§ 27-27-1 Definitions
§ 27-27-2 Applicability of chapter
§ 27-27-3 Power of domestic insurers to indemnify directors, etc
§ 27-27-4 Solicitation permit – Requirement
§ 27-27-5 Solicitation permit – Application
§ 27-27-6 Solicitation permit – Approval or denial
§ 27-27-7 Solicitation permit – Issuance; contents; compliance with terms
§ 27-27-8 Solicitation permit – Effect of granting permit
§ 27-27-9 Solicitation permit – Modification or revocation
§ 27-27-10 Solicitation permit – Bond or deposit in lieu thereof; waiver of same
§ 27-27-11 Licensing of securities salesmen
§ 27-27-12 Deposit of solicitation permit funds in escrow – Requirement
§ 27-27-13 Deposit of solicitation permit funds in escrow – Withdrawal and refund
§ 27-27-14 Solicitation permit for subsequent financing
§ 27-27-15 Domestic mutual insurers – Authorization to transact insurance
§ 27-27-16 Domestic mutual insurers – Bond or deposit in lieu thereof
§ 27-27-17 Domestic mutual insurers – Solicitation of qualifying applications for insurance
§ 27-27-18 Domestic mutual insurers – Deposit in trust of premiums or fees on qualifying applications
§ 27-27-19 Domestic mutual insurers – Failure to complete organization
§ 27-27-20 Domestic mutual insurers – Authorization to transact additional kinds of insurance
§ 27-27-21 Domestic mutual insurers – Membership
§ 27-27-22 Domestic mutual insurers – Bylaws
§ 27-27-23 Directors of domestic insurers – Number; election; qualifications
§ 27-27-24 Directors of domestic insurers – Removal; vacancies
§ 27-27-25 Corrupt or dishonest practices in meeting of stockholders or members
§ 27-27-26 Pecuniary interests of officers, etc., of domestic insurers
§ 27-27-27 Exclusive management and production of business contracts by domestic insurers
§ 27-27-28 Notice of change of directors, etc
§ 27-27-29 Principal place of business and home office of domestic insurers; maintenance of assets in state; removal of records or assets; exceptions
§ 27-27-30 Voucher or other document for disbursements
§ 27-27-31 Contingent liability of members of domestic mutual insurers – Generally
§ 27-27-32 Contingent liability of members of domestic mutual insurers – Levy of assessments
§ 27-27-33 Collection of assessments by insurers
§ 27-27-34 Nonassessable policies in mutual insurers – Generally
§ 27-27-35 Nonassessable policies in mutual insurers – Revocation of domestic insurers authority to issue
§ 27-27-36 Issuance of participating or nonparticipating policies by domestic insurers
§ 27-27-37 Dividends – Domestic stock insurers
§ 27-27-38 Dividends – Domestic mutual insurers
§ 27-27-39 Dividends – Liability for illegal dividends by domestic insurers
§ 27-27-40 Loans by domestic insurers
§ 27-27-41 Deficiencies in stock insurer’s capital or assets of mutual insurers – Generally
§ 27-27-42 Deficiencies in stock insurer’s capital or assets of mutual insurers – Curing of deficiency
§ 27-27-43 Mutualization of stock insurers
§ 27-27-44 Conversion of mutual insurer into stock insurer
§ 27-27-45 Merger and consolidations – Domestic stock insurers
§ 27-27-46 Merger and consolidations – Domestic mutual insurers
§ 27-27-47 Bulk reinsurance – Domestic stock insurers
§ 27-27-48 Bulk reinsurance – Domestic mutual insurers
§ 27-27-49 Distribution of assets upon liquidation of domestic mutual insurer
§ 27-27-49.1 Recovery
§ 27-27-50 Extinguishment and nullification of domestic insurers’ corporate charter
§ 27-27-51 Rules and regulations as to securities of domestic stock insurers
§ 27-27-52 Insider trading of domestic stock insurer equity securities – Short title
§ 27-27-53 Insider trading of domestic stock insurer equity securities – Ownership statements
§ 27-27-54 Insider trading of domestic stock insurer equity securities – Recovery of certain profits by company
§ 27-27-55 Insider trading of domestic stock insurer equity securities – Unlawful sales
§ 27-27-56 Insider trading of domestic stock insurer equity securities – Exemptions from Sections 27-27-54 and 27-27-55; prescription of terms and conditions thereon
§ 27-27-57 Insider trading of domestic stock insurer equity securities – Applicability of Sections 27-27-53 through 27-27-55
§ 27-27-58 Insider trading of domestic stock insurer equity securities – Equity securities – Defined
§ 27-27-59 Insider trading of domestic stock insurer equity securities – Equity securities – Applicability of Sections 27-27-53 through 27-27-55
§ 27-27-60 Insider trading of domestic stock insurer equity securities – Rules and regulations
§ 27-27-61 Applicability of corporation statutes to domestic insurers

