks, and other personnel as the director deems necessary for the proper administration of the Alabama securities laws including legal counsel to act as attorneys for the commission in actions or proceedings brought by or against the commission under or pursuant to any provision of law under the commission's jurisdiction, or in which the commission joins or intervenes as to a matter within the commission's jurisdiction, as a friend of the court or otherwise, and stenographic reporters to take and transcribe the testimony in any formal or informal hearing or investigation before the commission or before a person authorized by the commission. (c) Special agents and senior special agents appointed pursuant to this section shall have the power to investigate matters within the commission's jurisdiction and in such capacity shall have the powers vested in peace officers and shall be considered law enforcement officers of the State of Alabama to enforce the laws of this state pertaining to the operation and administration of the commission and this chapter. Senior special agents and special agents shall exercise their power of arrest only when ordered by both the commission and a court of competent jurisdiction. The commission shall request a suspension or waiver of firearms requalification as provided in Rule 650-X-4.02 of the Alabama Peace Officers' Standards and Training Commission Code for law enforcement officers who are not required to carry or use a firearm. If a suspension or waiver cannot be obtained, senior special agents and special agents shall not carry firearms, except as required by P.O.S.T. training and continuing education. Nothing herein shall affect subpoena, visitation, examination, or other investigatory powers contained in this chapter. (d) No person may serve as a special agent or senior special agent unless the person meets the minimum standards established for law enforcement officers by the Alabama Peace Officers' Standards and Training Commission or other standards as may be hereafter provided by law. Special agents and senior special agents appointed pursuant to subsection (b) shall meet such other additional standards as the director may adopt. (Acts 1969, No. 740, p. 1315, §10; Acts 1979, No. 79-462, p. 827, §8; Act 2000-703, p. 1429, §1.)
AL Code § 8-6-59 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 2 - Securities Commission.|Section 8-6-59 - Bonds of Director and Employees.

Section 8-6-59Bonds of director and employees. (a) Before assuming office, the Director of the Securities Commission shall give a bond in the sum of $50,000, payable to the State of Alabama, to be approved by the Attorney General of Alabama and filed in the office of the Secretary of State. Such bond shall be conditioned that he will faithfully execute the duties of his office. (b) The director may by rule or order require any employee of the commission to be bonded on the same condition and in the same or such lesser amount as he determines. (c) The expense of all such bonds shall be paid from funds available to the commission. (Acts 1969, No. 740, p. 1315, §9.)
AL Code § 8-6-60 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 2 - Securities Commission.|Section 8-6-60 - Place of Office.

Section 8-6-60Place of office. The Securities Commission and the director thereof shall maintain offices in the capital city of the state, and all records of the commission shall be kept at these offices. (Acts 1969, No. 740, p. 1315, §11.)
AL Code § 8-6-90 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 4 - Ownership by Minors.|Section 8-6-90 - Short Title.

Section 8-6-90Short title. This article may be cited as the Securities Ownership by Minors Act. (Acts 1961, No. 1010, p. 1585, §5.)
AL Code § 8-6-91 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 4 - Ownership by Minors.|Section 8-6-91 - Definitions.

Section 8-6-91Definitions. In this article, unless the context otherwise requires, the following terms shall have the meanings ascribed to them by this section: (1) BANK. A bank, trust company, national banking association, savings bank, or industrial bank. (2) BROKER. A person, including a bank, lawfully engaged in the business of effecting transactions in securities for the account of others and includes a broker lawfully engaged in buying and selling securities for his own account. (3) ISSUER. A person who places, or authorizes the placing of, his name on a security other than as a transfer agent to evidence that it represents a share, participation, or other interest in his property or in an enterprise or to evidence his duty to perform an obligation evidenced by the security or who becomes responsible for or in place of any such person. (4) PERSON. Such term includes a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest or any other legal or commercial entity. (5) SECURITY. Such term includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness or certificate of interest or participation in an oil, gas, or mining title or lease or in payment out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or, in general, any interest or instrument commonly known as a security or any certificate, interest or participation in any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. (6) THIRD-PARTY. A person other than a bank, broker, transfer agent, or issuer who with respect to a security held by a minor effects a transaction otherwise than directly with the minor. (7) TRANSFER AGENT. A person who acts as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of transfers of securities in the issue of new securities or in the cancellation of surrendered securities. (Acts 1961, No. 1010, p. 1585, §1.)
AL Code § 8-6-92 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 4 - Ownership by Minors.|Section 8-6-92 - Liability of Bank, Transfer Agent, etc., for Treating Minor as Having Capacity to Exercise Security Rights; Presumption That Holder Not Minor.

