Alabama Administrative Code

(1) In offerings where the issuer is the promotional or developmental stage, the promoters, insiders, officers, directors and organizers shall participate to the minimum extent of fifteen percent (15%) of the total amount of capital and contributed surplus represented by equity s…

Equity shares sold to the public shall not have a greater dilution than sixty percent (60%). To determine the book value of all shares outstanding upon completion of the offering add the net proceeds of the public offering (the amount remaining after deduction commissions and exp…

(1) The total expenses of an offering of securities shall not in the aggregate exceed 20% of the gross proceeds of the offering. (2) The expenses for marketing the securities paid by the issuer shall not exceed 15% of the gross proceeds of the offering. (3) Total expenses shall i…

(1) Issuers in a promotional or development phase will not normally qualify to issue preferred stock or debt securities. (2) An issuer of preferred stock should have earnings after provision for federal income taxes determined in accordance with generally accepted accounting prin…

(1) As a condition to registration, where the offering is on a "best efforts" basis, the success of the venture is dependent on the proceeds of the offering or the issuer is in a promotional or developmental phase, the Commission may require that all or part of the proceeds from …

(1) In circumstances where there is a substantial disparity between the proposed public offering price of securities and the consideration paid by promoters or insiders for such securities or if securities have been issued or are intended to be issued for any patent right, copyri…

Classes of Stock--No issuer in the formative stages or without operating profits shall register or have outstanding any class, type or kind of security except one (1) class of common stock. Author: Notes Ala. Admin. Code r. 830-X-4-.13 Filed September 30, 1982. Readopted: Filed N…

(1) The Commission will not allow the granting of options or warrants to underwriters unless the following criteria is met:(a) They are issued to the underwriters under a firm underwriting agreement and are not assignable or transferable for a period of one year from date of issu…

(1) The number of options issued or reserved for issuance shall be reasonable in number and the exercise price of such options and warrants shall not be less than fair market value at the date of granting. In the event such warrants and options exceed 10% of the shares to be outs…

(1) Every issuer of a security required to be registered by Qualification or Coordination having in excess of 100 security holders of record after distribution of its securities shall be required to appoint and maintain an independent transfer agent and/or registrar for its secur…

There shall be no securities offered or sold on credit or credit terms nor shall the offerer or any related person arrange credit for any purchase of securities. Credit and credit terms as used in this rule include but are not limited to installment contracts, postdated checks, n…

The following rule shall not apply if the registrant has submitted written consents or said written consents required herein have been waived or are not required by the Securities and Exchange Commission in support of a registration statement filed with the Securities and Exchang…

The price of equity securities after the first offering by the issuer under an order or registration must be justified by: (a) Market Value; (b) Book Value, using tangible items only; or (c) Capitalization of average annual profits covering a period of at least two (2) years with…

(1) Open-end management investment companies which intend to register more than one portfolio or series must make a separate registration filing for each additional portfolio or series to be registered. (2) Any document or exhibits previously on file may be incorporated by refere…

(1) Unless a specific rule promulgated herein or a state statute conflicts with the Guidelines, in which case the specific rule or statute will control, NASAA Guidelines, as published, will provide the basis for review of:(a) Affiliate Transactions (b) Options and Warrants (c) No…

While an order of registration is in effect, there shall be no amendments thereto which will: (a) Increase the price of the shares being offered, (b) Increase the number of shares being offered, (c) Increase the selling expense factor, or (d) Make any material change with referen…

The Commission will waive the testing requirements of applicants for a securities agent license for the offer or sale of church or other eleemosynary institutional securities exempt pursuant to Code of Ala. 1975, § 8-6-10(8); provided, however, that the following requirements are…

(1) Pursuant to the Authority delegated to the Alabama Securities Commission by Code of Ala. 1975, § 8-6-11(a)(9), any offer or sale of securities which is made in compliance with the following requirements of this rule will be deemed to be an exempt transaction and Code of Ala. …

