Topology: [itex](X,\tau)[/itex].
[tex]\text{T1.}\enspace\enspace(\emptyset\in\tau)\&(X \in\tau);[/tex]
[tex]\text{T2.}\enspace\enspace ((\forall i \in I)[A_i \in\tau ]) \Rightarrow \left ( \bigcup_{i \in I} A_i \in \tau \right ), \enspace I \text{ any index set};[/tex]
[tex]\text{T3.}\enspace\enspace (A_1,A_2,...A_n\in\tau)\Rightarrow \left ( \bigcap_{i =1}^n A_i \in \Sigma \right ).[/tex]
That is: T1. The empty set and (its complement), X, are in tau; T2. Each union of elements of tau is in tau (tau is "closed under unions"); T3. Each intersection of finitely many elements of tau is in tau (tau is "closed under finite intersections").
Note: This sense of the word "closed", applied to tau itself, is totally unrelated to the sense in "a closed set" (=the complement of an element of tau), applied to subsets of X.
Sigma Algebra: [itex](X,\Sigma)[/itex].
[tex]\text{S1.}\enspace\enspace\Sigma\neq\emptyset ;[/tex]
[tex]\text{S2.}\enspace\enspace(A \in\Sigma)\Rightarrow(X\setminus A \in\Sigma);[/tex]
[tex]\text{S3.}\enspace\enspace((\forall i \in \mathbb{N})[A_i \in\Sigma ]) \Rightarrow \left ( \bigcup_{i \in \mathbb{N}} A_i \in \Sigma \right ).[/tex]
That is: S1. Sigma is nonempty; S2. If a subset of X is in sigma, its complement is in sigma (sigma is "closed under complementats"); S3. Each union of countably many elements of sigma is in sigma (sigma is "closed under countable unions").
Equivalent forms of axiom S1, which make the resemblance to a topology seem even closer, are
[tex]\text{S1b.}\enspace\enspace\emptyset\in\Sigma;[/tex]
[tex]\text{S1c.}\enspace\enspace X \in\Sigma.[/tex]
An equivalent axiom to S3 is to require sigma to be closed under countable intersections. And yes, for an algebra of sets, replace S3 with the requirement that each union of finitely many elements of sigma is in sigma.