Chapter 1 - Alabama Education Foundation
- Section 16-26C-1 Legislative findings and intent
The Legislature finds and declares that it is necessary, desirable, and in the best interests of the future of the state that the children ...
- Section 16-26C-1.1 Letson Grants
(a) Sam Letson Honorarium and Memorium. In honor of the life and public service of Representative Sam Letson of Lawrence County, deceased, the Legislature ...
- Section 16-26C-1.2 Definitions
When used in this chapter, the following words shall have the following meanings: (1) BOARD OF CONTROL. The Board of Control of the Foundation ...
- Section 16-26C-2 Incorporation authorized
The Board of Control may become a corporation with the power and authority hereinafter provided by proceeding according to the provisions of this chapter. ...
- Section 16-26C-3 Application for incorporation
(a) To become a corporation, the Governor, the Speaker, the Lieutenant Governor, and the State Superintendent of Education shall present to the Secretary of ...
- Section 16-26C-4 Certificate of incorporation
When the application has been made, filed, and recorded as herein provided, the applicants shall constitute a corporation under the name of the Foundation ...
- Section 16-26C-5 Board of trustees and officers
Repealed by Act 98-319, p. 535, § 13, effective October 1, 1998. ...
- Section 16-26C-5.1 Duties of state superintendent and Chief Executive Officer of Teachers' Retirement System
(a) Duties of the state superintendent. The duties of the state superintendent shall include all of the following: (1) Serve as the secretary of ...
- Section 16-26C-6 Purpose of the foundation
The purpose of the foundation shall be to promote academic excellence in Alabama's public schools and to aid and assist in any undertaking in ...
- Section 16-26C-7 Powers of the foundation
The foundation shall have the following powers: (1) To have succession by its corporate name in perpetuity; (2) To sue and to be sued ...
- Section 16-26C-8 Acceptance of appropriations, gifts, and grants
The foundation may seek and accept private gifts, devises, grants, or bequests and hold or expend the same to carry out the provisions of ...
- Section 16-26C-9 Management and disbursement of assets and earnings
(a) Investment by the TRS. All gifts, grants, devises, and bequests to the foundation whether from individuals, associations, corporations, companies, or governmental entities, including ...
- Section 16-26C-10 Reports to the Legislature
The foundation shall report to the Legislature annually at each regular session with respect to the balances of funds held, additions to the foundation, ...
- Section 16-26C-11 Exemptions from taxation
(a) All assets and properties of the foundation, the income therefrom, and all other income of the foundation shall forever be exempt from any ...
- Section 16-26C-12 Nonprofit and public nature of the foundation
It is the intention of this chapter that the foundation be a nonprofit public corporation. No part of the net earnings of the foundation ...
- Section 16-26C-13 Dissolution of the foundation
In the event of dissolution, which may be accomplished only by legislative act, the residual assets of the foundation shall be disbursed by the ...