(1) Pursuant to the Authority delegated to the Alabama Securities Commission by Code of Ala. 1975, § 8-6-11(a)(9), any offer or sale of securities which is made in compliance with the following requirements of this rule will be deemed to be an exempt transaction and Code of Ala. …

The following provisions apply to offerings made under federal Regulation Crowdfunding and Section 18(b)(4) of the Securities Act of 1933: (1) Filing Requirements. (a) An issuer whose principal place of business is in this state, or if residents of this state have purchased fifty…

For the purpose of applying for or renewing a license to engage in the business of selling or issuing or dispensing checks or receiving money as agent for obligors for the purpose of paying such obligors' bills or accounts pursuant to the "Sale of Checks Act," applicants shall us…

Notes Ala. Admin. Code r. 830-X-7A-.09 The Adopted version of this section by Alabama Administrative Monthly Volume XXXVIII, Issue No. 01, October 31, 2019, file. 10/4/2019 is not yet available.

In addition to the information prescribed by Code of Ala. 1975, § 8-6-115, issuers of industrial revenue bonds shall provide the additional information contained in, and shall file as its notification of intention to issue such bonds, Form IRB-1 as adopted concurrently with this …

For the protection of investors in Alabama, the staff will not approve, and if necessary, will issue "stop orders" against the issuance of any proposed industrial revenue bonds for a retail commercial enterprise: (a) Unless, in the judgment of the Director, the necessary financia…

The Alabama State Board of Social Work Examiners was created to maintain the integrity of the social work profession and to protect the public against dangers arising from attempts of incompetent or unscrupulous persons to practice the profession of social work. This purpose is a…

It is the policy of the Board of Social Work Examiners that no person shall ever be excluded from licensure or certification, participation in, denied the benefits of, or subjected to discrimination under any program, activity, employment, or service administered by the Board, on…

The Board is an independent agency of the State of Alabama. All costs of operating the Board, including administrative, secretarial, clerical, investigative and legal, are paid by fees collected by the Board. The Attorney General and his/her assistants provide legal services to t…

The Board may employ investigators, attorneys and any other agents and employees and assistants as may from time to time be necessary to bring about and maintain a rigid administration and enforcement of Alabama law regulating the practice of social work. Notes Ala. Admin. Code r…

The Board shall employ an executive secretary who shall be responsible for the administration and execution of Board policy. The executive secretary is designated as agent for the Board for service of legal process upon the Board. All correspondence to the Board, including reques…

All proceedings of the Board shall be governed by Robert's Rules of Order, latest revised edition, except during disciplinary hearings and except where otherwise provided in these rules. Notes Ala. Admin. Code r. 850-X-1-.06 Repealed and Replaced: Filed: October 31, 1997; Operati…

(1) Each member of the Board shall be given five business days' notice of the time, place, and purpose of any special meeting by the executive secretary, unless such notice is waived by the individual member or unless such member is present at the called meeting. (2) Failure of a…

All members of the Board, including the chairman, are entitled to vote and to make or second motions. A majority of those members of the Board present and voting on any matter shall decide that matter before the Board, except on procedural and evidentiary matters which are provid…

(1) "Public record" for the purpose of these rules means all Board records which are reasonably necessary to record the business and activities required to be done or carried on by the Board so that the status and condition of such business and activities can be known to the publ…

The Board shall, no less than annually, compile and publish a registry of the names and addresses of all persons licensed and certified to practice social work in Alabama. Copies of the registry shall be made available to the public upon request and upon payment of a fee necessar…

(1) The Board may issue declaratory rulings to any person substantially affected by a rule with respect to the validity of the rule, or with respect to the applicability to any person, property, or state of facts of any rule or statute enforceable by the Board, or with respect to…

(1) Any person may petition the Board for the adoption of a new rule or for the repeal or change of any existing rule. (2) Action by the Board on any such petition shall be as provided in Ala. Code § 41-22-8 (1991). (3) In order to be considered, a petition for a rule change shal…

