(a) The written declaration of trust may provide for the election of successor trustees in the event of the death, resignation, and removal of a trustee and may provide for the amendment of the declaration of trust. The declaration of trust may also contain other provisions regarding the operation and administration of the business trust as may be necessary or desirable.
(b) The declaration of trust shall be delivered to the Secretary of State for filing, accompanied by the filing fee in the amount prescribed by Chapter 1 for a certificate of formation.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Section 10A-16-1.01 - Definition of "Business trust."
Section 10A-16-1.02 - Establishment; Lawful Purposes.
Section 10A-16-1.03 - Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees.
Section 10A-16-1.04 - Certificate of Ownership; Liability of Beneficial Owners.
Section 10A-16-1.05 - Contents and Recordation of Declaration of Trust.
Section 10A-16-1.07 - Suits Against Trust; Property Subject to Attachment and Execution.