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https://law.justia.com/codes/alabama/title-5/chapter-3a/article-1/section-5-3a-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 1 - Examination of Banks.›Section 5-3A-11 - Reports of Examination; Meetings of Banking Board; Confidentiality. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-11 - Reports of Examination; Meetings of Banking Board; Confidentiality. | Section 5-3A-11
Reports of examination; meetings of Banking Board; confidentiality.
All reports of examination, records reflecting action of a bank or bank holding company, or affiliate of either, taken pursuant thereto, and records and minutes of meetings of the Banking Board relating to a bank or several banks or a bank holding company, or affiliate of either, shall be confidential and shall not be subject to subpoena or inspection except by subpoena from a grand jury served on the superintendent.
(Acts 1980, No. 80-658, §5-3-11; Act 2011-589, p. 1306, §1; Act 2013-352, p. 1261, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-1/section-5-3a-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 1 - Examination of Banks.›Section 5-3A-12 - Semiannual Reports by Banks - Required; Verification. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-12 - Semiannual Reports by Banks - Required; Verification. | Section 5-3A-12
Semiannual reports by banks - Required; verification.
All banks shall make to the superintendent, on the call of the superintendent for such report, not less than two reports during each year, according to the form which may be prescribed by the superintendent. Such report must be verified by the oath or affirmation by the president, cashier or secretary and by at least three directors of the bank to be correct to the best of their knowledge and belief of each.
(Acts 1980, No. 80-658, §5-3-12.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-1/section-5-3a-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 1 - Examination of Banks.›Section 5-3A-13 - Semiannual Report by Banks - Special Reports of Banks. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-13 - Semiannual Report by Banks - Special Reports of Banks. | Section 5-3A-13
Semiannual report by banks - Special reports of banks.
The superintendent may call for a special report from any particular bank whenever, in his judgment, the same is deemed necessary for the protection of the public or for a full and complete knowledge of the condition of the bank by the superintendent. A special report called for shall be made in all particulars as required by Sections 5-3A-14 and 5-3A-15, but the superintendent shall not have the right to require that such report be published in a newspaper.
(Acts 1980, No. 80-658, §5-3-13.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-1/section-5-3a-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 1 - Examination of Banks.›Section 5-3A-14 - Semiannual Report by Banks - Form; Publication; Penalty for Late Report. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-14 - Semiannual Report by Banks - Form; Publication; Penalty for Late Report. | Section 5-3A-14
Semiannual report by banks - Form; publication; penalty for late report.
Each report required by Section 5-3A-12 shall exhibit in detail and under appropriate head the resources and liabilities of each bank at the close of business on any past day specified by the superintendent, not more than five days prior to the issue of the superintendent's call, which day for report shall be uniform throughout the state and shall be transmitted by the bank to the superintendent within 30 days after the receipt of a request or requisition therefor from him, and the same shall be published once by the bank in a newspaper in the city or town in which the bank is located, at the expense of said bank. If no newspaper is published in the town where the bank is located, publication must be made in a newspaper published in the nearest city. Proof of such publication shall be furnished by the bank to the superintendent in such manner as may be required by him, including the clippings of the report as published in the newspaper.
The superintendent shall prescribe to the bank the form for the published report made by the bank, which form shall contain such items as are deemed necessary by the superintendent to inform the public as to the financial condition of the bank. The superintendent shall see that each bank has published its report in accordance with the form prescribed and shall check such published report, using the newspaper clipping furnished him by the bank, with the sworn report of the bank filed with the superintendent.
If the report is not published by the bank, the superintendent shall, at the expense of the bank, publish the report. Each bank failing to transmit the report to the superintendent within 30 days after the receipt of a request shall pay $100.00 for each day after said 30 days. Said fee may be waived by the superintendent upon a showing of good cause by the party requesting the waiver.
(Acts 1980, No. 80-658, §5-3-14.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-1/section-5-3a-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 1 - Examination of Banks.›Section 5-3A-15 - Semiannual Reports by Banks - Republication. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-15 - Semiannual Reports by Banks - Republication. | Section 5-3A-15
Semiannual reports by banks - Republication.
If there are discrepancies in the published report of the bank and the sworn report furnished to the superintendent and if, in the opinion of the superintendent, the discrepancies are due to clerical errors, the superintendent shall notify the bank to republish the report so as to conform with the sworn report filed with the superintendent, and the bank shall make such republication. If, in the opinion of the superintendent, the discrepancies in the published and sworn reports are not due to clerical errors, the superintendent shall forthwith publish a true and correct report as shown by the sworn report filed with the superintendent, stating in such publication that the published report of the bank did not conform to the sworn report on file with the superintendent, and the bank shall pay the costs and expenses of such republication.
(Acts 1980, No. 80-658, §5-3-15.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-1/section-5-3a-16/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 1 - Examination of Banks.›Section 5-3A-16 - Failure to Pay for Publication of Bank Report by Superintendent. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-16 - Failure to Pay for Publication of Bank Report by Superintendent. | Section 5-3A-16
Failure to pay for publication of bank report by superintendent.
Any bank which fails or refuses to pay the cost and expense of the publication by the superintendent of any report of the bank made in pursuance of the requirements of law shall pay to the state $100.00 plus cost of publication.
(Acts 1980, No. 80-658, §5-3-16.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-1/section-5-3a-17/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 1 - Examination of Banks.›Section 5-3A-17 - Verification of False Report of Condition of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-17 - Verification of False Report of Condition of Bank. | Section 5-3A-17
Verification of false report of condition of bank.
Any person who knowingly and willfully signs or verifies by oath or affirmation any false report of the condition of a bank to the superintendent, on call of the superintendent for such report, shall be guilty of perjury.
(Acts 1980, No. 80-658, §5-3-17.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-2/section-5-3a-30/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 2 - Examination of Bank Services Providers Act.›Section 5-3A-30 - Short Title. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-30 - Short Title. | Section 5-3A-30
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
This article shall be known and may be cited as the Examination of Bank Service Providers Act.
(Act 2018-500, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-2/section-5-3a-31/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 2 - Examination of Bank Services Providers Act.›Section 5-3A-31 - Legislative Findings. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-31 - Legislative Findings. | Section 5-3A-31
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
The Legislature finds and declares that the connections between banks and service providers create risks to the financial system, as banks are increasingly reliant on third parties to provide or enable key banking functions and other services. Because of the role service providers have in the safety and soundness of banks and the stability of the financial system, the Legislature finds that it is necessary for banking agencies to have authority to examine service providers. The purpose of this article is to authorize the Superintendent of Banks, through examiners appointed by the superintendent, to examine service providers that provide services to banks, other than national banks, subject to supervision and inspection by the superintendent.
(Act 2018-500, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-2/section-5-3a-32/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 2 - Examination of Bank Services Providers Act.›Section 5-3A-32 - Definitions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-32 - Definitions. | Section 5-3A-32
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
For the purposes of this article, the following terms shall have the following meanings:
(1) SERVICE PROVIDER. Any person, company, corporation, or other legal entity that provides a covered service listed in Section 5-3A-33 to a serviced bank.
(2) SERVICED BANK. Every bank, bank holding company, bank service company, or any subsidiary or affiliate of a bank that is subject to the supervision of the superintendent pursuant to Section 5-3A-1, and for which covered services are performed by a service provider.
(Act 2018-500, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-2/section-5-3a-33/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 2 - Examination of Bank Services Providers Act.›Section 5-3A-33 - Regulation and Examination of Certain Service Providers; Covered Services. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-33 - Regulation and Examination of Certain Service Providers; Covered Services. | Section 5-3A-33
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) Whenever a serviced bank causes to be performed for itself, by contract or otherwise, any of the covered services listed in this section, the performance, condition, and affairs of the service provider are subject to regulation and examination to the same extent as if the services were being performed by the serviced bank itself when deemed necessary by the superintendent to ensure the safe and sound operation of a serviced bank or serviced banks or to respond to a danger, or potential danger, to the public welfare.
(b) For the purposes of this section, covered services include all of the following:
(1) Data processing services.
(2) Activities that support financial services including, but not limited to, lending, funds transfer, fiduciary activities, trading activities, and deposit taking.
(3) Internet related services including, but not limited to, web services and electronic bill payments, mobile applications, system and software development and maintenance, and security monitoring.
(c) For the purposes of this section, covered services do not include the following:
(1) Provision to a serviced bank of an interactive computer service or a general audience Internet or communications platform, except to the extent that the service or platform is specially designed or adapted for the business of banking and activities relating to the business of banking.
(2) When performed by attorneys who are not employees of the serviced bank, legal services the provision of which is conditioned by law on the existence and maintenance of a professional license to practice law by the attorney providing the legal services.
(d) In order to promote regulatory efficiency, in the event that a service provider has been examined by another state or federal financial services regulatory agency or by a member of the Federal Financial Institution Examinations Council (FFIEC), or any successor entity, in the immediately preceding 24 months, the superintendent may accept the results of the examination in lieu of conducting his or her own examination. Nothing in this article shall be construed as limiting or otherwise restricting the superintendent from participating in any examination by any other state or federal agency or a member of the FFIEC.
(Act 2018-500, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-2/section-5-3a-34/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 2 - Examination of Bank Services Providers Act.›Section 5-3A-34 - Confidentiality of Examination Reports; Availability of Copies. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-34 - Confidentiality of Examination Reports; Availability of Copies. | Section 5-3A-34
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
Examination reports of service providers created or obtained by the superintendent or State Banking Department are confidential subject to Sections 5-3A-3 and 5-3A-11. The superintendent may furnish a copy, or portions thereof, of a report of any examination performed by the superintendent of the performance, condition, and affairs of any service provider and any other information obtained through examination of the service provider to entities as provided in Section 5-3A-3, including the board of directors of the serviced bank, under the same terms and with the same limitations as set forth for other examination reports, data, and information under Section 5-3A-3. Additionally, the superintendent may furnish copies of his or her reports of examination, and any other information obtained through examination of the service provider, to the FFIEC, and to the board of directors of the service provider, under the same terms and with the same limitations as provided in Section 5-3A-3.
(Act 2018-500, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-3a/article-2/section-5-3a-35/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 3A - Examinations of Banks; Reports of Banks.›Article 2 - Examination of Bank Services Providers Act.›Section 5-3A-35 - Powers of Superintendent. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-35 - Powers of Superintendent. | Section 5-3A-35
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) The superintendent may enter into agreements, which shall be deemed sole source, one vendor, and one supplier contracts under the procurement laws of this state and shall be exempt from competitive and other bid requirements, with any bank supervisory agency that has concurrent jurisdiction over a service provider to do either of the following:
(1) Engage the services of the examiners of any bank supervisory agency at a reasonable rate of compensation.
(2) Provide the services of the examiners of the State Banking Department to any bank supervisory agency at a reasonable rate of compensation.
(b) The superintendent may enter into corrective agreements with a service provider or may issue corrective orders to a service provider if the superintendent determines the actions are necessary to ensure the safe and sound operation of a serviced bank or serviced banks or to respond to a danger, or potential danger, to the public welfare.
(c) The superintendent may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over a service provider.
(Act 2018-500, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-4a/section-5-4a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 4A - Retention of Bank Records.›Section 5-4A-1 - Certain Records to Be Retained; Disposition of Records After Retention for Prescrib... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 4A - Retention of Bank Records. › Section 5-4A-1 - Certain Records to Be Retained; Disposition of Records After Retention for Prescribed Period; Reproduction of Records and Books. | Section 5-4A-1
Certain records to be retained; disposition of records after retention for prescribed period; reproduction of records and books.
(a) Every bank shall retain its business records for such periods as may be prescribed by regulation adopted pursuant to Section 5-2A-9.
(b) Any bank may dispose of any records which have been retained for the period prescribed by the superintendent.
(c) Any bank may cause any or all books and records at any time in its custody and books and records relating to trusts, estates and other fiduciary accounts, to be reproduced by photostatic, photographic, or microphotographic process, or by any other generally recognized reproduction process, and reproduction so made, whether enlarged or not, shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
(Acts 1980, No. 80-658, §5-4-1.) |
https://law.justia.com/codes/alabama/title-5/chapter-4a/section-5-4a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 4A - Retention of Bank Records.›Section 5-4A-2 - Applicability of Chapter to State and National Banks, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 4A - Retention of Bank Records. › Section 5-4A-2 - Applicability of Chapter to State and National Banks, Etc. | Section 5-4A-2
Applicability of chapter to state and national banks, etc.
This chapter shall be applicable to banks and, to the extent that they are not in contravention of any law or regulation of the United States, the provisions of this chapter shall apply and inure to the benefit of national banking associations doing business in this state.
(Acts 1980, No. 80-658, §5-4-2.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-1 - Procedure for Incorporation - Application for Permit. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-1 - Procedure for Incorporation - Application for Permit. | Section 5-5A-1
Procedure for incorporation - Application for permit.
(a) The proposed incorporators of a bank shall execute and acknowledge an application for a permit in writing in the form prescribed by the superintendent and shall file the same in the office of the State Banking Department, which application shall be signed by all of the incorporators requesting a certificate authorizing the proposed bank to transact business at the place, time and under the name stated in said application.
(b) At the time of filing said application, the applicant shall pay to the superintendent a filing fee.
(c) The application shall name at a minimum five directors, and a majority of all directors shall be outside directors unless a written waiver is obtained from the superintendent. A director shall be deemed to be an outside director if the director will not serve as an officer, other than the chair, or an employee of the bank.
