Alabama § 41-10-47.06 - Use of Funds.
Full text of Alabama Code of Alabama § 41-10-47.06 — Use of Funds., with citation guidance and answers to common questions.
§ 41-10-47.06. Use of Funds.
(a) The funds shall be held in perpetual trust and shall not be appropriated by the Legislature or expended or disbursed for any purpose other than as provided in this article. The board may expend the fund’s earnings and principal in furtherance of its purposes.
(b)(1) To the extent practicable, the board shall keep all monies at any time held in the fund invested in eligible investments, in its sole judgment, as shall produce the greatest trust income over the term of the investments while preserving capital.
(2) The board may select the eligible investments in which monies held in the fund shall at any time be invested.
(3) The board may invest the fund capital in any eligible investments producing trust income in accordance with the schedule as the board, in its sole judgment, determines to be in the best interests of the state. In determining the schedule, the board may emphasize future benefits in preference to near-term needs. A board member shall not be responsible for the adequacy of the fund to satisfy and discharge any obligation of the corporation.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 41-10-47.06
What does Code of Alabama § 41-10-47.06 cover?
Section 41-10-47.06 ("Use of Funds.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 41-10-47.06?
A common citation format is "Code of Alabama § 41-10-47.06" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 41-10-47.06 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.