Chapter 1 - Securities
- Article 1 General Provisions.
- Section 8-6-1 Short title
This article may be cited as the "Alabama Securities Act." ...
- Section 8-6-2 Definitions
When used in this article, unless the context otherwise requires, the following terms shall have the meanings respectively ascribed to them by this section: ...
- Section 8-6-3 Registration and bonds of dealers and salesmen
(a) It is unlawful for any person to transact business in this state as a dealer or agent for securities unless he is registered ...
- Section 8-6-4 Registration of securities — Required; exceptions
It is unlawful for any person to offer or sell any security in this state unless: (1) It is registered under this article; (2) ...
- Section 8-6-5 Registration of securities - Registration by notification
(a) The following securities may be registered by notification, whether or not they are also eligible for registration by coordination under Section 8-6-6: (1) ...
- Section 8-6-6 Registration of securities - Registration of certain securities by coordination
(a) Any security for which a registration statement has been filed under the Securities Act of 1933 in connection with the same offering may ...
- Section 8-6-7 Registration of securities - Registration by qualification
(a) Any security may be registered by qualification. (b) A registration statement under this section shall contain the following information and be accompanied by ...
- Section 8-6-8 Registration of securities — Registration statement; conditions precedent to registration by qualification or coordination; bond for securities registered by qualification; action by commission on application for registration by qualification; filing and registration fees; quarterly reports and financial statements by registrants; discharge from supervision by commission
(a) A registration statement on securities may be filed by the issuer, any other person on whose behalf the offering is to be made, ...
- Section 8-6-9 Registration of securities - Denial, suspension and revocation of registration
The Securities Commission shall issue an order denying effectiveness to, or suspending or revoking the effectiveness of, any registration statement in the sale of ...
- Section 8-6-10 Registration of securities - Exempt securities
Sections 8-6-4 through 8-6-9 shall not apply to any of the following securities: (1) Any security, including a revenue obligation, issued or guaranteed by ...
- Section 8-6-11 Registration of securities - Exempt transactions
(a) Except as hereinafter in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of the following transactions: (1) Any ...
- Section 8-6-12 Registration of securities — Applicability of provisions of article; consent to service of process on Secretary of State
(a) The provisions of this article shall apply to persons who sell or offer to sell when (1) an offer to sell is made ...
- Section 8-6-14 Filing or registration not finding of truth, completeness, etc., of documents; representations concerning effect of registration or exemption
(a) Neither the fact that an application for registration under Section 8-6-3 or a registration statement under Sections 8-6-5, 8-6-6 or 8-6-7 has been ...
- Section 8-6-15 Investigations and subpoenas by commission
(a) The Securities Commission, in its discretion, may: (1) Make such public or private investigations within or outside of this state as he deems ...
- Section 8-6-16 Administrative cease and desist authority to commission; injunctive relief; appointment of receivers or conservators for defendants or defendants' assets; court ordered rescission, restitution, or disgorgement for violations
Whenever it appears to the Securities Commission that any person has engaged in or is about to engage in any act or practice constituting ...
- Section 8-6-17 Prohibited acts regarding offer, sale, or purchase of securities
(a) It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly, to: (1) Employ ...
- Section 8-6-18 Criminal penalties for violations of article; limitation on prosecution; enforcement of article; proof of scienter not required in certain proceedings
(a) Any person who willfully violates any provisions of this article shall, upon conviction, be guilty of a Class C felony. No prosecution may ...
- Section 8-6-19 Civil liabilities of sellers, agents, etc.; remedies of purchasers
(a) Any person who: - (1) Sells or offers to sell a security in violation of any provision of this article or of any ...
- Section 8-6-21 Commission authorized to swear out warrants of arrest; liability of commission for warrant
The Securities Commission is authorized and empowered to swear out warrants of arrest against any person violating the criminal provisions of this article, and ...
- Section 8-6-22 Duties of director; director empowered to swear out warrants of arrest; liability of director for warrant
The Director of the Securities Commission shall keep the records of the commission and generally perform such duties as the commission may direct. When ...
- Section 8-6-23 Making, amending, and rescinding rules and prescribing forms by commission
The Securities Commission may from time to time make, amend, and rescind such rules and prescribe such forms as are necessary and desirable to ...
- Section 8-6-24 Liability for acts done or omitted in good faith under rules, forms, or orders
No provision of this article imposing any liability applies to any act done or omitted in good faith in conformity with any rule, form, ...
- Section 8-6-25 Hearings to be public; requests for private hearings
Every hearing in an administrative proceeding shall be public unless the Securities Commission, in its discretion, grants a request joined in by all the ...
- Section 8-6-26 Document deemed filed when received
A document is deemed filed when it is received by the Securities Commission. ...
- Section 8-6-27 Commission to keep register; register to be open for public inspection
The Securities Commission shall keep a register of all applications for registration and registration statements which are or have ever been effective under this ...
- 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 ...
- 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 ...
- 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. ...
- 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 ...
- 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 ...
- 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 ...
- Article 2 Securities Commission.
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- Section 8-6-56 Director — Qualifications; salary; interest in banks, etc., prohibited
(a) The Director of the Securities Commission shall be a person of good moral character, at least 30 years of age, a resident of ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- Article 3 Fiduciary Security Transfers.
- Article 4 Ownership by Minors.
- Section 8-6-90 Short title
This article may be cited as the Securities Ownership by Minors Act. ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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. ...
- Article 5 Pre-Issuance Procedure for Industrial Revenue Bonds.
- Section 8-6-110 Definitions
The following words and phrases, as used in this article, shall have the following meanings: (1) AUTHORIZING ACT. Any of the following statutes or ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- Section 8-6-120 Certificate of notification; representation that industrial revenue bonds have been approved prohibited
In the event that (1) 20 days shall have expired after the filing by an issuer of the notification required by Section 8-6-115 describing ...
- 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 ...
- 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 ...
- Article 6 Uniform Transfer On Death Security Registration Act.
- Section 8-6-140 Definitions
For the purposes of this article, the following words have the following meanings unless the context otherwise requires: (1) BENEFICIARY FORM. A registration of ...
- 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, ...
- 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 ...
- 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 ...
- 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" ...
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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) ...
- Section 8-6-150 Short title; construction
(a) This article shall be known as and may be cited as the Uniform TOD Security Registration Act. (b) This article shall be liberally ...
- Section 8-6-151 Application
This article applies to registrations of securities in beneficiary form made before or after August 1, 1997, by decedents dying on or after August ...