(d) The application shall name a chair, chief executive officer, a chief financial/operations officer, and a chief lending officer of the bank. The chair must be an outside director. The superintendent may exercise discretion and waive any of the above requirements by written notice.
(e) The superintendent shall designate the newspaper in which notice of intention to organize shall be published as required by Section 5-5A-2.
(Acts 1980, No. 80-658, §5-5-1; Act 2011-589, p. 1306, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-2 - Procedure for Incorporation - Notice of Intention to Incorporate. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-2 - Procedure for Incorporation - Notice of Intention to Incorporate. | Section 5-5A-2
Procedure for incorporation - Notice of intention to incorporate.
Before a bank can become incorporated under the laws of Alabama, a notice of intention to organize such bank shall be published once a week for three successive weeks in the newspaper designated by the superintendent. Such notice shall specify the names of the proposed incorporators, the name of the proposed corporation, the place where it proposes to do business and the amount of capital paid in with which it will commence business, provided however, where the superintendent determines an emergency exists which might cause or has caused closing or liquidating an existing bank, the superintendent may waive such advance publication requirement in order to permit formation of a new bank, and such publication shall occur after the new bank commences business.
(Acts 1980, No. 80-658, §5-5-2.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-3 - Procedure for Incorporation - Affidavit of Proposed Incorporators; Affidavit of Pro... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-3 - Procedure for Incorporation - Affidavit of Proposed Incorporators; Affidavit of Proposed Stockholders; Submission of Proposed Certificate of Incorporation; Disclosure to Stockholders. | Section 5-5A-3
Procedure for incorporation - Affidavit of proposed incorporators; affidavit of proposed stockholders; submission of proposed certificate of incorporation; disclosure to stockholders.
After the notice of intention to incorporate has been published, the parties named as proposed incorporators in the published notice of the proposed corporation shall make an affidavit before some officer authorized to administer oaths and in said affidavit shall set forth the fact of publication of the notice as required by Section 5-5A-2, the names of the proposed stockholders, and the names of the proposed executive officers; and attach to the affidavit a copy of the published notice; and each proposed stockholder shall make an affidavit which shall state for himself that he bona fide intends to become a stockholder in the amount subscribed for in the proposed bank. These affidavits shall be filed with the superintendent; and, at the time of filing these affidavits, the proposed incorporators shall submit to the superintendent the proposed certificate of incorporation of the bank. The proposed incorporators must also disclose in writing to each proposed stockholder such data as the superintendent may require.
(Acts 1980, No. 80-658, §5-5-3.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-4 - Procedure for Incorporation - Investigation as to Fitness of Stockholders and Execu... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-4 - Procedure for Incorporation - Investigation as to Fitness of Stockholders and Executive Officers and Necessity for Banks. | Section 5-5A-4
Procedure for incorporation - Investigation as to fitness of stockholders and executive officers and necessity for banks.
The superintendent shall ascertain whether the character and general fitness of the persons named as proposed incorporators, proposed stockholders and proposed executive officers in the affidavit and in the proposed certificate of incorporation are such as to command the confidence of the community in which such bank is proposed to be located, and the superintendent shall make this inquiry and determination, regardless of whether or not objections to the incorporation are filed with him. The superintendent shall investigate the convenience and need for a bank in the community where the same is proposed to be located and shall also ascertain if there is sufficient business in said community to support said bank.
(Acts 1980, No. 80-658, §5-5-4.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-5 - Procedure for Incorporation - Filing of Objections to Incorporation of Proposed Ban... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-5 - Procedure for Incorporation - Filing of Objections to Incorporation of Proposed Bank; Investigation of Objections. | Section 5-5A-5
Procedure for incorporation - Filing of objections to incorporation of proposed bank; investigation of objections.
Any bank doing business in the community or any reputable citizen in the community may file with the superintendent an objection to the incorporation of the proposed bank, provided that the superintendent may refuse to accept objections after 15 days from the last date of publication of the notice of intention to incorporate. If such objection is filed, the superintendent shall thoroughly and specifically inquire into and investigate the objections. The superintendent in his investigation may summon witnesses to appear before him, and may administer oaths to such witnesses, and may examine such witnesses under oath. The superintendent may in his discretion disclose in confidence to the proposed incorporators such information which relates to the proposed bank as he deems appropriate and the superintendent and employees of the Banking Department shall be immune from suit in their individual capacity because of such disclosure and information.
(Acts 1980, No. 80-658, §5-5-5.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-6 - Procedure for Incorporation - Certificate of Superintendent of Banks Authorizing Fi... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-6 - Procedure for Incorporation - Certificate of Superintendent of Banks Authorizing Filing of Certificate of Incorporation. | Section 5-5A-6
Procedure for incorporation - Certificate of Superintendent of Banks authorizing filing of certificate of incorporation.
If the superintendent shall be satisfied from his investigation that the character and general fitness of the persons named as stockholders and executive officers are such as to command the confidence of the community in which such bank is proposed to be located and that there is sufficient business to support said bank in said community and that the convenience and needs of said community shall be served, he shall pass upon the sufficiency of the certificate of incorporation; and, if he approves the certificate he shall issue under his hand and official seal a certificate authorizing the proper official or officials to file the certificate of incorporation upon proof of payment of subscription to the capital subscribed for as required by law. The superintendent shall transmit the proposed certificate of incorporation, together with said certificate made by him to the official or officials with which a certificate of incorporation would be filed under the business corporation laws of this state, and the superintendent shall keep on file in his office a duplicate of the certificates made by him.
(Acts 1980, No. 80-658, §5-5-6.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-7 - Procedure for Incorporation - Filing and Recordation of Certificate of Incorporatio... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-7 - Procedure for Incorporation - Filing and Recordation of Certificate of Incorporation. | Section 5-5A-7
Procedure for incorporation - Filing and recordation of certificate of incorporation.
The official or officials designated by the business corporation laws to file certificates of incorporation shall, upon the certificate of incorporation being duly signed by the incorporators and proof being duly made as required by law of the payment of subscription to the capital, file and record the certificate of incorporation and other papers necessary or deemed necessary in the incorporation of the bank, together with the said certificate issued by the superintendent.
(Acts 1980, No. 80-658, §5-5-7.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-8 - Procedure for Incorporation - Refusal to Permit Incorporation; Appeal From Refusal... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-8 - Procedure for Incorporation - Refusal to Permit Incorporation; Appeal From Refusal to Banking Board. | Section 5-5A-8
Procedure for incorporation - Refusal to permit incorporation; appeal from refusal to Banking Board.
If the superintendent is of the opinion from his investigation that the character and general fitness of the persons named as stockholders or executive officers are such as not to command the confidence of the community in which such bank is proposed to be located or that there is not a sufficient business to support said bank in said community or that the convenience or needs of said community shall not be served, he shall issue under his hand and official seal, a refusal to permit the incorporation of the proposed bank and a copy of his refusal shall be filed in the superintendent's office, and the refusal and the proposed certificate of incorporation shall be returned to the proposed incorporators or their agent. No right of appeal to the Banking Board exists except upon refusal of the superintendent to permit incorporation. Any proposed stockholder or individual may appeal from such refusal of the superintendent by written notice of appeal filed with the superintendent within 28 days of the notice of refusal to the Banking Board. The Banking Board may take evidence and examine witnesses with respect to the propriety and justice vel non of said refusal and may make such findings and orders as may be necessary either to confirm said refusal or to permit the incorporation of such bank. Full power and authority is hereby vested in the State Banking Board to review, revise, and reverse or confirm any ruling or finding or order of the superintendent denying the establishment of state banks and to take evidence and examine witnesses of all parties touching such matters. The Banking Board will notify all parties of its decision.
(Acts 1980, No. 80-658, §5-5-8.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-9 - Procedure for Incorporation - Judicial Review. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-9 - Procedure for Incorporation - Judicial Review. | Section 5-5A-9
Procedure for incorporation - Judicial review.
Nothing in this chapter shall be construed to prevent the Circuit Court of Montgomery County, as provided by law, from reviewing and reversing either the action of the Banking Board in granting or refusing a charter or permitting the organization of a new bank or the action of the superintendent in granting a charter or permitting the organization of a new bank. Written notice of appeal must be filed with that court within 28 days of the order from which the appeal is taken. Upon proper proceedings, the court, after full hearing of the matters at issue, shall enter an order or judgment reversing or affirming the order appealed. The granting of a charter or permit by the superintendent or granting or refusal to grant a charter or permit by the Banking Board shall be taken as prima facie just and reasonable.
(Acts 1980, No. 80-658, §5-5-9.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-10 - Permit to Transact Business - Required. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-10 - Permit to Transact Business - Required. | Section 5-5A-10
Permit to transact business - Required.
No bank shall engage in the banking business until it shall have received from the superintendent a permit to transact a banking business. Any person who shall hereafter transact any business as an officer or agent of any bank hereafter incorporated, before such bank is authorized to transact business as a bank by the permit of the superintendent, shall be guilty of a misdemeanor and upon conviction, shall be fined not less than $1,000.00 nor more than $10,000.00. Each day on which said person transacts such business shall be a separate offense. The superintendent is empowered to seek an injunction from any court of competent jurisdiction enjoining such transaction of business.
(Acts 1980, No. 80-658, §5-5-10.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-11 - Permit to Transact Business - Examination; Issuance and Recordation of Permit. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-11 - Permit to Transact Business - Examination; Issuance and Recordation of Permit. | Section 5-5A-11
Permit to transact business - Examination; issuance and recordation of permit.
The superintendent shall, before issuing his permit to any bank to commence business under the application provided for in Section 5-5A-1, examine or cause an examination to be made in order to ascertain whether the requisite capital of such bank has been paid in cash. If the superintendent shall find that the requisite capital has been paid in cash, that the certificate of incorporation has been approved and recorded and that all other requirements for the issuance of the permit have been met, he shall issue his permit authorizing such bank to commence business at the place, time and under the name as stated in the application for the permit and to transact business in this state as a bank, which permit shall be recorded in the office of the superintendent in a book to be kept by him for that purpose, and a certified copy thereof shall be filed and recorded at the expense of the bank in the office of the official or officials with which the certificate of incorporation of the bank has been filed.
(Acts 1980, No. 80-658, §5-5-11.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-12 - Membership in Federal Deposit Insurance Corporation, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-12 - Membership in Federal Deposit Insurance Corporation, Etc. | Section 5-5A-12
Membership in federal deposit insurance corporation, etc.
All banks now or hereafter operating under the laws of this state shall be members of the Federal Deposit Insurance Corporation or such other agency as may be created to insure the deposits of such bank.
(Acts 1980, No. 80-658, §5-5-12.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-13 - Filing Fee; Other Fees. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-13 - Filing Fee; Other Fees. | Section 5-5A-13
Filing fee; other fees.
(a) The Banking Board shall from time to time fix the amount of the fee for filing an application for a new bank, and for:
(1) Establishment of a branch of an existing bank;
(2) Conversion of a national bank to a state bank;
(3) A merger of two or more existing banks;
(4) Establishment and operation of any facility authorized under the provisions of Sections 5-2A-7 and 5-2A-8;
(5) Acquisition of a majority of voting stock of a bank;
(6) Any examination necessitated by the foregoing; and
(7) Other actions that require the approval of the superintendent or the Banking Board.
(b) All such fees shall be paid into the special fund set up by the State Treasurer pursuant to Section 5-2A-20.
(Acts 1980, No. 80-658, §5-5-13.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-14 - Capital - Minimum Amount Required for Incorporation of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-14 - Capital - Minimum Amount Required for Incorporation of Bank. | Section 5-5A-14
Capital - Minimum amount required for incorporation of bank.
(a) No bank hereafter organized under the laws of Alabama shall have total initial capital accounts actually paid in of less than $800,000.00.
(b) The superintendent may require a higher amount of capital accounts and where the bank will have no significance except as a means of acquiring the assets or the voting shares of an existing bank, the superintendent may require a lesser amount of capital accounts.
(Acts 1980, No. 80-658, §5-5-14.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-15 - Capital - Increase or Decrease. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-15 - Capital - Increase or Decrease. | Section 5-5A-15
Capital - Increase or decrease.
Any bank shall with the consent of the superintendent have power and authority to increase or decrease its authorized capital in the manner provided for a corporation under the business corporation laws of this state.
(Acts 1980, No. 80-658, §5-5-15.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-16/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-16 - Issuance of Capital Notes and Debentures. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-16 - Issuance of Capital Notes and Debentures. | Section 5-5A-16
Issuance of capital notes and debentures.
No bank shall issue capital notes or capital debentures except with the prior written approval of the superintendent under such conditions as he may impose.
(Acts 1980, No. 80-658, §5-5-16.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-17/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-17 - Amendment of Certificate of Incorporation; Approval of Amended Certificate of Inco... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-17 - Amendment of Certificate of Incorporation; Approval of Amended Certificate of Incorporation. | Section 5-5A-17
Amendment of certificate of incorporation; approval of amended certificate of incorporation.
A bank may amend its certificate of incorporation in the manner provided by the laws governing business corporations. No proposed amendment of a certificate of incorporation of a bank is valid unless approved in writing by the superintendent and may not be recorded unless such written approval accompanies the proposed amendment.
(Acts 1980, No. 80-658, §5-5-17.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-18/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-18 - Powers of Banks Generally. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-18 - Powers of Banks Generally. | Section 5-5A-18
Powers of banks generally.