If any of the rules and regulations of the Board which shall be known as the Alabama State Board of Social Work Examiners Administrative Code, or any sentence, paragraph, phrase or word thereof is construed by the courts to be invalid for any reason, it is the intention of the Bo…

Notes Ala. Admin. Code r. 850-X-1-.14 Repealed and Replaced: Filed: October 31, 1997; Operative December 5, 1997; effective January 1, 1998 (See Rule 850-X-1-.19). Renumbered by Alabama Administrative Monthly Volume XXXIV, Issue No. 12, September 30, 2016, eff. 10/30/2016. Statut…

Notes Ala. Admin. Code r. 850-X-1-.15 Repealed and Replaced: Filed: October 31, 1997; Operative December 5, 1997; effective January 1, 1998 (See Rule 850-X-1-.19). Renumbered by Alabama Administrative Monthly Volume XXXIV, Issue No. 12, September 30, 2016, eff. 10/30/2016. Statut…

Notes Ala. Admin. Code r. 850-X-1-.16 Repealed and Replaced: Filed: October 31, 1997; Operative December 5, 1997; effective January 1, 1998 (See Rule 850-X-1-.19). Renumbered by Alabama Administrative Monthly Volume XXXIV, Issue No. 12, September 30, 2016, eff. 10/30/2016. Statut…

Notes Ala. Admin. Code r. 850-X-1-.17 Repealed and Replaced: Filed: October 31, 1997; Operative December 5, 1997; effective January 1, 1998 (See Rule 850-X-1-.19). Renumbered by Alabama Administrative Monthly Volume XXXIV, Issue No. 12, September 30, 2016, eff. 10/30/2016. Statut…

Notes Ala. Admin. Code r. 850-X-1-.18 Repealed and Replaced: Filed: October 31, 1997; Operative December 5, 1997; effective January 1, 1998 (See Rule 850-X-1-.19). Renumbered by Alabama Administrative Monthly Volume XXXIV, Issue No. 12, September 30, 2016, eff. 10/30/2016. Statut…

Notes Ala. Admin. Code r. 850-X-1-.19 Repealed and Replaced: Filed: October 31, 1997; Operative December 5, 1997; effective January 1, 1998 (See Rule 850-X-1-.19). Repealed by Alabama Administrative Monthly Volume XXXIV, Issue No. 12, September 30, 2016, eff. 10/30/2016. Author: …

The Board, after a hearing, may refuse to renew, may suspend or may revoke any license or certificate issued by the Board, and may levy and collect administrative fines upon proof that a person licensed by the Board has engaged in unprofessional conduct within the last five years…

Proceedings to revoke, refuse to renew or suspend a certificate or license, or to censure, place on probation and/or fine any licensed or certified social worker may be initiated by the Board or by any person upon the filing with the Board's executive secretary of a complaint whi…

In the event a complaint is filed against a licensee, or the Board determines from other information that an investigation is necessary, the procedure for investigation shall be as follows: (1) The complaint or other information will be reviewed by a Disciplinary Investigative Co…

(1) After review of the complaint or other information by the Disciplinary Investigative Committee of the Board, if the Investigative Committee determines that the complaint or other information may constitute a violation of the Board's rules and/or statutes, the Investigative Co…

(1) Preparation. In the event the Investigative Disciplinary Committee of the Board determines that probable cause exists for the filing of a summons and complaint, counsel for the Board shall prepare a summons and complaint. (2) Contents. The summons and complaint shall give not…

(1) Hearing Open to Public. Unless otherwise provided by law, the hearing shall be open to the public. (2) Counsel. A party may be represented by counsel at his or her own expense. (3) Quorum. A quorum for purposes of this rule shall consist of five members of the Board. (4) Hear…

(1) Permitted. Prehearing discovery shall be permitted in accordance with this rule to the extent necessary to prevent fraud, conserve the Board's time, prevent undue surprise at hearing and facilitate the carriage of justice. (2) Extent Allowed. The attorney for the Board or the…