reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 1 - General Provisions. › Section 8-6-28 - Commission to Furnish Copies of Register Entries or Documents; Certified Copy Deemed Prima Facie Evidence.

Section 8-6-28
Commission to furnish copies of register entries or documents; certified copy deemed prima facie evidence.
Upon request and at such reasonable charges as it prescribes, the Securities Commission shall furnish to any person photostatic or other copies, certified under its seal of office if requested, of any entry in the register or any document which is a matter of public record. In any proceeding or prosecution under this article, any copy so certified is prima facie evidence of the contents of the entry or document certified.
(Acts 1959, No. 542, p. 1318, §20; Acts 1990, No. 90-527, p. 772, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 1 - General Provisions. › Section 8-6-29 - Interpretative Opinions by Commission.

Section 8-6-29
Interpretative opinions by commission.
(a) The Securities Commission, in its discretion, may honor requests from interested persons for interpretative opinions and no-action letters.
(b) Any person who makes application to the Securities Commission for an interpretative opinion or no-action letter shall be assessed a non-refundable filing fee of $150 upon application for such opinion or letter. Fees collected under this section shall be deposited in the Alabama Securities Commission Fund in the State Treasury to be drawn upon by the commission for its use in the administration of this article.
(Acts 1959, No. 542, p. 1318, §20; Acts 1990, No. 90-527, p. 772, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 1 - General Provisions. › Section 8-6-30 - Burden of Proving Exemption or Exception From Definition.

Section 8-6-30
Burden of proving exemption or exception from definition.
In any proceeding under this article, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
(Acts 1959, No. 542, p. 1318, §21; Acts 1990, No. 90-527, p. 772, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 1 - General Provisions. › Section 8-6-31 - Commission May Issue Warnings to Public and Publish Information Regarding Orders.

Section 8-6-31
Commission may issue warnings to public and publish information regarding orders.
The Securities Commission may issue and give warnings to the public concerning securities being sold in this state and may in its discretion cause to be published information regarding any orders or rules issued by the commission in the implementation of its duties, including, without limitation, information pertaining to specific orders denying registration or prohibiting the sale of securities.
(Acts 1959, No. 542, p. 1318, §25; Acts 1990, No. 90-527, p. 772, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 1 - General Provisions. › Section 8-6-32 - Party Aggrieved by Order Entitled to Hearing Before Commission; Appeals From Action of Commission.

Section 8-6-32
Party aggrieved by order entitled to hearing before commission; appeals from action of commission.
(a) Any person aggrieved by an order issued under this article shall be entitled to a hearing pursuant to the provisions of the Alabama Administrative Procedure Act (Section 41-22-1 et seq.) pertaining to "contested cases," if such person, within 28 days after delivery of the order, submits a written request for a hearing before the commission. The order shall disclose the right to a hearing upon written request within 28 days after delivery of the order. If no timely request for a hearing is made, the order shall constitute a final order of the commission.
(b) Any appeal from any final order of the commission shall be made to the Circuit Court of Montgomery County and shall be governed by the provisions of the Alabama Administrative Procedure Act pertaining to judicial review.
(Acts 1959, No. 542, p. 1318, §19; Acts 1990, No. 90-527, p. 772, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 1 - General Provisions. › Section 8-6-33 - Disposition of Revenue.

Section 8-6-33
Disposition of revenue.
All moneys accruing to or collected by or through the Securities Commission shall be deposited when collected into the State Treasury to the credit of the general fund, unless otherwise provided by law.
(Acts 1959, No. 542, p. 1318, §27; Acts 1969, No. 605, p. 1093, §8; Acts 1971, No. 2243, p. 3598, §4; Acts 1990, No. 90-527, p. 772, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-50 - Created; Duties Generally.

Section 8-6-50
Created; duties generally.
There is created the Alabama Securities Commission, which shall be responsible for the enforcement of laws governing the issuance, sale, and other transactions relative to securities.
(Acts 1969, No. 740, p. 1315, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-51 - Membership; Qualifications and Appointment of Commissioners; Use or Disclosure of Confidential Information by Commissioners, Employees, etc.; Civil Liability of Commissioners.