Section 8-6-92Liability of bank, transfer agent, etc., for treating minor as having capacity to exercise security rights; presumption that holder not minor. (a) A bank, broker, issuer, third-party or transfer agent incurs no liability by reason of his treating a minor as having capacity to transfer a security, to receive or to empower others to receive dividends, interest, principal, or other payments or distributions, to vote or give consent in person or by proxy, or to make elections or exercise rights relating to the security unless prior to acting in the transaction the bank, broker, issuer, third-party or transfer agent had received written notice in the office acting in the transaction that the specific security is held by a minor. (b) Except as otherwise provided in this article, such a bank, broker, issuer, third-party or transfer agent may assume without inquiry that the holder of a security is not a minor. (Acts 1961, No. 1010, p. 1585, §2.)
AL Code § 8-6-93 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 4 - Ownership by Minors.|Section 8-6-93 - Minor May Not Disaffirm Security Transaction Unless Prior Written Notice of Minority Given.

Section 8-6-93Minor may not disaffirm security transaction unless prior written notice of minority given. A minor who has transferred a security, received or empowered others to receive dividends, interest, principal, or other payments or distributions, voted or given consent in person or by proxy or made an election or exercised rights relating to the security has no right thereafter, as against a bank, broker, issuer, third-party or transfer agent, to disaffirm or avoid the transaction unless, prior to acting in the transaction, the bank, broker, issuer, third-party or transfer agent against whom the transaction is sought to be disaffirmed or avoided had received written notice in the office acting in the transaction that the specific security is held by a minor. (Acts 1961, No. 1010, p. 1585, §3.)
AL Code § 8-6-94 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 4 - Ownership by Minors.|Section 8-6-94 - Right of Minor to Receive Dividends, Etc.

Section 8-6-94Right of minor to receive dividends, etc. A minor may receive in his own right dividends or other moneys in respect to any securities standing in his name on the books of a corporation, bank, or business trust, and such receipt shall constitute a valid and sufficient release and discharge of the corporation, bank, or business trust for such dividends or other moneys paid to such minor, notwithstanding that the corporation, bank, or business trust may have actual or written notice of the minority of such person. (Acts 1961, No. 1010, p. 1585, §4.)
AL Code § 8-6-95 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 4 - Ownership by Minors.|Section 8-6-95 - Certain Laws Not Affected by Article.

Section 8-6-95Certain laws not affected by article. Nothing in this article shall be construed to repeal or in any way affect Sections 10-6-1 through 10-6-4. (Acts 1961, No. 1010, p. 1585, §7.)
AL Code § 8-6-111 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-111 - Legislative Findings; Purpose of Article.

Section 8-6-111Legislative findings; purpose of article. (a) The Legislature finds and determines that unscrupulous promoters may take advantage of the authorizing act by inducing issuers to issue industrial revenue bonds which careful investigation by the issuer or other responsible parties would reveal to be improvident. The standing of all issuers could be impaired and the purposes of the Legislature in enacting the authorizing act could be thwarted by those improvident issues. (b) The purpose of this article is to provide a procedure whereby the State of Alabama, acting through the director and the commission, may assist in developing facts to aid the issuer in the exercise of its authority under the authorizing act, and, to that end, to delay the issuance of industrial revenue bonds pending adequate investigation by the director or to prevent the issue of industrial revenue bonds found to be improvident. (Acts 1978, No. 586, p. 681, §2; Acts 1992, No. 92-124, p. 224, §3.)
AL Code § 8-6-112 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-112 - Powers of Director of Securities Commission.