Corporations formed for the purpose of doing business as a bank may:
(1) Discount bills, notes or other evidences of debt;
(2) Receive and pay out deposits, with or without interest, pay checks, and impose charges for any services;
(3) Receive on special deposit money, bullion or foreign coins or bonds or other securities;
(4) Buy and sell foreign and domestic exchanges, gold and silver bullion or foreign coins, bonds, bills of exchange, notes and other negotiable paper;
(5) Lend money on personal security or upon pledges of bonds, stocks or other negotiable securities;
(6) Take and receive security by mortgage, security agreement or otherwise on property, real and personal;
(7) Become trustees for any purpose and be appointed and act as executors, administrators, guardians, receivers, or fiduciaries upon receiving the prior written approval of the superintendent under Section 5-11A-1;
(8) Lease real and personal property upon specific request of a customer, provided such banks must comply with any applicable Alabama laws regulating leasing real property or improvements thereon to others;
(9) Perform computer, management, and travel agency services for others;
(10) Subscribe to the capital stock and become a member of the Federal Reserve System and comply with rules and regulations thereof;
(11) Accept deposits and payments on loans and other obligations as agent for other banks located in this state that are subsidiaries of the same bank holding company. If banks located in this state are affiliates, they may accept deposits and payments on loans and other obligations as agent for each other. Banks acting as agents for other banks under this subsection shall not be deemed branch offices of the banks for which they act. As used in this subsection, banks are "affiliates" if the same person or persons directly or indirectly own or control either a majority of the voting shares or more than 50 percent of the number of shares entitled to elect the directors of both banks; and
(12) Do any business and exercise any powers incident to the business of banks.
(Acts 1980, No. 80-658, §5-5-18; Acts 1990, No. 90-217, p. 253.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-18-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-18.1 - Banks and Trust Companies to Have Power of Federally Chartered or Regulated Fina... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-18.1 - Banks and Trust Companies to Have Power of Federally Chartered or Regulated Financial Institution. | Section 5-5A-18.1
Banks and trust companies to have power of federally chartered or regulated financial institution.
In addition to all other rights and powers provided under this title, banks and trust companies chartered by this state and supervised by the superintendent and banks or trust companies chartered by any other state which are doing business or proposing to conduct any bank or trust company activities in this state and each of their subsidiaries, subject to the prior approval of the superintendent, may make any loan or investment , exercise any power, and engage in any activity which they could make , exercise, or engage in if incorporated or operating as a federally chartered or regulated financial institution and they shall be entitled to all rights, privileges, and protections granted or available to federally chartered or regulated financial institutions. In addition to other conditions determined at the superintendent's discretion, any approval granted under this section to a bank or trust company chartered by another state or to subsidiaries of a bank or trust company chartered by another state may be conditioned upon the existence of reciprocal authority from the other state for Alabama state banks and trust companies or their subsidiaries to exercise the same power or engage in the same activity in the other state. The provisions of this section shall take priority and be given effect over any other general or specific provisions of Alabama law to the contrary. Except in the case of a natural disaster or other emergency, in determining whether to issue an approval of an activity, right, privilege, or protection under this section, the superintendent shall consider the importance of maintaining a competitive dual banking system and whether such an approval is contrary to the public interest. In the event of a natural disaster or other national, regional, state, or local emergency, the superintendent may temporarily waive or suspend requirements for bank and trust company compliance with any other general or specific provisions of this title. At the discretion of the superintendent, an approval issued under this section to any bank, trust company, or subsidiary of a bank or trust company may apply to all banks, trust companies, and their subsidiaries. Approvals granted under this section shall not exempt the applicant or its subsidiary from applicable licensure and regulatory requirements of Articles 1, 2, and 4 of Chapter 27 of Title 34, except where a national bank or its subsidiary would not be subject to the licensure or regulatory requirements of Articles 1, 2, and 4 of Chapter 27 of Title 34. For the purposes of this section, the term federally chartered financial institution means any bank, savings bank, limited purpose bank, savings and loan association, other institution whose deposits are federally insured, or trust company chartered by the Office of the Comptroller of the Currency or the Office of Thrift Supervision, or their successor agencies, and any subsidiary of such institutions.
(Acts 1988, No. 88-554, p. 870; Acts 1995, No. 95-115, p. 134, §71; Act 2007-224, p. 284, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-19/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-19 - Reserves. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-19 - Reserves. | Section 5-5A-19
Reserves.
(a) A bank which is not a member of the Federal Reserve System shall maintain at all times a reserve fund in an amount fixed by resolution of the Banking Board. The amount of the required reserve for each day shall be computed on the basis of average daily deposits covering such biweekly or shorter periods as shall be fixed by resolution of the Banking Board. This reserve shall consist of cash on hand and demand deposits due from other banks.
(b) A bank shall give written notice to the superintendent, in the manner prescribed by the superintendent for such notice, of any deficiency in the amount or form of the reserve fund required by this section within three business days after the close of any scheduled averaging period during which deficiency occurs. Such bank shall pay to the superintendent a fee because of this deficiency which shall be fixed by the Banking Board. All such fees shall be paid into the special fund set up by the State Treasurer pursuant to Section 5-2A-20.
(c) A bank which is a member of the Federal Reserve System shall maintain at all times a reserve fund in accordance with the requirements applicable to a member bank under the laws of the United States.
(Acts 1980, No. 80-658, p. 1259, §5-5-19; Acts 1981, No. 81-687, p. 1158.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-20 - Branch Banks; Commercial Affiliates. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-20 - Branch Banks; Commercial Affiliates. | Section 5-5A-20
Branch banks; commercial affiliates.
(a) Alabama banks may establish a branch or office for the transaction of the banking business within the State of Alabama upon prior approval of the superintendent. Alabama banks may establish a branch or office for the transaction of a banking business in any state other than Alabama, any territory of the United States, or in any foreign country in accordance with the provisions of federal law, the laws of the other state, territory, or foreign country and upon the prior approval of the superintendent.
(b) All laws or parts of laws, whether general, local, or general laws of local applications, which conflict with this section are hereby repealed to the extent of such conflict.
(c) Neither an Alabama bank nor an out-of-state bank may establish or maintain a branch or office for the transaction of the banking business in Alabama on the premises of a commercial affiliate of the bank. For purposes of this section, commercial affiliate is an affiliate of the bank as set forth in subsection (k) of Section 2 of the Bank Holding Company Act which engages in commerce. An entity engages in commerce when 15 percent or more of its revenue is derived from activities other than those in which a bank holding company, or its subsidiaries, may engage. Premises of the commercial affiliate are any physical locations where the commercial affiliate directly or indirectly maintains ownership or conducts business.
(Acts 1980, No. 80-658, p. 1259, §5-5-20; Acts 1983, 1st Ex. Sess., No. 83-73, p. 76; Acts 1985, No. 85-364, p. 307; Acts 1995, No. 95-115, p. 134, §72; Act 2007-224, p. 284, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-21 - Surplus; Restriction on Dividends. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-21 - Surplus; Restriction on Dividends. | Section 5-5A-21
Surplus; restriction on dividends.
Every bank shall transfer to surplus each year at least 10 percent of its net earnings until the surplus of such bank shall be equal to at least 20 percent of its capital, and it shall be unlawful for such bank to declare or pay a dividend in excess of 90 percent of the net earnings of such bank until the surplus of such bank shall be equal to at least 20 percent of capital.
Thereafter the prior written approval of the superintendent shall be required if the total of all dividends declared by the bank in any calendar year shall exceed the total of its net earnings of that year combined with its retained net earnings of the preceding two years, less any required transfers to surplus. No dividends, withdrawals or transfers may be made from the bank's surplus without the prior written approval of the superintendent.
For the purpose of this section the term "net earnings" shall mean the remainder of all earnings from current operations plus actual recoveries on loans and investments and other assets, after deducting from the total thereof all current operating expenses, actual losses, accrued dividends on preferred stock, if any, and all federal, state and local taxes.
(Acts 1980, No. 80-658, §5-5-21.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-22 - Limits of Indebtedness. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-22 - Limits of Indebtedness. | Section 5-5A-22
Limits of indebtedness.
(a) No bank shall make a loan to any one person which, when combined with all other loans to such person, would cause total loans to that person to exceed:
(1) Ten percent of the capital accounts of the bank, if such loans are not secured, or
(2) Twenty percent of the capital accounts of the bank, if loans in excess of 10 percent of capital are fully secured.
(b) No loans which would exceed the limitation set forth in subsection (a)(1) shall be made unless duly authorized or approved in advance by the board of directors of the bank, a committee of the board of directors of the bank, or a loan committee, with such authorization or approval recorded in minutes of the meeting at which the authority was given.
(c)(1) As used in this section, the term "capital accounts" shall include capital, surplus, and undivided profits as defined in Section 5-1A-2, together with obligations of the bank subordinated in priority upon liquidation or dissolution to the claims of depositors of the bank. The term shall also include such reserves as may from time to time be permitted to be included by the superintendent.
(2) In calculating total loans to a person under this section the following rules shall govern:
a. In computing the total liabilities of any person to a bank, there shall be included all liabilities to the bank as maker or acceptor of paper discounted with or sold to such bank and the liability of the indorser, drawer, or guarantor who obtains a loan from or discounts paper with or sells paper under his or her guaranty or repurchase agreement to such bank.
b. In computing the total liabilities of any person to a bank, there shall be included all liabilities to the bank of any partnership or any unincorporated association of which such person is a member, any loans made for such person's benefit or for the benefit of such partnership or unincorporated association, and any loans made to, or for the benefit of, a corporation of which such person owns 35 percent or more of the capital.
c. In computing the total liabilities of any partnership or unincorporated association to a bank, there shall be included all liabilities of its individual members to such bank, loans made for the benefit of such partnership or unincorporated association or any member thereof, and any loan made to, or for the benefit of, any corporation of which any member owns 35 percent or more of the capital.
d. In computing the total liabilities of any corporation to a bank, there shall be included all loans made for the benefit of the corporation, and all loans to, or for the benefit of any partnership or unincorporated association, or any member thereof, who owns 35 percent or more of the capital of such corporation.
e. In computing the total liabilities of any person to a bank, direct or indirect loans to such person's spouse will be aggregated and treated as loans to such person until the bank can satisfy the superintendent that each spouse has a separate net worth and available assets or cash flow to independently repay and service each individual spouse's debts, and such net worth, assets, or cash flow of each is not dependent on decisions made or actions taken by the other.
f. In computing total liabilities of any person to a bank, any credit exposure to a person arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction between the bank and the person shall be included. For the purposes of this paragraph the term derivative transaction shall include any transaction that is a contract, agreement, swap, warrant, note, or option that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, one or more commodities, securities, currencies, interest or other rates, indices, or other assets.
(d) There shall be excluded from the limits set forth in subsection (a) the following:
(1) Indebtedness evidenced by commercial paper drawn in good faith against actually existing values and secured by a security interest upon goods in transit with shippers' order, bills of lading, or comparable instruments attached;
(2) Deposits in a reserve depository or a Federal Reserve Bank;
(3) Loans to the extent secured by:
a. Obligations of, and obligations guaranteed by the United States, the State of Alabama, any political subdivision of the State of Alabama, any public body of the State of Alabama, or a public body of any political subdivision of the State of Alabama if the obligations or guarantees are general obligations thereof;
b. Obligations which the bank would be authorized to acquire without limit as investment securities;
c. Guarantees or commitments or agreements to take over or purchase made by any department, bureau, board, commission, or establishment of the United States or any corporation owned directly or indirectly by the United States; or
d. At least a like amount of cash or deposits held by the lending bank.
(4) Investment securities acquired by the bank;
(5) Such other loans, liabilities, or transactions as shall from time to time be established by regulations of the State Banking Department.
(e) It shall be the duty of the superintendent to order any loans in excess of the amount fixed in this section reduced to the legal limit within 30 days of the superintendent's issuance of a written report of examination detailing such excess. If such reduction is not made by the bank within 30 days of the superintendent's order, the superintendent may take appropriate action, including ordering the excess charged to profit and loss if, in his or her opinion, such excess is not well secured, or may by order impose civil money penalties against the bank not to exceed the amount of interest and fees paid or contracted to be paid to the bank on the loan or loans in excess of the amount fixed in this section. If such order of the superintendent is not complied with, the superintendent may proceed as in other cases provided for violation of the orders of the superintendent, and the bank shall have the same rights to a hearing and of appeal as are provided in Section 5-2A-12.
(Acts 1980, No. 80-658, p. 1259, §5-5-22; Act 2007-224, p. 284, §1; Act 2011-589, p. 1306, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-23 - Investments and Loans With Respect to Housing. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-23 - Investments and Loans With Respect to Housing. | Section 5-5A-23
Investments and loans with respect to housing.
(a) Banks, insurance companies and savings and loan associations are authorized:
(1) To make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance and to obtain such insurance; and
(2) To make such loans secured by real property or leasehold as the Federal Housing Administrator insures or makes a commitment to insure and to obtain such insurance.
(b) It shall be lawful for banks, insurance companies or savings and loan associations to purchase, invest in and dispose of bonds or notes secured by mortgages issued by the Federal Housing Administrator and in securities issued by national mortgage associations.
(c) No law of this state requiring security upon which loans or investments may be made, or prescribing or limiting interest rates upon loans or investments, or prescribing or limiting the period for which loans or investments may be made shall be deemed to apply to loans or investments made pursuant to the foregoing paragraph.