Section 8-6-51
Membership; qualifications and appointment of commissioners; use or disclosure of confidential information by commissioners, employees, etc.; civil liability of commissioners.
(a) The Securities Commission shall consist of the Attorney General of Alabama, the State Superintendent of Banks, the State Superintendent of Insurance and four other members appointed by the Governor by and with the advice and consent of the Senate. Two appointed members shall be members of the Alabama Bar Association appointed from a list of three nominees for each position submitted by the bar association, and the other two appointed members shall be certified public accountants appointed from a list of three nominees for each position submitted by the Alabama Society of Certified Public Accountants. The membership of the commission shall be inclusive and reflect the racial, gender, geographic, urban/rural, and economic diversity of the state.
(b) No person may be appointed to or by the commission while he is registered as a dealer or salesman under Article 1 of this chapter, while he is an officer, director or partner of any person so registered, while he is an officer, director or partner of an issuer which has a registration statement effective under Article 1 of this chapter or while he is occupying a similar status or performing similar functions.
(c) It is unlawful for any member of the commission, the director or any other officer or employee of the commission to use for personal benefit any information which is filed with or obtained by the director and which is not made public. No provision of this article authorizes any member of the commission, the director or any other officer or employee of the commission to disclose any such information except among themselves or when necessary or appropriate in a proceeding or investigation under this article. No provision of this article either creates or derogates from any privilege which exists at common law or otherwise when documentary or other evidence is sought under a subpoena directed to any member of the commission, the director, or any other officer or employee of the commission.
(d) Except upon proof of corruption, no commissioner shall for his acts or his failure to act be civilly liable to any investor, applicant for registration, or any other person.
(Acts 1969, No. 740, p. 1315, §2; Acts 1996, No. 96-749, p. 1320, §3.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-52 - Terms of Office of Appointed Members; Filling of Vacancies; Reappointment of Members.

Section 8-6-52
Terms of office of appointed members; filling of vacancies; reappointment of members.
(a) The Governor shall biennially appoint one Securities Commission member to serve for a term of four years; provided, however, that the Governor shall designate for the initial appointments one member to serve for a term of two years and one member to serve for a term of four years from their respective dates of appointment and qualification. Upon the expiration of these initial terms, the term of each member shall be four years from the date of his appointment and qualification, until his successor shall qualify; provided further, however, that, on April 4, 1988, no member shall serve more than two consecutive terms of office.
(b) Vacancies shall be filled by the Governor for the unexpired term.
(c) Members shall be eligible for reappointment.
(Acts 1969, No. 740, p. 1315, §3; Acts 1988, No. 88-137, p. 199, §3.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-53 - Selection of Chair; Rules for Proceedings; Meetings; Quorum; Records and Reports; Access to Offices and Records; Exercise of Powers of Director.

Section 8-6-53
Selection of chair; rules for proceedings; meetings; quorum; records and reports; access to offices and records; exercise of powers of director.
(a) The Securities Commission shall select a chair and may adopt rules for conducting its proceedings.
(b) The commission shall meet quarterly on a date it designates and may meet at other times it deems necessary, or when called by the chair or by any two members. Any three members shall constitute a quorum for transacting commission business.
(c) Complete minutes of each meeting shall be kept and filed in the office of the commission and shall be available for public inspection during reasonable office hours.
(d) The commission shall report annually to the Governor, to the legislature and to the state Legislative Council. The report shall contain the minutes of each meeting held during the year, legislative recommendations, a summary of violations of Article 1 of this chapter, actions taken for those violations, and other data and information deemed necessary or appropriate.
(e) Each member of the commission shall have unrestricted access to all offices and records under the jurisdiction of the commission.
(f) The commission, or a majority of the commission, may exercise any power or perform any act that the director is authorized to perform under this chapter.
(Acts 1969, No. 740, p. 1315, §4; Acts 1992, No. 92-124, p. 224, §3.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-54 - Compensation of Members.

Section 8-6-54
Compensation of members.
(a) Each appointed member of the Securities Commission shall be paid $50 per day, for a period not to exceed a total of 60 days in any one calendar year, while engaged in the performance of his duties, and shall receive mileage and per diem as provided by Article 2 of Chapter 7 of Title 36.
(b) Ex officio members shall not be entitled to any extra compensation for performing their duties under this chapter.
(Acts 1969, No. 740, p. 1315, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-55 - Director - Appointment; Duties Generally.

Section 8-6-55
Director - Appointment; duties generally.
(a) The Securities Commission shall appoint a full-time director who shall be a career employee subject to the provisions of the Alabama Merit System Law and whose employment may be terminated only for cause.
(b) The director shall administer the provisions of Article 1 of this chapter under the supervision of the commission and in accordance with its policies.
(Acts 1969, No. 740, p. 1315, §6.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-56 - Director - Qualifications; Interest in Banks, etc., Prohibited; Salary.

Section 8-6-56
Director - Qualifications; interest in banks, etc., prohibited; salary.
(a) The Director of the Securities Commission shall be a person of good moral character, at least 30 years of age, a resident of Alabama, a member of the Alabama bar and thoroughly familiar with corporate organization, investment banking, investment trusts, the sale of securities, and the statistical details of the manufacturing industries and commerce of this state. The Securities Commission may also require additional qualifications.
(b) The director, while serving as such, shall not directly or indirectly be financially interested in or associated with any commercial bank, savings bank, trust company, industrial loan or investment company, credit union, building and loan association, or any other person subject to the jurisdiction of the commission or the director.
(c) The salary of the director shall be fixed by the commission with the approval of the Governor and the State Personnel Board.
(Acts 1969, No. 740, p. 1315, §7; Acts 1990, No. 90-527, p. 772, §2; Act 2018-187, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-57 - Deputy Director.