Terms Used In Alabama Code > Title 27 > Chapter 27

  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • applicant: A natural person who files a written application with the governing body of the city in accordance with Section 45-41A-10. See Alabama Code 45-41A-10.01
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • authority: The Auburn Downtown Redevelopment Authority, a public corporation organized pursuant to this part. See Alabama Code 45-41A-10.01
  • AUTHORIZING AMENDMENT: That certain amendment to the Constitution of Alabama of 1901, as amended, proposed by Act 88-479 enacted at the 1988 Regular Session of the Legislature. See Alabama Code 45-41-141
  • AUTHORIZING RESOLUTION: A resolution adopted by the governing body of the city in accordance with Section 45-41A-10. See Alabama Code 45-41A-10.01
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • benefit: Any gain or advantage to the beneficiary, including any gain or advantage to a third person pursuant to the desire or consent of the beneficiary. See Alabama Code 13A-10-60
  • Bequest: Property gifted by will.
  • board: The board of directors of the authority. See Alabama Code 45-41A-10.01
  • bonds: Bonds, notes, and certificates representing an obligation to pay money. See Alabama Code 45-41A-10.01
  • city: The City of Auburn, Alabama. See Alabama Code 45-41A-10.01
  • code: The Code of Alabama 1975, as amended. See Alabama Code 45-41-141
  • COMMERCIAL BUILDING: Any building, structure, or other improvement to real property, excluding, however, any dwelling that:

    a. See Alabama Code 45-41-141

  • commission: The Lee County Commission or other governing body of the county. See Alabama Code 45-41-141
  • county: Lee County, Alabama. See Alabama Code 45-41-141
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Devise: To gift property by will.
  • director: A member of the board of the authority. See Alabama Code 45-41A-10.01
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • district: A fire fighting district established pursuant to Amendment 392 or any law providing for the implementation of the authorizing amendment of Amendment 392. See Alabama Code 45-41-141
  • DISTRICT FIRE PROTECTION FUND: A district fire protection fund established and maintained in the county treasury pursuant to this part. See Alabama Code 45-41-141
  • DOWNTOWN DEVELOPMENT AREA: The central business district of the city as described in subsection (b) of Section 45-41A-10. See Alabama Code 45-41A-10.01
  • dwelling: Any building, structure, or other improvement to real property used or expected to be used as a dwelling or residence for one or more human beings, including specifically and without limiting the generality of the foregoing,

    a. See Alabama Code 45-41-141

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • equity security: when used in this chapter, means any stock or similar security or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security, or any such warrant or right or any other security which the commissioner shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security. See Alabama Code 27-27-58
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • FAIR MARKET VALUE: The fair and reasonable market value (or, if applicable, the current use value) of a commercial building or dwelling (as the case may be), as such value is appraised by the tax assessor or the State Department of Revenue pursuant to applicable provisions of the code, prior to the assessment thereof for purposes of state or county ad valorem taxation pursuant to Section 40-8-1. See Alabama Code 45-41-141
  • Felony: A crime carrying a penalty of more than a year in prison.
  • FINANCIAL CHARGE: A financial charge or assessment levied by the commission in accordance with the authorizing amendment and this part. See Alabama Code 45-41-141
  • FIRE PROTECTION CORPORATION: Any public corporation, district, or authority that is:

    a. See Alabama Code 45-41-141

  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • GOVERNING BODY: With respect to the city, its city council, board of commissioners, or other like governing body. See Alabama Code 45-41A-10.01
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • incorporators: The persons forming a public corporation organized pursuant to this part. See Alabama Code 45-41A-10.01
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • jurat: A clause wherein a notary public or other attesting officer authorized by law to administer oaths in connection with affidavits, depositions and other subscribed written instruments certifies that the subscriber has appeared before him and sworn to the truth of the contents thereof. See Alabama Code 13A-10-100
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • material: A statement is "material" regardless of the admissibility of the statement under the rules of evidence, if it could have affected the course or outcome of the official proceeding. See Alabama Code 13A-10-100
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • municipality: An incorporated city or town. See Alabama Code 45-41-141
  • oath: Such term includes an affirmation and every other mode authorized by law of attesting to the truth of that which is stated. See Alabama Code 13A-10-100
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • OFFICIAL PROCEEDING: Any proceeding heard before any legislative, judicial, administrative or other government agency or official authorized to hear evidence under oath. See Alabama Code 13A-10-100
  • owner: A person owning one or more dwellings or commercial buildings. See Alabama Code 45-41-141
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • PARTY OFFICER: A person who holds any position or office in a political party, whether by election, appointment or otherwise. See Alabama Code 13A-10-60
  • PECUNIARY BENEFIT: Benefit in the form of money, property, commercial interests or anything else the primary significance of which is economic gain. See Alabama Code 13A-10-60
  • person: Any individual, partnership, corporation, business, trust, or other legal entity. See Alabama Code 13A-9-110
  • person: Unless limited to a natural person by the context in which it is used, includes a public or private corporation, a municipality, a county, or an agency, department, or instrumentality of the state, or of a county or municipality. See Alabama Code 45-41A-10.01
  • personal property: includes money, goods, chattels, things in action and evidence of debt, deeds and conveyances. See Alabama Code 1-1-1
  • Personal property: All property that is not real property.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • PRINCIPAL OFFICE: The place at which the certificate of incorporation and amendments thereto, the bylaws and the minutes of the proceedings of the board of the authority are kept. See Alabama Code 45-41A-10.01
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • project: Interest in land, buildings, structures, facilities, or other improvements located or to be located within the downtown development area, and any fixtures, machinery, equipment, furniture, or other property of any nature whatsoever used on, in, or in connection with any such land, interest in land, building, structure, facility, or other improvement, all for the essential public purpose of the development of trade, commerce, industry, general business, and employment opportunities in the downtown development area. See Alabama Code 45-41A-10.01
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • PUBLIC SERVANT: As used in this article, such term includes persons who presently occupy the position of a public servant, as defined in Section 13A-10-1(7), or have been elected, appointed or designated to become a public servant although not yet occupying that position. See Alabama Code 13A-10-60
  • Quorum: The number of legislators that must be present to do business.
  • real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • REQUIRED OR AUTHORIZED BY LAW: An oath is "required or authorized by law" when the use of the oath is provided for by statute or municipal ordinance. See Alabama Code 13A-10-100
  • residence: A single or multiple family dwelling including, but not limited to, a single-family home, apartment building, condominium, duplex, townhouse, or mobile home which is used or intended to be used by its occupants as their dwelling place. See Alabama Code 13A-9-110
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • SERVICE AREA: The geographic area or areas in which a fire protection corporation is authorized, whether by statute, by its certificate of incorporation, or similar corporate charter (as such may from time to time be amended), or otherwise, to provide or render fire protection, fire prevention, and related services, as such area or areas may from time to time exist. See Alabama Code 45-41-141
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: The State of Alabama. See Alabama Code 45-41-141
  • state: The State of Alabama. See Alabama Code 45-41A-10.01
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • subscription: include a mark when the person cannot write, if his name is written near the mark, and witnessed by a person who writes his own name as a witness, and include with respect to corporate securities facsimile signature placed upon any instrument or writing with intent to execute or authenticate such instrument or writing. See Alabama Code 1-1-1
  • TAX ASSESSOR: The tax assessor of the county. See Alabama Code 45-41-141
  • TAX COLLECTOR: The tax collector of the county. See Alabama Code 45-41-141
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • treasurer: The county treasurer of the county. See Alabama Code 45-41-141
  • Trustee: A person or institution holding and administering property in trust.
  • UNIT OF PROPERTY: Any dwelling or commercial building, together with the real property on which it is situated or to which it is appurtenant. See Alabama Code 45-41-141
  • Venue: The geographical location in which a case is tried.
  • VOLUNTEER FIRE DEPARTMENT: Any volunteer fire department with which the commission, pursuant to Amendment 392, may enter into an agreement or agreements with respect to providing fire protection, fire prevention, and related services and facilities within the county. See Alabama Code 45-41-141
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1