(d) Any bank or trust company purchasing, investing in or otherwise holding in any fiduciary capacity for the benefit of any ward or other beneficiary any mortgage loan insured by the Federal Housing Administrator shall be entitled to receive and retain for its own individual or corporate account any service charge allowed by said administrator on account of the servicing of the insured mortgage loan. Such service charge shall be considered as a reimbursement to such fiduciary for the additional expense of handling for the mortgagor and the Federal Housing Administrator monthly collections on such mortgage loan and payments of taxes, insurance and other charges on the property securing such loan as such administrator and regulations may require.
(e) Wherever, by statute of this state, collateral is required as security for the deposit of public or other funds, or deposits are required to be made with any public official or department, or an investment of capital or surplus or a reserve or other fund is required to be maintained, consisting of designated securities, notes and bonds insured by the Federal Housing Administrator and debentures issued by the Federal Housing Administrator and obligations of national mortgage associations shall be acceptable at face value for such purposes.
(Acts 1980, No. 80-658, §5-5-23.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-25/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-25 - Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Ship... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-25 - Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Shipment of Goods - Authority. | Section 5-5A-25
Acceptance of drafts or bills of exchange arising from transactions involving shipment of goods - Authority.
Any bank in Alabama may accept drafts or bills of exchange drawn upon it, having not more than six months' sight to run, exclusive of days of grace, which grew out of transactions involving the importation or exportation of goods or which grew out of transactions involving the domestic shipment of goods, if shipping documents conveying or securing title are attached at the time of acceptance or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples. The bank shall keep a careful record of all such acceptances and show the same as a liability on its general books.
(Acts 1980, No. 80-658, §5-5-25.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-26/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-26 - Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Ship... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-26 - Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Shipment of Goods - Limitations. | Section 5-5A-26
Acceptance of drafts or bills of exchange arising from transactions involving shipment of goods - Limitations.
No bank shall accept, whether in a foreign or domestic transaction, for any one person, company, firm or corporation, to an amount equal at any time in the aggregate to more than 10 percent of its paid up and unimpaired capital and surplus, unless the bank is secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance, and no bank shall accept such bills to an amount equal at any time in the aggregate to more than one half of its paid up and unimpaired capital stock and surplus. Banks which are members of the Federal Reserve System may accept such bills to an amount not exceeding at any time in the aggregate 100 percent of their paid up and unimpaired capital and surplus, but the aggregate of acceptances growing out of domestic transactions shall in no event exceed 50 percent of such capital and surplus.
(Acts 1980, No. 80-658, §5-5-26.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-27/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-27 - Loans Secured by Own Stock; Purchase of Own Stock; Ownership of Capital Stock of O... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-27 - Loans Secured by Own Stock; Purchase of Own Stock; Ownership of Capital Stock of Other Banks. | Section 5-5A-27
Loans secured by own stock; purchase of own stock; ownership of capital stock of other banks.
No bank shall make a loan taking its own stock as security therefor or directly or indirectly purchase shares of its own stock, except in pursuance of provisions of law for reducing its capital stock. No bank shall subscribe for or own capital stock in any other bank except in the usual course of business in payment of an indebtedness or in order to prevent a loss on a debt owing to it and the bank must sell said stock within one year from the time the same is acquired unless this time period is extended by the superintendent; provided, however, that nothing in this section shall prohibit the ownership by any bank of any stock in another bank acquired prior to May 28, 1980.
(Acts 1980, No. 80-658, §5-5-27.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-28/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-28 - Pledge of Assets. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-28 - Pledge of Assets. | Section 5-5A-28
Pledge of assets.
No bank may pledge assets as security for deposits, except any bank is authorized to pledge acceptable assets as security for deposits of trust funds deposited by its trust department and of public funds, heretofore or hereafter deposited, by the United States or any agency or governmental instrumentality of the United States or by a state or any political subdivision of a state or any agency or other governmental instrumentality of such subdivision, including any county, municipal corporation, county, city, or other public board of education, including any custodian or treasurer of county, city, or other public school funds, any improvement authority heretofore or hereafter incorporated or any public corporation, including each board, authority, or district heretofore or hereafter organized or created in a state pursuant to authorization or determination by any municipality or municipalities or by any county or counties or the governing body of any one or more thereof. For purposes of this section, banks may only pledge assets to secure deposits of Alabama public entities that are defined as covered public entities or covered public officials under Section 41-14A-2. The word "deposits," as used in this section, means deposits of all kinds, including, without limiting the generality of the foregoing, deposits in savings accounts, deposits in checking accounts, deposits in special trust funds, demand deposits, special deposits, time deposits on which interest is to be paid, and deposits for which a bank has issued its certificates of deposit.
(Acts 1980, No. 80-658, p. 1259, §5-5-28; Acts 1988, No. 88-260, p. 401; Act 2007-224, p. 284, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-29/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-29 - Security Not Required When Deposits Insured. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-29 - Security Not Required When Deposits Insured. | Section 5-5A-29
Security not required when deposits insured.
Notwithstanding any provision of law of this state or of any political subdivision of the state or any agency or governmental instrumentality of such subdivision requiring security for deposits in the form of collateral, surety bond or in any other form, security for such deposits shall not be required to the extent said deposits are insured by the Federal Deposit Insurance Corporation or any successor thereto.
(Acts 1980, No. 80-658, §5-5-29.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-30/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-30 - Transactions of Business on Legal Holidays; Use of Automated Teller Machine or Oth... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-30 - Transactions of Business on Legal Holidays; Use of Automated Teller Machine or Other Instrumentality, Transaction Fees, Disclosure; Limitation on Contractual Fee Restrictions, Intent of Limitation, Applicability. | Section 5-5A-30
Transactions of business on legal holidays; use of automated teller machine or other instrumentality, transaction fees, disclosure; limitation on contractual fee restrictions, intent of limitation, applicability.
(a) Any bank may lawfully receive deposits or paychecks or sight drafts and transact any other business on any legal holiday, excepting Sunday, in the same manner and way that it is authorized to do on any legal banking day.
(b) Nothing in this section, nor any other law of this state, shall be construed to prohibit a bank the use of an automated teller machine, or other instrumentality as authorized by Section 5-2A-7 and Section 5-2A-8, 24 hours each day of the week including Sunday, and the use of the machine or other instrumentality by any bank is hereby authorized, provided the machine or other instrumentality and the use thereof is first approved by the appropriate bank regulatory authority, if the approval is required. A bank owning or operating a machine or other instrumentality may charge a transaction fee to the person using the machine or other instrumentality. The transaction fee shall be disclosed: (i) on a sign posted on the machine or other instrumentality or at a location in view of a person while viewing the machine or other instrumentality; or (ii) electronically during the course of the transaction in a manner that permits a person to cancel the transaction without incurring the transaction fee.
(c) No contract with a bank organized under the laws of this state or a national bank located in this state permitting the use of any automated teller machine or other instrumentality owned or operated by a bank by customers of any other financial institution shall prohibit, limit, or restrict the right of the bank to charge any fees not prohibited to the bank by law or require a bank to limit or waive its rights under this chapter.
(d) The amendments to subsection (b) made by Acts 1994, No. 94-104 shall be cumulative with, declare, and clarify existing law. The transaction fee shall be in addition to any fees and charges to which a bank and its customer may agree from time to time with regard to the use of any automated teller machine or other instrumentality.
(e) Subsection (c) shall apply to all contracts permitting the use of automated teller machines or other instrumentalities by customers of another financial institution irrespective of whether the contract was entered into before or after February 18, 1994.
(Acts 1980, No. 80-658, p. 1259, §5-5-30; Acts 1994, No. 94-104, p. 114, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-31/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-31 - Liability for Transactions on Legal Holidays. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-31 - Liability for Transactions on Legal Holidays. | Section 5-5A-31
Liability for transactions on legal holidays.
A bank shall be liable for and chargeable with deposits received and other business transacted on a legal holiday the same as if such deposit were received or business transacted on a legal banking day and shall have the same protection for payment of checks or sight drafts and business on a holiday that it would have if such payments were made and such transactions had on a legal banking day.
(Acts 1980, No. 80-658, §5-5-31.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-32/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-32 - Closing of Banks, etc., Permitted on One Business Day of Each Week. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-32 - Closing of Banks, etc., Permitted on One Business Day of Each Week. | Section 5-5A-32
Closing of banks, etc., permitted on one business day of each week.
(a) Any bank or any branch or branches thereof may close on any one business day of each week and shall have this right even though there shall fall in such week a holiday as established in Section 1-3-8. If the superintendent should determine that an emergency should exist, he may authorize any bank or any branch or branches thereof to close on one or more business days.
(b) Any such day upon which such bank or any branch or branches thereof may elect to close shall with respect to such institution be deemed a holiday for all purposes and not a business day. All acts omitted or done by such bank or any branch or branches thereof upon any such day shall have the same consequence and effect as if omitted or done upon the next succeeding business day, and any act authorized, required or permitted to be performed at or with respect to any such bank or any branch or branches thereof on the days so fixed may be performed on the next succeeding business day, and no liability or loss of rights of any kind shall result from such delay to any person or to any bank, or any branch or branches thereof.
(Acts 1980, No. 80-658, §5-5-32.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-33/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-33 - Bank to Pay Checks Drawn on It at Par. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-33 - Bank to Pay Checks Drawn on It at Par. | Section 5-5A-33
Bank to pay checks drawn on it at par.
Any bank shall pay all checks drawn on it and transmitted in a cash letter at par and shall make no charge for the payment of such checks the first time presented to it for payment.
(Acts 1980, No. 80-658, §5-5-33.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-35/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-35 - Agreements Between Principal and Sureties on Bond for Deposit of Money and Assets... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-35 - Agreements Between Principal and Sureties on Bond for Deposit of Money and Assets in Bank, Etc. | Section 5-5A-35
Agreements between principal and sureties on bond for deposit of money and assets in bank, etc.
It shall be lawful for any party of whom a bond, undertaking or other obligation is required to agree with his surety or sureties for the deposit of any or all money and assets for which he and his surety or sureties are or may be held responsible with a bank, or with other depository approved by the court or a judge thereof, if such deposit is otherwise proper, for the safekeeping thereof, and in such manner as to prevent the withdrawal of such money or assets or any part thereof, without the written consent of such surety or sureties, or an order of court or a judge thereof made on such notice to such surety or sureties as such court or judge may direct; provided, however, that such agreement shall not in any manner release from or change the liability of the principal or sureties as established by the terms of the bond.
(Acts 1980, No. 80-658, §5-5-35.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-36/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-36 - Notice Upon Maturity of Certificate of Deposit Issued for More Than 90 Days. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-36 - Notice Upon Maturity of Certificate of Deposit Issued for More Than 90 Days. | Section 5-5A-36
Notice upon maturity of certificate of deposit issued for more than 90 days.
In the case of certificates of deposit issued for more than 90 days which are automatically renewable, a bank shall send within a reasonable period, but in no event less than five days before the next maturity, a written notice to the last known address of record.
(Acts 1980, No. 80-658, §5-5-36.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-37/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-37 - Rights of Minors. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-37 - Rights of Minors. | Section 5-5A-37
Rights of minors.
A minor may make, in her or his own name, a deposit in any bank, and such deposit may be general or special, and shall be paid only to such minor, or upon his or her order, and not to the parents or guardians of such minor, and such payment shall be valid as against the minor child, his or her parents or guardian.
(Acts 1980, No. 80-658, §5-5-37.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-38/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-38 - Disposition of Small Deposits of Deceased Person - to Whom Payable; When Bond Requ... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-38 - Disposition of Small Deposits of Deceased Person - to Whom Payable; When Bond Required. | Section 5-5A-38
Disposition of small deposits of deceased person - To whom payable; when bond required.
Whenever a person shall die leaving deposits in a bank not exceeding $5,000.00 in the aggregate, the bank may in its discretion discharge itself from liability thereafter by paying the deposits to the surviving spouse of the deceased or, if there is none, to the adult children and to the person having the actual custody and control of the minor child or children of the deceased; provided, that such person, if not the legal guardian, shall execute to the probate judge of the county where the principal office of the bank is located a bond in the penal sum of double the amount of the portion of such deposit he receives for the faithful accounting of the money so received, which shall be approved by said probate judge; or, if there is no surviving spouse or child or children, to the person or persons who, under the laws of Alabama, are the next of kin and inherit the personal property of the deceased. The bank shall be fully protected by requiring an affidavit by some reputable citizen as to the facts specified.
(Acts 1980, No. 80-658, §5-5-38.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-39/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-39 - Disposition of Small Deposits of Deceased Person - Time for Payment; When Payment... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-39 - Disposition of Small Deposits of Deceased Person - Time for Payment; When Payment Prohibited. | Section 5-5A-39
Disposition of small deposits of deceased person - Time for payment; when payment prohibited.
No payment shall be made pursuant to Section 5-5A-38 by the bank before the lapse of 60 days from the date of the death of the deceased, and no payment shall be made by the bank under this section if letters testamentary or of administration have been issued to a personal representative or a proceeding is pending in the court in this state which would have jurisdiction of the administration of the estate. The bank shall be fully protected by requiring an affidavit by some reputable citizen as to the facts specified.
(Acts 1980, No. 80-658, §5-5-39.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-40/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-40 - Disposition of Deposit in Trust for Another Upon Death of Trustee. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-40 - Disposition of Deposit in Trust for Another Upon Death of Trustee. | Section 5-5A-40
Disposition of deposit in trust for another upon death of trustee.