Section 8-6-112Powers of director of Securities Commission. (a) The director shall have authority to: (1) Consider and investigate proposed issues of industrial revenue bonds; (2) Advise and consult with issuers with respect thereto; (3) Publish such notices of proposed issues of industrial revenue bonds or proposed rules and regulations as are required by this article or the rules and regulations of the commission; (4) Stop the issuance of industrial revenue bonds for the limited times and under the procedures provided in this article by issuing the orders and giving the notices herein required; (5) Cause information concerning a proposed issue of industrial revenue bonds to be presented at any meeting of the governing body at which industrial revenue bonds are to be authorized or reauthorized or any hearing upon the judicial validation of such issue; and (6) Perform such other functions and duties as may be required by this article or by order of the commission. (b) The authority herein granted to the director is in addition to that granted under Section 8-6-50 et seq. (Acts 1978, No. 586, p. 681, §3.)
AL Code § 8-6-113 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-113 - Powers of Securities Commission.

Section 8-6-113Powers of Securities Commission. (a) The commission may: (1) Stop the issuance of industrial revenue bonds under the procedures provided in this article. (2) Issue rules and regulations necessary or desirable to prescribe the form and content of notifications, the conduct of investigations, the issuance of stop orders, appeals by issuers, or references by the director to the commission and the conduct of hearings thereon. No rule or regulation shall be adopted by the commission until the commission shall hold a public hearing on the proposed rules and regulations, notice of which shall be given by publication one time in a daily newspaper published in the City of Montgomery and in any other manner as the commission directs. (b) The authority granted to the commission in this section is in addition to that granted under Section 8-6-50 et seq., or any other provided by law. (Acts 1978, No. 586, p. 681, §4; Acts 1992, No. 92-124, p. 224, §3.)
AL Code § 8-6-115 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-115 - Notifications of Intent to Issue Bonds.

Section 8-6-115Notifications of intent to issue bonds. On and after May 27, 1978, any issuer proposing to issue any industrial revenue bonds under authority of the authorizing act shall, at least 20 days prior to the date of delivery of the industrial revenue bonds, deliver to the director a notification in writing of its intention to issue the bonds. The director may for good cause shown, waive, shorten, or, with the consent of the issuer, extend the 20-day requirement. The notifications shall contain the name and address of the issuer, the lessee, the guarantor, if any, the trustee, the underwriter, purchaser, fiscal agent, or agents, legal counsel for each of the above named parties and bond counsel, the estimated face amount of the bond issue, the estimated capital budget for the project to the extent that the information is available to the issuer when it files the notification, and any other information prescribed by the rules and regulations issued by the commission to advise the director and the commission of the nature of the proposed transaction. Each notification shall be accompanied by a filing fee equal to one twentieth of one percent of the principal amount of industrial revenue bonds described in the notification. No filing fee shall be less than $25 nor greater than $1,000. All fees shall be deposited in a special account in the State Treasury to be withdrawn by the director for the use of the commission in the administration of this article. All notifications shall be available for public inspection during the normal business hours of the director. (Acts 1978, No. 586, p. 681, §6; Acts 1992, No. 92-124, p. 224, §3.)
AL Code § 8-6-116 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-116 - Action by Director Upon Receipt of Notification; Stop Orders.

Section 8-6-116Action by director upon receipt of notification; stop orders. Upon receipt of a notification, the director shall cause a preliminary investigation or inquiry to be made into the proposed issue to determine whether there exist circumstances which, in his or her opinion, indicate that the proposed issue of industrial revenue bonds may be an improvident issue. If he or she finds that the proposed issue may be improvident, he or she shall advise the issuer of the findings and shall issue a stop order or stop orders requiring that for a period of time not exceeding in the aggregate 90 days after the filing of the notification, the issuer shall not issue the industrial revenue bonds proposed in the notification or any industrial revenue bonds in lieu of the bonds proposed. When a stop order has been served upon the issuer, it shall be fully effective (a) unless lifted by the director or the commission for good cause shown, or (b) unless the proposed industrial revenue bonds described in the notification have been reauthorized by the governing body of the issuer at a meeting at which the governing body has considered any comments or objections presented by the director or his or her representative. Written notice of the meeting shall be given to the director. The notice shall also be published in a newspaper published or circulated in the county where the proposed issuer is located. (Acts 1978, No. 586, p. 681, §7; Acts 1992, No. 92-124, p. 224, §3.)
AL Code § 8-6-117 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-117 - Appeals or References to Securities Commission.

