Section 41-10-420 Legislative intent. The Legislature finds that the Real Estate Commission has acquired certain real property in Montgomery, Alabama, title to which is in the name of the State of Alabama, for the purpose of erecting a building to house the offices of the Real Estate Commission. The Real Estate Commission has also received […]
Section 41-10-421 Real Estate Commission Building Authority established; composition; powers. There is hereby established the Real Estate Commission Building Authority composed of the Governor, the Chairman of the Real Estate Commission, the Director of the Building Commission, the Lieutenant Governor and the Speaker of the House who together with the Board of Directors of the […]
Section 41-10-422 Commission to become public corporation. To become a public corporation, the Governor, the Chairman of the Real Estate Commission, the Director of the Building Commission, the Lieutenant Governor and the Speaker of the House, shall present to the Secretary of State an application signed by each of them which shall set forth (1) […]
Section 41-10-423 Certificate of incorporation. When the application has been made, filed and recorded as provided in Section 41-10-422, the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this article, under the Great Seal of the State, and shall record the certificate with the application, whereupon the […]
Section 41-10-424 Board of directors. (a) The authority shall be governed by a board of directors, constituted as provided for in this section. All powers of the authority shall be exercised by said board or pursuant to its authorization. The directors shall elect officers of the board. The presence of a majority of the members […]
Section 41-10-425 Powers of the authority. The authority shall have the following powers among others specified in this article: (1) To have succession by its corporate names until dissolved as provided in this article; (2) To institute or maintain legal proceedings in any court of competent jurisdiction to enforce its contractual, statutory and other rights; […]
Section 41-10-426 Notes of the authority. The notes of the authority shall be executed by the manual or facsimile signature of either its president or its treasurer, as shall be provided in the resolution under which such securities shall be issued, and the seal of the authority or a facsimile thereof shall be affixed to […]
Section 41-10-427 Authority authorized to sell, rent, etc., set charges or rents or make rent adjustments necessary to meet obligations. For the purpose of providing funds for the acquisition and preparation of sites, for the construction, reconstruction, alteration and improvement of facilities, for the procurement and installation of equipment therefor and for payment of obligations […]
Section 41-10-428 Resolutions adopted and all proceedings of board of directors to be recorded and filed; copies received in all courts as prima facie evidence. All resolutions adopted by the board of directors shall constitute actions of the authority, and all proceedings of the board of directors shall be reduced to writing by the secretary […]
Section 41-10-429 Properties, etc., forever exempt from any and all taxation. The properties of the authority and the income therefrom, all lease agreements made by the authority and all lien notices, mortgages, assignments and financing statements filed with respect thereto shall be forever exempt from any and all taxation of the State of Alabama and […]
Section 41-10-430 Contracts and obligations not debts of state. All contracts made and obligations incurred by the authority shall be solely and exclusively obligations of the authority and shall not create debts of the State of Alabama. (Acts 1990, No. 90-293, p. 396, §11.)
Section 41-10-431 Authority as nonprofit corporation. The authority shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any private person or entity. (Acts 1990, No. 90-293, p. 396, §12.)
Section 41-10-432 Funds appropriated for Alabama Real Estate Commission Building Authority Fund; state to have no further obligations or rights after property, contracts, etc., assigned, transferred or conveyed. Upon issuance of the certificate of incorporation, all funds appropriated from the Real Estate Commission Fund for purposes of capital outlay by Acts of Alabama 88-777 and […]
Section 41-10-433 Dissolution of authority. At any time when the incorporators named in this article determine that the services provided by the authority are no longer of benefit to the entities served by the authority and that all obligations of the authority have been paid in full, the authority may be dissolved upon the filing […]