Whenever any deposit shall be made in any bank by any person in trust for another and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to and received by the bank, in the event of the death of the trustee, such deposit or any part thereof, together with any interest thereon, may be paid to the person for whom said deposit was made, whether a minor or adult, and the receipt or acquittance of such person shall fully relieve and release said bank from all liability.
(Acts 1980, No. 80-658, §5-5-40.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-41/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-41 - Payment of Deposits Made in Names of Two Persons Upon Death of One; More Than Two... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-41 - Payment of Deposits Made in Names of Two Persons Upon Death of One; More Than Two Persons With Provision for Survivorship. | Section 5-5A-41
Payment of deposits made in names of two persons upon death of one; more than two persons with provision for survivorship.
(a) Any deposit heretofore or hereafter made in any bank in the names of two or more persons payable to any of such persons, upon the death of either of said persons, may be paid by the bank to the survivors jointly, irrespective of whether or not:
(1) The form of the deposit or deposit contract contains any provision for survivorship;
(2) The funds deposited were the property of only one said person;
(3) There was at the time of making such deposit any intention on the part of the person making such deposit to vest the other with a present interest therein;
(4) Only one of said persons during their joint lives had the right to withdraw such deposit;
(5) There was any delivery of any bank book, account book, savings account book, certificate of deposit or other writing by the person making such deposit to the other of such persons; or
(6) Any other circumstances.
The bank in which such deposit is made may pay such deposit, or any part thereof or interest thereon, to either of said persons, or if one is dead, to the surviving of them, and such payment shall fully release and discharge the bank from all liability for any payment so made.
(b) The provisions of this section shall apply to savings accounts, checking accounts and certificates of deposit and shall also apply to any deposit made in the names of more than two persons where there is an express written provision for survivorship in the deposit contract.
(c) Nothing contained in this section shall be construed to prohibit the person making such deposit from withdrawing or collecting the same during his lifetime; nor shall anything contained in this section prohibit any person or persons making a deposit in the names of more than one person from providing for disposition of such deposit and interest thereon in a manner different from that provided above in this section, provided such different manner of disposition is expressly provided for in writing in the deposit contract.
(Acts 1980, No. 80-658, §5-5-41.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-42/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-42 - Adverse Claims to Deposits. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-42 - Adverse Claims to Deposits. | Section 5-5A-42
Adverse claims to deposits.
Notice to any bank of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause said bank to recognize said adverse claimant unless said adverse claimant shall also either procure a restraining order, injunction or other appropriate process against said bank from a court of competent jurisdiction in a civil action therein instituted by such claimant wherein the person to whose credit the deposit stands is made a party and served with summons or shall execute to said bank in form and with sureties acceptable to it, a bond indemnifying said bank from any and all liability, loss, damage, costs and expenses for and on account of the payment or recognition of such adverse claim or the dishonor of or failure to pay the check or failure to comply with other order of the person to whose credit the deposit stands on the books of said bank; provided, that this section shall not apply in any instance where the person to whose credit the deposit stands is a fiduciary for such adverse claimant and the facts constituting such relationship, as well as the facts showing reasonable cause of belief on the part of the said claimant that the said fiduciary is about to misappropriate said deposit, are made to appear by the affidavit of such claimant.
(Acts 1980, No. 80-658, §5-5-42.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-43/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-43 - Disclosure of Customer Financial Records. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-43 - Disclosure of Customer Financial Records. | Section 5-5A-43
Disclosure of customer financial records.
A bank shall disclose financial records of its customers pursuant to a lawful subpoena, summons, warrant or court order issued by or at the request of any state agency, political subdivision, instrumentality, or officer or employee thereof and served upon the bank. No bank, director, officer, employee or agent thereof shall be held civilly or criminally responsible for disclosure of financial records pursuant to a subpoena, summons, warrant or court order which on its face appears to have been issued upon lawful authority.
(Acts 1980, No. 80-658, §5-5-43.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-44/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-44 - Acquisition of Majority of Voting Shares of a Bank; Procedure. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-44 - Acquisition of Majority of Voting Shares of a Bank; Procedure. | Section 5-5A-44
Acquisition of majority of voting shares of a bank; procedure.
(a) No person, acting directly or indirectly or through or in concert with one or more persons, may acquire control of a state bank or of any corporation or other entity having control of a state bank, unless an application is filed with the superintendent for review of the proposed transaction and for his or her action, if any, as provided in this section.
(b) The application shall be on a form prescribed by the superintendent and shall be made under oath. The application must contain all information that the superintendent by regulation requires to be furnished in an application, as well as any information that the superintendent orders to be included in the particular application being filed and shall be accompanied by the filing fee prescribed by the Banking Board. For the purposes of this section, the Banking Board may reduce or waive any prescribed fees for applications where a change of control application must also be filed with a responsible federal bank supervisory agency, and the superintendent may accept a copy of the application filed with the responsible federal bank supervisory agency. The superintendent is authorized to waive any prescribed application fees for transactions which the superintendent exempts under subsection (g) (3). No acquiring party may acquire control of a bank unless the superintendent has approved the acquiring party's acquisition plan. All persons with whom the acquiring party acts directly, indirectly, through, or in concert with to acquire control shall be identified in the application and shall provide all information required by the superintendent. The acquiring party shall file its application with the superintendent, and the application shall, except to the extent expressly waived by the superintendent, contain the following information:
(1) The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition is to be made, including his or her material business activities and affiliations during the past five years, and a description of any material pending legal or administrative proceedings in which he or she is a party and any criminal indictment or conviction of such person by a state or federal court.
(2) A statement of the assets and liabilities of each person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year for each of the five fiscal years immediately preceding the date of the notice, together with related statements of income and source and application of funds for each of the fiscal years then concluded, all prepared in accordance with generally accepted accounting principles consistently applied, and an interim statement of the assets and liabilities for each such person, together with related statements of income and source and application of funds, as of a date not more than 90 days prior to the date of the filing of the notice.
(3) The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made.
(4) The identity, source, and amount of the funds or other consideration used or to be used in making the acquisition, and if any part of these funds or other consideration has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and any arrangements, agreements, or understandings with such persons.
(5) Any plans or proposals which any acquiring party making the acquisition may have to liquidate the bank, to sell its assets or merge it with any company or to make any other major change in its business or corporate structure or management.
(6) The identification of any person employed, retained, or to be compensated by the acquiring party, or by any person on his or her behalf, to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition, and a brief description of the terms of such employment, retainer, or arrangement for compensation.
(7) Copies of all invitations or tenders or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition.
(8) If any tender offer, request, or invitation for tenders, or other agreement to acquire control is proposed to be made by means of a registration statement under the Federal Securities Act of 1933, as amended, or under circumstances requiring the disclosure of similar information under the Federal Securities Exchange Act of 1934, as amended, or in an application filed with the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, or the Securities Commissioner of Alabama requiring similar disclosure, the superintendent may accept the registration statement or application with any additional information as the superintendent may require in lieu of the requirements of this section.
(9) If, while an application is pending, any material change occurs in the facts stated in the application, the acquiring party within 10 days after the change shall file with the superintendent an amendment to the application describing the change in accordance with rules the superintendent may adopt.
Information obtained by the superintendent under this section is confidential and may not be disclosed by the superintendent or any officer or employee of the State Banking Department, except that the superintendent may in his or her discretion, if the superintendent deems it necessary or proper to the enforcement of the laws of this state or the United States and to the best interest of the public, divulge such information to any department, agency, or instrumentality of the state or federal government.
(c) For purposes of this section, the following terms shall have the following meanings:
(1) ACTING THROUGH OR IN CONCERT. Knowing participation in a joint activity or parallel action towards a common goal of acquiring control of a state bank or any corporation or other entity having control of a state bank whether or not pursuant to an express agreement.
(2) CONTROL. The power, directly or indirectly, to direct the management or policies of a state bank or of any corporation or other entity having that power or ownership of or power to vote (whether through the exercise of proxies or otherwise) the lesser of either of the following:
a. Twenty-five percent or more of any class of the voting securities of a state bank or of any corporation or other entity having control of a state bank.
b. Ten percent or more of any class of the voting securities of a state bank or of any corporation or other entity having control of a state bank if no other person will own, control, or hold the power to vote a majority of that class of voting securities immediately after the transaction.
(3) PERSON. An individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein.
(d) The superintendent shall issue an order denying an application if he or she finds that any of the following circumstances exist:
(1) The financial condition of any acquiring person is such as might jeopardize the financial stability of the bank or prejudice the interests of the depositors or stockholders of the bank.
(2) The competence, experience, or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the depositors or stockholders of the bank, or in the interest of the public to permit such person to control the bank.
(3) Any acquiring person neglects, fails, or refuses to furnish the superintendent all the information required by the superintendent.
(4) The plans or proposals which any acquiring person may have to make any major change in the business or corporate structure or management may be detrimental to the safety and soundness of the state bank or of any corporation or other entity having control of the state bank.
(5) The effect of the proposed acquisition of control may result in a substantial reduction of competition in this state or communities served by the state bank to be acquired.
(6) The proposed acquisition of control may have a significantly adverse effect on the convenience and needs of the community or communities that are served by the state bank.
(e) The superintendent shall approve or deny a change of control under this section within 60 days after receipt of a completed application; provided that if the superintendent requests additional information from the applicant following receipt of a completed application, the time limit for the decision by the superintendent shall be the later of (1) the date set forth above in this subsection; or (2) 30 days after the receipt by the superintendent of the requested additional information. Any agreement entered into by the applicants and the superintendent as a condition that the application will not be denied is enforceable against the applicant and the bank.
(f) From any final order denying the application the applicant may appeal the decision in the manner and through the procedures established in Sections 5-5A-8 and 5-5A-9 for the denial of incorporation of a bank.
(g) This section does not apply to any of the following:
(1) The acquisition of securities in connection with the exercise of a security interest or otherwise by way of foreclosure on default in the payment of a debt previously contracted for in good faith.
(2) Acquisitions or transfers by gift, by will, or intestate succession.
(3) Any transaction which the superintendent by regulation, order, or written interpretation may exempt as not being contemplated by the purposes of this section or the regulation of which is not necessary or appropriate for the protection of the bank.
However, in any change of control transaction exempted from filing an application pursuant to this subsection, the acquiring person shall notify the superintendent within 60 days of obtaining control, shall submit a business plan including management structure within 90 days of obtaining control for approval by the superintendent, and shall obtain the superintendent's prior approval for any changes to the business plan during the first three years from the date of change of control.
(h) If it appears to the superintendent that any person has committed or is about to commit a violation of this section or any regulation or order of the superintendent adopted under it, the Attorney General on behalf of the superintendent may apply to the Circuit Court of Montgomery County for an order enjoining the violation and for any other equitable relief as the nature of the case may require.
(i) Fees collected under this section shall be paid into the special fund established by the State Treasurer pursuant to Section 5-2A-20.
(j) This section applies to acquisitions subject to this section that occur on or after May 6, 2016.
(Acts 1980, No. 80-658, §5-5-44; Act 2010-548, p. 966, §1; Act 2011-589, p. 1306, §1; Act 2016-278, §§1, 2.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-45/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-45 - Initiation of Run on Banks, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-45 - Initiation of Run on Banks, Etc. | Section 5-5A-45
Initiation of run on banks, etc.
Any person or persons whose business it is, either as individuals, agents or officers of banks, to receive checks, drafts and demands, when the same are not entitled to days of grace, upon any bank, and who receives the same, for collection and retains the same for an unreasonable time, without making known to the drawee bank that such collections and demands are held for collection, in order to accumulate a large amount for the purpose of starting what is commonly called a "run" on such bank, or for the purpose of embarrassing such drawee bank shall be guilty of a misdemeanor.
(Acts 1980, No. 80-658, §5-5-45.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-46/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-46 - False, etc., Statements, etc., Affecting Financial Standing of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-46 - False, etc., Statements, etc., Affecting Financial Standing of Bank. | Section 5-5A-46
False, etc., statements, etc., affecting financial standing of bank.
Any person who shall willfully and maliciously make, circulate or transmit to another or others any false, libelous or slanderous statement, rumor or suggestion written, printed or by word of mouth which is directly or by inference derogatory to the financial condition, or affects the solvency or financial standing of any bank, or who shall counsel, aid, procure or induce another to start, transmit or circulate any such statement or rumor shall be guilty of a misdemeanor.
(Acts 1980, No. 80-658, §5-5-46.) |
https://law.justia.com/codes/alabama/title-5/chapter-5a/section-5-5a-47/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 5A - Organization and Operation of Banks.›Section 5-5A-47 - Liability of Directors or Officers; Enforcement Powers of Superintendent. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-47 - Liability of Directors or Officers; Enforcement Powers of Superintendent. | Section 5-5A-47
Liability of directors or officers; enforcement powers of superintendent.
If the directors or officers of any bank knowingly and willfully violate or knowingly and willfully permit any of the officers, agents, or employees of the bank to violate any of the provisions of this title, each and every director or officer engaging in such knowing and willful violation or knowing and willful permission shall be liable in his or her personal and individual capacity for all damages which the bank or any other person shall have sustained in consequence of such violation. The superintendent may use enforcement powers granted by Section 5-2A-12 to seek restitution for or on behalf of the bank for damages resulting from such violations. Further, the superintendent shall have standing to intervene in any court action arising out of or relating to such violation in order to protect the interests of the superintendent, the bank, or its shareholders.
