Title 19 — Title 19
0 chapters · 382 sections in this title.
Ala. Code § 19-3C-1 Short Title
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This chapter may be cited as the Alabama Uniform Prudent Management of Institutional Funds Act. History: (Act 2008-276, p. 434, §2.)
Ala. Code § 19-3C-10 Uniformity of Application and Construction
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In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: (Act 2008-276, p. 434, §2.)
Ala. Code § 19-3C-2 Definitions
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In this chapter: (1) CHARITABLE PURPOSE means the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. (2) ENDOWMENT FUND means an insti…
Ala. Code § 19-3C-3 Standard of Conduct in Managing and Investing Institutional Funds
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(a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (b) In addition to complying with the duty o…
Ala. Code § 19-3C-4 Appropriation for Expenditure or Accumulation of Endowment Fund;
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Rules of Construction. (a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for whic…
Ala. Code § 19-3C-5 Delegation of Management and Investment Functions
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(a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the ci…
Ala. Code § 19-3C-6 Release or Modification of Restrictions on Management, Investment, or
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Purpose. (a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used fo…
Ala. Code § 19-3C-7 Reviewing Compliance
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Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. History: (Act 2008-276, p. 434, §2.)
Ala. Code § 19-3C-8 Application to Existing Institutional Funds
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This chapter applies to institutional funds existing on or established after January 1, 2009. As applied to institutional funds existing on January 1, 2009, this chapter governs only decisions made or actions taken on or after that date. History: (Act 2008-276, p. 434, §2.)
Ala. Code § 19-3C-9 Relation to Electronic Signatures in Global and National Commerce Act
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This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any of the…