Alabama § 5-23-4 Proceeds

Alabama Statutes

§ 5-23-4 — Proceeds

Alabama § 5-23-4

Title 5Banks and Financial Institutions

Ch. 23State Sponsorship of Financial Institution Credit Card

This text of Alabama § 5-23-4 (Proceeds) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 5-23-4 (2026).

Text

The net proceeds of the state fees shall be transmitted to the state Comptroller and distributed as follows:

(1)Seventy-five percent to the Foundation for Local Schools as provided in Chapter 26C of Title 16, to be allocated to the credit of local school systems.

(2)Twenty-five percent to the Penny Trust Fund as established by Amendment 512 of the Constitution of Alabama of 1901, and by Chapter 15A of Title 41.

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The net proceeds of the state fees shall be transmitted to the state Comptroller and distributed as follows:
(1) Seventy-five percent to the Foundation for Local Schools as provided in Chapter 26C of Title 16, to be allocated to the credit of local school systems.
(2) Twenty-five percent to the Penny Trust Fund as established by Amendment 512 of the Constitution of Alabama of 1901, and by Chapter 15A of Title 41.