(Acts 1980, No. 80-658, §5-5-47; Act 2007-224, p. 284, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-1/section-5-6a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 1 - General Provisions.›Section 5-6A-1 - Directors of Banks to Own Stock in Bank; Citizenship and Residence of Directors. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 1 - General Provisions. › Section 5-6A-1 - Directors of Banks to Own Stock in Bank; Citizenship and Residence of Directors. | Section 5-6A-1
Directors of banks to own stock in bank; citizenship and residence of directors.
Not less than 75 percent of the directors of a bank shall, during their whole term of service, be citizens of the United States. Every director of a bank shall be the owner and holder of shares of stock in the bank or parent bank holding company. Every director shall hold such shares in his or her own name, unpledged and unencumbered in any way except statutory lien which might attach in favor of such corporation. No person convicted of a felony or a crime involving moral turpitude shall serve as a director. At least 51 percent of the directors of every bank shall be residents of the state. Any director at any time violating any of the provisions of this section shall be removed from office by the board of directors or by the superintendent when the facts are made known to the superintendent.
(Acts 1980, No. 80-658, §5-6-1; Act 98-244, p. 403, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-1/section-5-6a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 1 - General Provisions.›Section 5-6A-2 - Oath of Directors. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 1 - General Provisions. › Section 5-6A-2 - Oath of Directors. | Section 5-6A-2
Oath of directors.
Every such director shall, within 30 days after his election, take and subscribe, in duplicate, an oath that he will diligently and honestly perform his duties as such director, not knowingly violate or permit to be violated any provision of the banking law of this state and that he is the owner in good faith of the shares of stock of the bank or company required to qualify him for such office, standing in his own name on its books. A copy of such oath shall be forthwith filed with the Superintendent of Banks. No director shall perform the duties of his office until such oath is made, and in case a director fails to make such oath, his place on the board shall be declared vacant and his successor elected as prescribed by the bylaws of the bank, such successor being required to have the same qualifications and take the same oath as provided by this chapter.
(Acts 1980, No. 80-658, §5-6-2.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-1/section-5-6a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 1 - General Provisions.›Section 5-6A-3 - Meeting of Board of Directors; Bonds of Officers and Employees of Banks. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 1 - General Provisions. › Section 5-6A-3 - Meeting of Board of Directors; Bonds of Officers and Employees of Banks. | Section 5-6A-3
Meeting of board of directors; bonds of officers and employees of banks.
(a) The board of directors of any bank shall hold regular meetings at such time as may be fixed by the bylaws, at least once every two months, and shall at all times be subject to call by the president or by any two members of the board. Notwithstanding contrary provision in the certificate of incorporation or bylaws of a bank, meetings of the board of directors may be called by the superintendent and held at any place he requires.
(b) The board of directors, at their first meeting after election, shall fix and prescribe the amount of bond that shall be required of each officer and employee of the bank, and shall not be less than the amount that may have been fixed or that may be hereafter fixed by the superintendent for officers and employees of banks of the class to which it belongs. They shall require bonds, either individual or in blanket form, from each and every officer and employee handling money, checks, securities or other valuable papers of the bank, such bond to be made by a bonding company authorized to make such bonds in this state to be approved by the board of directors and to be in such form as may be approved by the superintendent. The superintendent or the board of directors of the bank may require an increase of the amount of such bond or other additional bond and securities, when he or they deem it necessary for the better protection of the bank and its depositors. Directors, as such, shall not be required to give bond.
(Acts 1980, No. 80-658, §5-6-3.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-2/section-5-6a-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 2 - Prohibited Acts.›Section 5-6A-20 - Declaration of Illegal Dividends, Discounts of Notes, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 2 - Prohibited Acts. › Section 5-6A-20 - Declaration of Illegal Dividends, Discounts of Notes, Etc. | Section 5-6A-20
Declaration of illegal dividends, discounts of notes, etc.
Any director of a bank who knowingly concurs in any vote or act of the directors of such bank by which it is intended to pay a cash dividend except from the undivided profits arising from the business of the bank in violation of Section 5-5A-21, or to make or approve a loan with the stock of the lending bank as security therefor; to divide, withdraw or in any manner pay to the stockholders or any of them any part of the capital of the bank, or to purchase or reduce such capital, except in pursuance of law; or to discount or receive any note or other evidence of debt in payment of any installment of purchase price of capital actually called in and required to be paid, or with intention to provide the means of making such payment; or to receive or discount any note or other evidence of debt with the intent to enable any stockholder to withdraw any part of the money paid in by him on his stock; or to apply any portion of the funds of such corporation except as allowed by law, directly or indirectly, to the purchase of shares of its stock, is guilty of a misdemeanor.
(Acts 1980, No. 80-658, §5-6-20.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-2/section-5-6a-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 2 - Prohibited Acts.›Section 5-6A-21 - Concealment of Loans, Purchase or Sale of Security, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 2 - Prohibited Acts. › Section 5-6A-21 - Concealment of Loans, Purchase or Sale of Security, Etc. | Section 5-6A-21
Concealment of loans, purchase or sale of security, etc.
Any officer or employee of a bank who intentionally conceals from the directors or a committee of such bank where the directors have delegated authority to a committee to pass on loans and discounts, any discount or loan made for and in behalf of the bank between the regular meetings of its board of directors or committee or the purchase or the sale of any of its securities during the same period is guilty of a misdemeanor.
(Acts 1980, No. 80-658, §5-6-21.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-2/section-5-6a-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 2 - Prohibited Acts.›Section 5-6A-22 - Overdrawing Own Account; Receipt of Commissions, etc., to Procure Loans, Discounts... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 2 - Prohibited Acts. › Section 5-6A-22 - Overdrawing Own Account; Receipt of Commissions, etc., to Procure Loans, Discounts, Etc. | Section 5-6A-22
Overdrawing own account; receipt of commissions, etc., to procure loans, discounts, etc.
Any officer, director, or employee of a bank who willfully and knowingly overdraws his account with such bank and thereby obtains money or funds of any such bank except as the superintendent shall allow by regulation, or asks, receives, consents or agrees to receive any commission, emolument, gratuity, or reward or any promise of any commission, emolument or reward, or any money, property or thing of value or of personal advantage in procuring or endeavoring to procure for any person, firm or corporation any loan from or the purchase or discount of any paper, note, draft, check or bill of exchange by any such bank is guilty of a misdemeanor.
(Acts 1980, No. 80-658, §5-6-22.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-2/section-5-6a-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 2 - Prohibited Acts.›Section 5-6A-23 - Receipt or Possession of Bank Property With Intent to Defraud, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 2 - Prohibited Acts. › Section 5-6A-23 - Receipt or Possession of Bank Property With Intent to Defraud, Etc. | Section 5-6A-23
Receipt or possession of bank property with intent to defraud, etc.
Any director, officer or employee of a bank who knowingly receives or possesses himself of any of its property otherwise than in payment for a just demand and with intent to defraud shall be guilty of a felony.
(Acts 1980, No. 80-658, §5-6-23.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-2/section-5-6a-24/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 2 - Prohibited Acts.›Section 5-6A-24 - Making of False Entries, etc., on Books and Accounts of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 2 - Prohibited Acts. › Section 5-6A-24 - Making of False Entries, etc., on Books and Accounts of Bank. | Section 5-6A-24
Making of false entries, etc., on books and accounts of bank.
Any director, officer or employee of a bank who with intent to defraud makes or concurs in making any false entry, or with intent to defraud omits or concurs in omitting to make any material entry on its books and accounts, shall be guilty of a felony.
(Acts 1980, No. 80-658, §5-6-24.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-2/section-5-6a-25/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 2 - Prohibited Acts.›Section 5-6A-25 - Fraudulent Representation as to Capital, False Reports, etc., as to Condition of B... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 2 - Prohibited Acts. › Section 5-6A-25 - Fraudulent Representation as to Capital, False Reports, etc., as to Condition of Bank, Etc. | Section 5-6A-25
Fraudulent representation as to capital, false reports, etc., as to condition of bank, etc.
Any director, officer, or employee of a bank who knowingly, by newspaper advertisement or otherwise, represents its capital to be in excess of the actual capital accounts or knowingly concurs in making or publishing any materially false written report, exhibit, or statement of its financial condition, making any material statement which is false, or refuses or intentionally neglects to make any report or statement required by Chapters 1A through 13B and Chapter 20 of this title is guilty of a felony.
(Acts 1980, No. 80-658, §5-6-25; Acts 1995, No. 95-115, p. 134, §73.) |
https://law.justia.com/codes/alabama/title-5/chapter-6a/article-2/section-5-6a-26/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 6A - Directors, Officers, and Employees.›Article 2 - Prohibited Acts.›Section 5-6A-26 - Loans or Extension of Credit to Bank Officers and Employees. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 6A - Directors, Officers, and Employees. › Article 2 - Prohibited Acts. › Section 5-6A-26 - Loans or Extension of Credit to Bank Officers and Employees. | Section 5-6A-26
Loans or extension of credit to bank officers and employees.
An officer or employee of any bank who shall in any way obtain as a borrower any of the funds of such bank without having first complied with the requirements of this section must on conviction be punished as if he had embezzled the amount borrowed.
Any loan obtained by an officer or employee of a bank must be made in accordance with a written loan policy which has been adopted by the board of directors. Such loans or extensions of credit may be made only if (i) the bank would be authorized to make such loans or extensions of credit to borrowers other than officers and employees and (ii) such loans or extensions of credit to officers and employees do not involve more than the normal risk of repayment or present other unfavorable features. All such loans, extensions of credit, or lines of credit to an officer must be reported to the board of directors at its next meeting.
(Acts 1980, No. 80-658, §5-6-26.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-1/section-5-7a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 1 - Consolidation, Merger or Transfer of State Banks.›Section 5-7A-1 - Banks May Merge or Consolidate; Transfer of Place of Business. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 1 - Consolidation, Merger or Transfer of State Banks. › Section 5-7A-1 - Banks May Merge or Consolidate; Transfer of Place of Business. | Section 5-7A-1
Banks may merge or consolidate; transfer of place of business.
Any bank may consolidate or merge with or transfer its assets and liabilities to another bank and any bank may move its office or place of business from one city or town to another city or town within the state.
(Acts 1980, No. 80-658, §5-7-1.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-1/section-5-7a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 1 - Consolidation, Merger or Transfer of State Banks.›Section 5-7A-2 - Proceedings to Effect Consolidation, Merger or Transfer. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 1 - Consolidation, Merger or Transfer of State Banks. › Section 5-7A-2 - Proceedings to Effect Consolidation, Merger or Transfer. | Section 5-7A-2
Proceedings to effect consolidation, merger or transfer.
Before such consolidation, merger or transfer shall become effective, the following proceedings must be had and done. The board of directors of each bank affected must pass a resolution stating that such consolidation, merger or transfer is desirable and order the officers of the bank to call a meeting of the stockholders to consider the proposition. Upon the passage of such resolution by the directors, the officers shall mail a notice of such meeting to each stockholder at his last known place of residence, postage prepaid, at least 30 days before the date set for the meeting of stockholders, which notice shall specify the date and place of the meeting and the purpose for which the meeting is to be held. A copy of the resolution must also be forwarded to the superintendent for his information, and he shall investigate the advisability of such consolidation, merger or transfer. On the day of the meeting of the stockholders, a resolution may be prepared setting forth the desirability of the consolidation, merger or transfer of the place of business of such bank, which shall set forth the terms, etc., of such consolidation, merger or transfer and such other matters as the stockholders may see proper, not contrary to law. If a majority of the stock is represented at such meeting and vote in the affirmative for such resolution and the superintendent shall approve all of the proceedings and it is his judgment that the same would be for the best interest of the institution or institutions affected, such resolution shall have the force and effect of consolidating or merging such institution with the other institution, provided such action of the other institution is likewise satisfactorily passed by its stockholders. If the proposition to transfer the place of business from one town or city to the other is affirmatively voted for by a majority of all the stock of the institution and the superintendent, after careful investigation, is of the opinion that it is wise to change or transfer the place of business to another town or city, such transfer shall be made.
(Acts 1980, No. 80-658, §5-7-2.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-1/section-5-7a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 1 - Consolidation, Merger or Transfer of State Banks.›Section 5-7A-3 - Certificate of Proceedings to Be Forwarded to Superintendent of Banks. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 1 - Consolidation, Merger or Transfer of State Banks. › Section 5-7A-3 - Certificate of Proceedings to Be Forwarded to Superintendent of Banks. | Section 5-7A-3
Certificate of proceedings to be forwarded to Superintendent of Banks.
A certificate of all the proceedings, including a copy of the pertinent portion of the minutes of the meeting of the board of directors at which the resolution under Section 5-7A-2 was passed, the notice which was given to each stockholder and a copy of the minutes of the stockholders' meeting, shall be made and certified to by the president and cashier of the institution under the seal thereof and acknowledged before a notary public as deeds are required to be acknowledged by a corporation and forwarded to the superintendent for his certificate of approval.
(Acts 1980, No. 80-658, §5-7-3.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-1/section-5-7a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 1 - Consolidation, Merger or Transfer of State Banks.›Section 5-7A-4 - Issuance of Certificate of Approval by Superintendent. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 1 - Consolidation, Merger or Transfer of State Banks. › Section 5-7A-4 - Issuance of Certificate of Approval by Superintendent. | Section 5-7A-4
Issuance of certificate of approval by superintendent.
