§ 8-6-119 — Judicial Validation Proceedings

Alabama § 8-6-119

• Jurisdiction: Alabama
• Title 8: Commercial Law and Consumer Protection
• Ch. 6: Securities
• Art. 5: Pre-issuance Procedure for Industrial Revenue Bonds

Text

Any judicial validation proceeding instituted under this article shall conform to and be conducted in accordance with either Section 6-6-750 et seq. or Section 11-81-220 et seq., whichever is applicable to the issuer. The petition shall allege that the issue of industrial revenue bonds proposed by the issuer is not improvident, and the director shall be served with notice of the proceeding in the same manner and for the same time as the district attorney, and may attend the hearing before the circuit court having jurisdiction of the matter in person or by attorney, present evidence, and be heard by the court. The court shall not validate unless, pursuant to evidence presented at the hearing, the court finds and determines that the issue is not improvident. No judicial validation proceedings shall be instituted under this article until the commission enters a stop order or until the expiration of 15 days after the proposed industrial revenue bond issue is appealed by the issuer or referred to the commission by the director without any stop order having been issued.

Legislative History

(Acts 1978, No. 586, p. 681, §10; Acts 1992, No. 92-124, p. 224, §3.)