Section 8-6-57
Deputy director.
(a) With the approval of the Securities Commission and subject to the provisions of the Merit System law, the director thereof may designate a deputy director, who shall possess qualifications fixed by the commission with the approval of the personnel department, and who shall perform such duties as the director shall designate.
(b) In the absence of the director or his inability to act, the deputy director shall perform such duties as are required to be performed by the director.
(c) The compensation of the deputy director shall be fixed by the commission, subject to the approval of the personnel department, in the salary range payable to attorneys in the Merit System classification of Attorney IV.
(Acts 1969, No. 740, p. 1315, §8; Acts 1979, No. 79-462, p. 827, §7; Acts 1990, No. 90-527, p. 772, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 2 - Securities Commission. › Section 8-6-58 - Personnel.

Section 8-6-58
Personnel.
(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.)
2023 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 8-6-59
Bonds 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.)
2023 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 8-6-60
Place 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.)
2023 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 8-6-90
Short title.
This article may be cited as the Securities Ownership by Minors Act.
(Acts 1961, No. 1010, p. 1585, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 4 - Ownership by Minors. › Section 8-6-91 - Definitions.

Section 8-6-91
Definitions.
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.)
2023 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 8-6-92
Liability 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.)
2023 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 8-6-93
Minor 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.)
2023 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 8-6-94
Right 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.)
2023 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 8-6-95
Certain 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.)
2023 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 8-6-111
Legislative 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.)
2023 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 8-6-112
Powers 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.)
2023 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 8-6-113
Powers 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.)
2023 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 8-6-115
Notifications 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.)
2023 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 8-6-116
Action 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.)
2023 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 8-6-117
Appeals 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.)
2023 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 8-6-118
Proceedings 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.)
2023 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 8-6-119
Judicial 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.)
2023 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 8-6-121
Criminal 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.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 5 - Pre-Issuance Procedure for Industrial Revenue Bonds. › Section 8-6-122 - Article Remedial; Certain Statutes Not Repealed.

Section 8-6-122
Article remedial; certain statutes not repealed.
This article is remedial in nature and shall not be construed so as to repeal any provision of Section 8-6-1 et seq. or Section 8-6-50 et seq.
(Acts 1978, No. 586, p. 681, §13.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-141 - Registration - Beneficiary Form.

Section 8-6-141
Registration - Beneficiary form.
Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.
(Acts 1997, No. 97-703, p. 1451, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-142 - Registration - Authorization.

Section 8-6-142
Registration - Authorization.
A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration, or by this or a similar statute of the law of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which this or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
(Acts 1997, No. 97-703, p. 1451, §3.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-143 - Registration - Designation of a Beneficiary.

Section 8-6-143
Registration - Designation of a beneficiary.
A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
(Acts 1997, No. 97-703, p. 1451, §4.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-144 - Registration - Applicable Language.

Section 8-6-144
Registration - Applicable language.
Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD," or by the words "pay on death" or the abbreviation "POD," after the name of the registered owner and before the name of a beneficiary.
(Acts 1997, No. 97-703, p. 1451, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-145 - Designation of Tod; Registration Cancelled or Changed.

Section 8-6-145
Designation of TOD; registration cancelled or changed.
The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be cancelled or changed at any time by the sole owner or all then surviving owners, without the consent of the beneficiary.
(Acts 1997, No. 97-703, p. 1451, §6.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-146 - Death of Owner.

Section 8-6-146
Death of owner.
On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
(Acts 1997, No. 97-703, p. 1451, §7; Act 98-279, p. 1451, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-147 - Assent of Owner; Discharge From Claims.

Section 8-6-147
Assent of owner; discharge from claims.
(a) A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by this article.
(b) By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in this article.
(c) A registering entity is discharged from all claims to a security by the estate, creditors, heirs, or devisees of a deceased owner if it registers a transfer of a security in accordance with Section 8-6-146 and does so in good faith reliance (1) on the registration, (2) on this article, and (3) on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives, or other information available to the registering entity. The protections of this article do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this article.
(d) The protection provided by this article to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
(Acts 1997, No. 97-703, p. 1451, §8.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-148 - Transfer on Death.

Section 8-6-148
Transfer on death.
(a) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this article and is not testamentary.
(b) This article does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.
(Acts 1997, No. 97-703, p. 1451, §9.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-149 - Terms and Conditions of Registration.

Section 8-6-149
Terms and conditions of registration.
(a) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (1) for registrations in beneficiary form, and (2) for implementation of registrations in beneficiary form, including requests for cancellation or previously registered TOD beneficiary designations and requests for reregistrations to effect a change of beneficiary. The terms and conditions so established may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for "lineal descendants per stirpes." This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take on one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form, may be contained in a registering entity's terms and conditions.
(b) The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
(1) Sole owner sole beneficiary: John S Brown TOD (or POD) John S Brown Jr.
(2) Multiple owners-sole beneficiary: John S Brown Mary B Brown JT TEN TOD John S Brown Jr.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: John S Brown Mary B Brown JT TEN TOD John S Brown Jr SUB BENE Peter Q Brown or John S Brown Mary B Brown JT TEN TOD John S Brown Jr LDPS.
(Acts 1997, No. 97-703, p. 1451, §10.)