Section 8-6-117Appeals or references to Securities Commission. When a stop order has been issued by the director, the issuer shall have the right to appeal the matter to the commission by notice in writing of such appeal delivered to the director. The director shall have the right to refer to the commission the matter of any issue of industrial revenue bonds proposed in a notification as to which a stop order is then in effect or which have been reauthorized by the governing body of the issuer pursuant to Section 8-6-116, and to request that the commission issue a permanent stop order. Notice of such reference and request shall be given in writing and served upon the issuer. The director shall mail to each member of the council a copy of each notice required by this section as soon as it is delivered to him or prepared for service upon the issuer. (Acts 1978, No. 586, p. 681, §8.)
AL Code § 8-6-118 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-118 - Proceedings Before Securities Commission.

Section 8-6-118Proceedings before Securities Commission. When the matter of any proposed industrial revenue bond issue has been appealed by the issuer to the commission or referred to the commission by the director with the request that the commission issue a permanent stop order, the director shall convene the commission. The commission shall conduct a hearing on the matter within 14 days after receipt by the director of the notice of appeal or service upon the issuer of the referral. At the request of the issuer, the date of the hearing may be postponed. Notice of the time, place, and purpose of the hearing shall be served upon the issuer at least three days before the date of the hearing. The issuer and other interested parties shall have the right to appear and be heard in person or by counsel. The commission shall render a decision within three days after the hearing. Pending the determination by the commission of any appeal or referral, the stop order previously issued by the director shall remain in effect until the commission renders a decision, or three days after the hearing, whichever is earlier. If, upon a hearing of the matter, the commission concludes that the proposed issue of industrial revenue bonds is improvident, the stop order previously issued by the director shall be made permanent and neither the proposed industrial revenue bonds nor any industrial revenue bonds in lieu of the bonds shall be issued until approved by judicial validation in proceedings instituted by the proposed issuer after the issuance of the stop order. If the commission concludes that the issue is not improvident, the commission shall lift the stop order and the issuer may proceed to issue the proposed industrial revenue bonds. (Acts 1978, No. 586, p. 681, §9; Acts 1992, No. 92-124, p. 224, §3.)
AL Code § 8-6-119 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-119 - Judicial Validation Proceedings.

Section 8-6-119Judicial validation proceedings. Any judicial validation proceeding instituted under this article shall conform to and be conducted in accordance with either Section 6-6-750 et seq. or Section 11-81-220 et seq., whichever is applicable to the issuer. The petition shall allege that the issue of industrial revenue bonds proposed by the issuer is not improvident, and the director shall be served with notice of the proceeding in the same manner and for the same time as the district attorney, and may attend the hearing before the circuit court having jurisdiction of the matter in person or by attorney, present evidence, and be heard by the court. The court shall not validate unless, pursuant to evidence presented at the hearing, the court finds and determines that the issue is not improvident. No judicial validation proceedings shall be instituted under this article until the commission enters a stop order or until the expiration of 15 days after the proposed industrial revenue bond issue is appealed by the issuer or referred to the commission by the director without any stop order having been issued. (Acts 1978, No. 586, p. 681, §10; Acts 1992, No. 92-124, p. 224, §3.)
AL Code § 8-6-121 (2021)
2021 Code of Alabama|Title 8 - Commercial Law and Consumer Protection.|Chapter 6 - Securities.|Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds.|Section 8-6-121 - Criminal Penalties.

Section 8-6-121Criminal penalties. Any lessee, any guarantor, or any officer of any issuer, lessee, or guarantor or any other person, firm, or corporation who:  (1) Willfully violates this article; (2) Willfully participates in the issuance of any industrial revenue bonds without having obtained the certificate of notification required by Section 8-6-120; (3) Willfully participates in the issuance of any industrial revenue bonds in violation of this article; (4) Willfully violates any stop order lawfully issued by the director or the commission under this article and in effect; or (5) Makes or files or causes to be made or filed, with the director or the commission under this article, any statement, document, or other paper which is false in any material respect or matter;   shall be guilty of a felony and upon conviction shall be fined not more than $10,000 or shall be imprisoned for a period not exceeding 10 years or both so fined and so imprisoned, as the trial court shall determine. No prosecution under this section shall be commenced more than five years after the occurrence of the alleged violation. (Acts 1978, No. 586, p. 681, §12.)