Each trust agreement shall obligate each trustee bank that is a party to the agreement to accept custody of contributions to the endowment trust fund created under the trust agreement, and the agreement shall obligate each trustee bank to administer the fund in accordance with the terms and provisions thereof and, if the trustee bank is also a fund manager with respect to the fund, to manage and invest the fund in accordance with such terms and provisions. Subject to the terms and provisions of any trust agreement, and subject to this division, each trustee bank may hold, purchase, sell, assign, transfer, and dispose of any investments held in any endowment trust fund, and it shall do so in accordance with any directions given to it by a fund manager for the fund, provided that the directions are themselves not inconsistent with this division or of any trust agreement.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.
Article 4 - Industrial Development Boards.
Division 3 - Endowment Trust Funds.
Section 11-54-125 - Definitions.
Section 11-54-126 - Legislative Findings and Intent.
Section 11-54-127 - Additional Powers of Boards.
Section 11-54-128 - Authorizing Resolution.
Section 11-54-129 - Use of Assets.
Section 11-54-130 - Investment Committee.
Section 11-54-131 - Investment of Moneys; Duties of Fund Manager.
Section 11-54-132 - Trust Agreement.
Section 11-54-133 - Termination or Dissolution of Fund.