If the superintendent approves the entire proceedings, he shall issue his certificate of approval in writing, in duplicate, one copy being filed in his office and the other forwarded, along with the certificate, to the official or officials where articles of merger or consolidation would be filed under the business corporation laws of this state, for record at the expense of the institution affected.
(Acts 1980, No. 80-658, §5-7-4.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-1/section-5-7a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 1 - Consolidation, Merger or Transfer of State Banks.›Section 5-7A-5 - Examinations; Written Consent of Superintendent to Consolidation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 1 - Consolidation, Merger or Transfer of State Banks. › Section 5-7A-5 - Examinations; Written Consent of Superintendent to Consolidation. | Section 5-7A-5
Examinations; written consent of superintendent to consolidation.
Before approving proceedings to consolidate one such institution with another, the superintendent shall cause to be made an examination of each such institution to determine whether the interests of the depositors, creditors and stockholders of each are protected and that such consolidation is made for legitimate purposes, and his consent or rejection of such consolidation or transfer shall be based upon such examination and investigation. The expense of such examination shall be paid by such institution. No such consolidation shall be made without the written consent of the superintendent.
(Acts 1980, No. 80-658, §5-7-5.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-1/section-5-7a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 1 - Consolidation, Merger or Transfer of State Banks.›Section 5-7A-6 - Appeals; Applicability of Article to Branch Banks, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 1 - Consolidation, Merger or Transfer of State Banks. › Section 5-7A-6 - Appeals; Applicability of Article to Branch Banks, Etc. | Section 5-7A-6
Appeals; applicability of article to branch banks, etc.
If such consent is refused, an appeal may be taken therefrom to the circuit court of the county where such institution is located. This article shall apply to banks having branches and to any branch office thereof in the same way as it applies to other banks.
(Acts 1980, No. 80-658, §5-7-6.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-2/section-5-7a-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 2 - Conversion of National Banks Into State Banks.›Section 5-7A-20 - Conversion of National Bank, etc., Into State Bank - Procedure. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 2 - Conversion of National Banks Into State Banks. › Section 5-7A-20 - Conversion of National Bank, etc., Into State Bank - Procedure. | Section 5-7A-20
Conversion of national bank, etc., into state bank - Procedure.
Any bank organized under the laws of the United States may, by the vote of the stockholders owning not less than a majority of the capital stock of such bank with the approval of the superintendent and upon the payment by it to the superintendent of a fee prescribed by the Banking Board under Section 5-5A-13, be converted into a state bank with any name approved by the superintendent.
(Acts 1980, No. 80-658, §5-7-20.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-2/section-5-7a-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 2 - Conversion of National Banks Into State Banks.›Section 5-7A-21 - Conversion of National Bank, etc., Into State Bank - Execution of Articles of Inco... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 2 - Conversion of National Banks Into State Banks. › Section 5-7A-21 - Conversion of National Bank, etc., Into State Bank - Execution of Articles of Incorporation and Organization Certificate; Powers of Directors, Etc. | Section 5-7A-21
Conversion of national bank, etc., into state bank - Execution of articles of incorporation and organization certificate; powers of directors, etc.
In case of such conversion, the articles of incorporation and organization certificates may be executed by a majority of the directors of the bank and the certificate shall declare that the owners of a majority of the capital stock have authorized the directors to make such certificate and to exchange or convert the national bank into a state bank. A majority of the directors, after executing the articles of incorporation and the organization certificate, shall have power to execute all other papers and to do whatever may be required to make its organization perfect and complete as a state bank. The shares of any such bank may continue to be for the same amount each as they were before they were converted, and the directors may continue to be directors of the state bank until others are elected or appointed in accordance with the statutes of Alabama.
(Acts 1980, No. 80-658, §5-7-21.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-2/section-5-7a-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 2 - Conversion of National Banks Into State Banks.›Section 5-7A-22 - Conversion of National Bank, etc., Into State Bank - Powers and Duties of Bank, St... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 2 - Conversion of National Banks Into State Banks. › Section 5-7A-22 - Conversion of National Bank, etc., Into State Bank - Powers and Duties of Bank, Stockholders, Officers, etc., Upon Issuance of Certificate. | Section 5-7A-22
Conversion of national bank, etc., into state bank - Powers and duties of bank, stockholders, officers, etc., upon issuance of certificate.
(a) When the superintendent has given to such bank a certificate that the provisions of this article have been complied with, such bank and all its stockholders, officers and employees shall have the same powers and privileges and shall be subject to the same duties, liabilities and regulations, in all respects, as shall have been prescribed for banks originally organized as banking corporations under the laws of Alabama.
(b) At the time when such conversion of the national bank into a state bank, under the charter of the latter, becomes effective, all the property of the national bank, including all its rights, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value or benefit then existing, belonging or appertaining to it or which would inure to it, shall immediately, by act of law and without any conveyance or transfer and without any further act or deed, be vested in and become the property of the state bank, which shall have, hold and enjoy the same in its own right as fully and to the same extent as if the same were possessed, held and enjoyed by the national bank.
(c) Upon such conversion becoming effective, the state bank shall be deemed to be a continuation of the entity and of the identity of the national bank and all the rights, obligations and relations of the national bank to or in respect to any person, estate, creditor, depositor, trustee or beneficiary of any trust and in, or in respect to, any executorship or trusteeship or other trust or fiduciary function shall remain unimpaired. The state bank as of the time of the taking effect of such conversion, shall succeed to all such rights, obligations, relations and trusts and the duties and liabilities connected therewith and shall execute and perform each and every such trust or relation in the same manner as if the state bank had itself assumed the trust or relation, including the obligations and liabilities connected therewith. If the national bank is acting as administrator, co-administrator, executor, co-executor, trustee or co-trustee of or in respect to any estate or trust being administered under the laws of this state, such relation, as well as any other or similar fiduciary relations, and all rights, privileges, duties and obligations connected therewith shall remain unimpaired and shall continue into and in said state bank from and as of the time of the taking effect of such conversion, irrespective of the date when any such relation may have been created or established and irrespective of the date of any trust agreement relating thereto or the date of the death of any testator or decedent whose estate is being so administered. Nothing done in connection with the conversion of a national bank into a state bank shall in respect of any such executorship, trusteeship or similar fiduciary relation, be deemed to be or to effect, under the laws of this state, a renunciation or revocation of any letters of administration or letters testamentary pertaining to such relation, nor a removal or resignation from any such executorship or trusteeship or other fiduciary relationship, nor shall the same be deemed to be of the same effect as if the executor or trustee or other fiduciary had died or otherwise become incompetent to act.
(d) Any reference to the national bank in any contract, will or document shall be considered a reference to the state bank unless expressly provided to the contrary in the contract, will or document.
(Acts 1980, No. 80-658, §5-7-22.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-2/section-5-7a-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 2 - Conversion of National Banks Into State Banks.›Section 5-7A-23 - Declaration of Incorporation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 2 - Conversion of National Banks Into State Banks. › Section 5-7A-23 - Declaration of Incorporation. | Section 5-7A-23
Declaration of incorporation.
Before the issuing of such certificate by the superintendent a majority of the directors of such bank shall file in the office of the official or officials with which a certificate of incorporation would be filed under the business corporation laws of this state a declaration of incorporation, which shall show:
(1) The name to be assumed and used by the corporation;
(2) The objects of the corporation, among which shall be the conversion of a national bank with the name and description of the same, into a state bank with all the power and authority that may be exercised by a state bank;
(3) The location of its principal office;
(4) The amount of its total authorized capital and the amount of its paid-in capital;
(5) The name and post-office address of each officer and director;
(6) The time limit, if any, for the duration of the corporation; and
(7) A certificate, acknowledged before a notary public by a majority of the directors of the national bank so converted, that there has been transferred by the national bank, by a vote of the stockholders owning not less than a majority of the capital stock of such national bank, to such state bank into which it is converted, all the property and assets of said national bank.
(Acts 1980, No. 80-658, §5-7-23.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-2/section-5-7a-24/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 2 - Conversion of National Banks Into State Banks.›Section 5-7A-24 - Issuance of Stock by State Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 2 - Conversion of National Banks Into State Banks. › Section 5-7A-24 - Issuance of Stock by State Bank. | Section 5-7A-24
Issuance of stock by state bank.
Such state bank shall have authority to issue to the stockholders of the national bank from which it was converted shares of stock of the same amount and of the same par value as is held by each of said stockholders in such national bank.
(Acts 1980, No. 80-658, §5-7-24.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-3/section-5-7a-40/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 3 - Conversion of State Banks Into or Consolidation With National Banks.›Section 5-7A-40 - Authorized; Exchange of Stock. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 3 - Conversion of State Banks Into or Consolidation With National Banks. › Section 5-7A-40 - Authorized; Exchange of Stock. | Section 5-7A-40
Authorized; exchange of stock.
Any state bank may, with the consent of the holders of a majority in amount of its stock obtained at a meeting of the shareholders called therefor, be converted or merged into or consolidate with a national bank, in such manner as may, at the time of such conversion, merger or consolidation, be prescribed by the laws of the United States, and the stock of such state bank may be exchanged for stock in such national bank upon such terms as the consenting shareholders may, at the meeting at which the conversion, merger or consolidation is authorized, determine or upon such terms as the holders of a majority of the stock of such state bank may, at any other meeting called for such purpose, determine. All proceedings relating to such a conversion, merger or consolidation shall be conducted in accordance with the requirements of Chapter 2A of Title 10, except that if any provision thereof shall conflict with or be more restrictive than the requirements set forth at 12 U.S.C. §214a then the procedures set forth in such §214a shall govern.
(Acts 1980, No. 80-658, p. 1259, §5-7-40; Acts 1981, No. 81-504, p. 863, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-3/section-5-7a-41/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 3 - Conversion of State Banks Into or Consolidation With National Banks.›Section 5-7A-41 - Meeting of Stockholders for Purpose of Conversion or Consolidation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 3 - Conversion of State Banks Into or Consolidation With National Banks. › Section 5-7A-41 - Meeting of Stockholders for Purpose of Conversion or Consolidation. | Section 5-7A-41
Meeting of stockholders for purpose of conversion or consolidation.
All meetings of shareholders, called for any of the purposes provided for in Section 5-7A-40, shall be called by resolution of the board of directors. Notice of such meeting and of the purposes thereof shall be published once a week for four consecutive weeks prior to the date of such meeting in some newspaper with a general circulation in the city, town or village in which the principal place of business of said state bank is located, provided, that newspaper publication may be dispensed with entirely if waived by all the shareholders, and in the case of a merger or consolidation, one publication at least 10 days before the meeting shall be sufficient if publication for four weeks is waived by holders of at least two-thirds of each class of capital stock. The state bank shall send such notice to each shareholder of record by registered mail or by certified mail at least 10 days prior to the meeting, which notice may be waived specifically by any shareholder.
(Acts 1980, No. 80-658, p. 1259, §5-7-41; Acts 1981, No. 81-504, p. 863, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-3/section-5-7a-42/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 3 - Conversion of State Banks Into or Consolidation With National Banks.›Section 5-7A-42 - Transfer of Property of State Bank to National Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 3 - Conversion of State Banks Into or Consolidation With National Banks. › Section 5-7A-42 - Transfer of Property of State Bank to National Bank. | Section 5-7A-42
Transfer of property of state bank to national bank.
At the time when such conversion of or consolidation or merger by the state bank with a national bank, under the charter of the latter, becomes effective, all the property of the state bank including all its rights, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value or benefit then existing, belonging or appertaining to it or which would inure to it, shall immediately, by act of law and without any conveyance or transfer and without any further act or deed, be vested in and become the property of the national bank, which shall have, hold and enjoy the same in its own right as fully and to the same extent as if the same were possessed, held and enjoyed by the state bank.
(Acts 1980, No. 80-658, p. 1259, §5-7-42; Acts 1981, No. 81-504, p. 863, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-3/section-5-7a-43/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 3 - Conversion of State Banks Into or Consolidation With National Banks.›Section 5-7A-43 - Continuation of Identity, Obligations, etc., of State Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 3 - Conversion of State Banks Into or Consolidation With National Banks. › Section 5-7A-43 - Continuation of Identity, Obligations, etc., of State Bank. | Section 5-7A-43
Continuation of identity, obligations, etc., of state bank.
Upon such conversion, merger or consolidation becoming effective, the national bank shall be deemed to be a continuation of the entity and of the identity of the state bank and all the rights, obligations and relations of the state bank to or in respect to any person, estate, creditor, depositor, trustee or beneficiary of any trust and in, or in respect to, any executorship or trusteeship or other trust or fiduciary function shall remain unimpaired. The national bank, as of the time of the taking effect of such conversion, merger or consolidation shall succeed to all such rights, obligations, relations and trusts and the duties and liabilities connected therewith and shall execute and perform each and every such trust or relation in the same manner as if the national bank had itself assumed the trust or relation, including the obligations and liabilities connected therewith. If the state bank is acting as administrator, co-administrator, executor, co-executor, trustee or co-trustee of or in respect to any estate or trust being administered under the laws of this state, such relation, as well as any other or similar fiduciary relations, and all rights, privileges, duties and obligations connected therewith shall remain unimpaired and shall continue into and in said national bank from and as of the time of the taking effect of such conversion, merger or consolidation, irrespective of the date when any such relation may have been created or established and irrespective of the date of any trust agreement relating thereto or the date of the death of any testator or decedent whose estate is being so administered. Nothing done in connection with the conversion to or merger or consolidation of a state bank with a national bank, shall, in respect to any such executorship, trusteeship or similar fiduciary relation, be deemed to be or to effect, under the laws of this state, a renunciation or revocation of any letters of administration or letters testamentary pertaining to such relation, nor a removal or resignation from any such executorship or trusteeship or other fiduciary relationship, nor shall the same be deemed to be of the same effect as if the executor or trustee or other fiduciary had died or otherwise become incompetent to act.
