Section 8-6-110 – Definitions.
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 acts: a. Any of the following sections, as amended: Section 11-20-1 et seq., relating to industrial revenue bonds to be issued by counties; Section 11-54-20 et seq., relating […]
Section 8-6-144 – Registration – Applicable Language.
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” or the abbreviation “POD,” after the name of the registered owner and before the name of a beneficiary. (Acts 1997, No. 97-703, p. 1451, §5.)
Section 8-6-111 – Legislative Findings; Purpose of Article.
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 which careful investigation by the issuer or other responsible parties would reveal to be improvident. The standing of all issuers could be impaired and […]
Section 8-6-145 – Designation of Tod; Registration Cancelled or Changed.
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 a security in beneficiary form may be cancelled or changed at any time by the sole owner or all then surviving owners, […]
Section 8-6-112 – Powers of Director of Securities Commission.
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 respect thereto; (3) Publish such notices of proposed issues of industrial revenue bonds or proposed rules and regulations as are required by this […]
Section 8-6-146 – Death of Owner.
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 the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a […]
Section 8-6-113 – Powers of Securities Commission.
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 necessary or desirable to prescribe the form and content of notifications, the conduct of investigations, the issuance of stop orders, appeals by issuers, or references […]
Section 8-6-147 – Assent of Owner; Discharge From Claims.
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 beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering […]
Section 8-6-115 – Notifications of Intent to Issue Bonds.
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 20 days prior to the date of delivery of the industrial revenue bonds, deliver to the director a notification in writing of its […]
Section 8-6-148 – Transfer on Death.
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 owner and the registering entity and this article and is not testamentary. (b) This article does not limit the rights of creditors of security owners against […]