™Your Policy Risk Impact Agent
35 chapters · 1,159 sections in this title.
Ala. Code § 10A-16-1.01 Definition of “Business Trust.”
0.4K chars
A business trust is an express trust created by a written declaration of trust whereby property is conveyed to one or more trustees, who hold and manage the same for the benefit and profit of such persons as may be or become the holders of transferable certificates evidencing the…
Ala. Code § 10A-16-1.02 Establishment; Lawful Purposes
0.8K chars
A business trust may be established by a declaration of trust, duly executed by one or more trustees, for any lawful purpose including, but not limited to, acquiring, managing, improving, leasing, dealing in, selling, or otherwise alienating, mortgaging, or otherwise incumbering …
Ala. Code § 10A-16-1.03 Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees
0.9K chars
The trustees shall hold the legal title to all property at any time belonging to the business trust. They shall have control over the property as well as the control and management of the business and affairs of the business trust. Liability to third persons for any act, omission…
Ala. Code § 10A-16-1.04 Certificate of Ownership; Liability of Beneficial Owners
0.6K chars
The beneficial ownership in a business trust may be evidenced by certificates issued by the trustees. These beneficial interests, whether certificated or uncertificated, shall be transferable in the same manner as stock of a corporation is transferable. No assessment shall be mad…