(Acts 1980, No. 80-658, p. 1259, §5-7-43; Acts 1981, No. 81-504, p. 863, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-3/section-5-7a-44/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 3 - Conversion of State Banks Into or Consolidation With National Banks.›Section 5-7A-44 - Rights of Dissenting Shareholders. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 3 - Conversion of State Banks Into or Consolidation With National Banks. › Section 5-7A-44 - Rights of Dissenting Shareholders. | Section 5-7A-44
Rights of dissenting shareholders.
The rights of shareholders of a national bank dissenting from the conversion, merger or consolidation of the bank shall be governed exclusively by the applicable laws of Congress.
A shareholder of a state bank who votes against the conversion, merger or consolidation of that state bank with or to a national bank, or who has given notice in writing to the bank at or prior to such meeting that he dissents from the conversion, merger or consolidation shall be entitled to receive in cash the value of the shares held by him, if and when the conversion, merger or consolidation is consummated, upon written request made to the resulting national bank at any time before 30 days after the date of consummation of such conversion, merger or consolidation, accompanied by the surrender of his stock certificates. The value of such shares shall be determined as of the date on which the shareholders meeting was held authorizing the conversion, merger or consolidation by a committee of three persons, one to be selected by unanimous vote of the dissenting shareholders entitled to receive the value of their shares, one by the directors of the resulting national bank and the third by the two so chosen. The valuation agreed upon by any two of three appraisers thus chosen shall govern; but, if the value so fixed shall not be satisfactory to any dissenting shareholder who has requested payment as provided herein, such shareholder may within five days after being notified of the appraised value of his shares appeal to the superintendent, who shall cause a reappraisal to be made, which shall be final and binding as to the value of the shares of the appellant.
If within 90 days from the date of consummation of the conversion, merger or consolidation, for any reason one or more of the appraisers is not selected as herein provided, or the appraisers fail to determine the value of such shares, the superintendent shall upon written request of any interested party, cause an appraisal to be made, which shall be final and binding on all parties. The expenses of the superintendent in making the reappraisal, or the appraisal as the case may be, shall be paid by the resulting national bank.
The plan of conversion, merger or consolidation, shall provide the manner of disposing of the shares of the resulting national bank not taken by the dissenting shareholders of the state bank.
(Acts 1981, No. 81-504, p. 863, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-3/section-5-7a-46/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 3 - Conversion of State Banks Into or Consolidation With National Banks.›Section 5-7A-46 - Sections Not to Affect General or Local Law, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 3 - Conversion of State Banks Into or Consolidation With National Banks. › Section 5-7A-46 - Sections Not to Affect General or Local Law, Etc. | Section 5-7A-46
Sections not to affect general or local law, etc.
Except to the extent necessary to give effect to Section 5-7A-45(b), no general or local law or general law of local application shall be deemed to have been modified or repealed by Sections 5-7A-40 through 5-7A-46, and nothing contained herein shall be deemed in any way to change or repeal the provisions of Section 5-2A-7 or 5-5A-20.
(Acts 1981, No. 81-504, p. 863, §5.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-4/section-5-7a-60/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 4 - Conversion of Savings Institutions Into State Banks.›Section 5-7A-60 - Purpose. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 4 - Conversion of Savings Institutions Into State Banks. › Section 5-7A-60 - Purpose. | Section 5-7A-60
Purpose.
It is the purpose of this article to permit state and federally chartered savings and loan associations and savings banks to convert to state chartered banks with the approval of the Superintendent of Banks for the State of Alabama in accordance with the provisions of this article.
(Acts 1990, No. 90-289, p. 387, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-4/section-5-7a-61/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 4 - Conversion of Savings Institutions Into State Banks.›Section 5-7A-61 - Definitions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 4 - Conversion of Savings Institutions Into State Banks. › Section 5-7A-61 - Definitions. | Section 5-7A-61
Definitions.
As used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) SAVINGS INSTITUTION. A savings and loan association or savings bank organized under the laws of this state or organized under the laws of the United States and having its principal place of business in this state, whether a "capital stock saving institution" which is authorized to issue capital stock, or a "mutual savings institution," shares of which are owned by its members.
(2) RESULTING BANK. The state chartered bank that results from conversion of a savings institution to a state chartered bank pursuant to this article.
(3) SUPERINTENDENT. The Superintendent of Banks for the State of Alabama.
(4) STATE CHARTERED BANK. A bank the same as if such bank were incorporated, chartered and permitted to do business, all as provided in Section 5-5A-1 et seq.
(5) PLAN OF CONVERSION. That written document containing all the information and meeting the requirements as set forth in Section 5-7A-62(1).
(6) APPLICATION FOR CONVERSION. That written application, on a form to be prescribed by the superintendent, which is filed with the superintendent requesting approval of a plan of conversion.
(7) DEPARTMENT. The State Banking Department as provided for and created in Section 5-2A-1.
(Acts 1990, No. 90-289, p. 387, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-4/section-5-7a-62/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 4 - Conversion of Savings Institutions Into State Banks.›Section 5-7A-62 - Application to Convert Charter; Written Plan of Conversion; Authorizing Resolution... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 4 - Conversion of Savings Institutions Into State Banks. › Section 5-7A-62 - Application to Convert Charter; Written Plan of Conversion; Authorizing Resolution; Submission to Superintendent; Fee; Tentative Approval; Vote of Stockholders or Members; Directors; Articles of Incorporation and Bylaws; Statement of Superintendent's Objections; Amendment; Appeal of Disapproval; Application to Fdic; Final Approval and Permit. | Section 5-7A-62
Application to convert charter; written plan of conversion; authorizing resolution; submission to superintendent; fee; tentative approval; vote of stockholders or members; directors; articles of incorporation and bylaws; statement of superintendent's objections; amendment; appeal of disapproval; application to FDIC; final approval and permit.
Any savings institution may apply to the superintendent for permission to convert its charter in order to do business as a state chartered bank in accordance with the following procedures:
(1) The board of directors shall approve a written plan of conversion, the application for conversion and shall adopt an authorizing resolution, all by a vote of a majority of all the directors. The plan of conversion shall include a statement of:
a. The proposed organization and management structure of the resulting bank if the application were approved, and the proposed name under which it would do business as a bank;
b. The method and time schedule for terminating any activities and disposing of any assets which would not conform to the requirements applicable to state chartered banks;
c. The competitive impact of such change, including any effect on the availability of particular financial services in the market area to be served by the resulting bank;
d. Such financial data as may be required by the superintendent to determine compliance with the reserve and liquidity requirements applicable to the resulting bank;
e. Such other information as the superintendent may require; and
f. If the savings institution is a mutual savings institution, shares of which are owned by its members, then the plan of conversion must provide the method and terms for converting the mutual savings institution to a capital stock savings institution provided that such method and terms must comply with and be in accordance with all state and federal laws, procedures and regulations governing the conversion of mutual savings institutions into capital stock institutions.
(2)a. Following approval by the board of directors, the plan of conversion, together with the certified copy of the authorizing resolution adopted by the board, and the application for conversion shall be submitted to the superintendent for tentative approval before being submitted to the stockholders or members of the savings institution.
b. The application for conversion pursuant to this article shall be accompanied by a fee prescribed by the banking board under Section 5-5A-13, payable to the superintendent.
(3) The superintendent shall tentatively approve the plan if he finds that:
a. The public convenience and advantage would be promoted by the conversion;
b. The resulting bank would have an adequate capital structure with regard to its activities and its deposit liabilities would meet the minimum capital requirements for existing state chartered banks under state and federal law; and would meet other applicable state and federal law requirements relating to the safety and soundness of the resulting bank;
c. The proposed conversion would not cause a substantially adverse effect on the financial condition of any bank already established in the primary service area;
d. The proposed officers and directors have sufficient experience, ability and standing to indicate reasonable promise for successful operation of the resulting bank;
e. The proposed name of the resulting bank would not be so similar to that of another bank or other financial institution as to cause confusion; and
f. The schedule for termination of any nonconforming activities and disposition of any nonconforming assets is reasonably prompt, and the plan for such termination and disposition does not include any unsafe or unsound practice.
(4) In the event the superintendent tentatively approves the plan of conversion, such plan shall be submitted to the stockholders or members at an annual meeting or at any special meeting called to consider such plan of conversion. Upon a favorable vote of a majority of the total number of votes eligible to be cast, the plan of conversion shall be adopted. Copies of the minutes of such meeting, verified by the affidavit of the secretary or an assistant secretary, shall be filed with the superintendent within 10 days after such meeting. Such verified copies of the minutes of such meeting shall be presumptive evidence of the holding of such meeting and of the action taken at such meeting. Provided the plan of conversion is adopted at such meeting, the stockholders or members shall elect the directors who shall be the directors of the resulting bank. Said directors must in all respects, both individually and as a group, meet the statutory and regulatory requirements applicable to directors of state chartered banks. Such directors shall then execute new articles of incorporation or amendments to existing articles and two copies of the new bylaws. The directors shall insert in the articles of incorporation the following: "This bank is incorporated by a plan of conversion from a _______ (state or federal savings and loan association, etc.)." All directors of the resulting bank shall execute and acknowledge the articles of incorporation and the bylaws.
(5)a. In the event the superintendent disapproves the plan of conversion for any reason, he shall state his objections to the plan of conversion in writing.
b. The applicant shall have a period of 28 days from the date of the superintendent's written objections to: a) amend the plan of conversion and to resubmit same to the superintendent for approval; or b) appeal such determination by the superintendent in accordance with the provisions of Section 5-5A-8 et seq.
c. There shall be no limit on the number of times the plan of conversion may be amended prior to the time the applicant exercises its right of appeal as provided in subdivision (5)b.
d. The superintendent may disapprove the plan of conversion for any number of reasons, including but not limited to, a determination that such plan of conversion does not meet the requirements of any state, federal or other law; that the approval of such plan of conversion would not be in the best interest of the citizens of the State of Alabama or its banking community; that such savings institution is subject to a cease and desist order or other supervisory restriction imposed by any supervisory authority, insurer or guarantor.
(6) Upon the adoption of the plan of conversion by the stockholders or members, the institution shall apply to the Federal Deposit Insurance Corporation for a commitment for insurance guaranteeing the deposits of the resulting bank.
(7) Upon receipt of written notice of commitment for insurance from the Federal Deposit Insurance Corporation, and further provided all other requirements herein have been met, the superintendent shall issue to the savings institution his final approval of the application for conversion and a permit authorizing it to transact business pursuant to applicable law. The plan of conversion shall not take effect until such final approval and permit have been issued by the superintendent.
(Acts 1990, No. 90-289, p. 387, §3.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-4/section-5-7a-63/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 4 - Conversion of Savings Institutions Into State Banks.›Section 5-7A-63 - Resulting Bank as Continuation of Savings Institution. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 4 - Conversion of Savings Institutions Into State Banks. › Section 5-7A-63 - Resulting Bank as Continuation of Savings Institution. | Section 5-7A-63
Resulting bank as continuation of savings institution.
Except insofar as the superintendent requires the converting savings institution to terminate certain activities and dispose of certain assets in order to meet the requirements applicable to state chartered banks, upon the conversion of any savings institution into a state chartered bank, the corporate existence of such savings institution shall not terminate, but such resulting bank shall be deemed to be a continuation of the savings institution so converted, and all property of the converted savings institution including its rights, titles and interests in and to all property of whatsoever kind, character or description, whether real, personal or mixed, and things in action and every right, privilege, interest and asset of any conceivable value or benefit, and all obligations, liabilities, charges, liens, encumbrances, judgments, and claims then existing or pertaining to it or which would inure to or against it, shall immediately by operation of law and without the necessity of any conveyance or transfer and without the necessity of any further act or deed remain and be vested in and continue to be the property or obligation of such resulting bank into which the savings institution has converted. Subject to the laws, provisions and regulations applicable to state chartered banks, such resulting bank shall have, hold, enjoy and be obligated the same in its own right as fully and to the same extent as the same was possessed, held, enjoyed and encumbered by the converting savings institution. All pending actions, and other judicial or administrative proceedings to which the converting savings institution is a party shall not be deemed to have abated or to have been discontinued by reason of such conversion, but may be prosecuted to final judgment or order in the same manner as if such conversion had not occurred, and the resulting bank may continue such action in its corporate name as a state chartered bank, and any judgment or order may be entered for or against it in such corporate name.
(Acts 1990, No. 90-289, p. 387, §4.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-4/section-5-7a-64/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 4 - Conversion of Savings Institutions Into State Banks.›Section 5-7A-64 - Maintenance and Operation of Offices. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 4 - Conversion of Savings Institutions Into State Banks. › Section 5-7A-64 - Maintenance and Operation of Offices. | Section 5-7A-64
Maintenance and operation of offices.
Following the conversion of a savings institution to a state chartered bank pursuant to this article, the resulting bank may continue to maintain and operate as banking offices all offices maintained and operated by the savings institution at the time of such conversion.
(Acts 1990, No. 90-289, p. 387, §5.) |
https://law.justia.com/codes/alabama/title-5/chapter-7a/article-4/section-5-7a-65/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 7A - Bank Merger, Consolidation, or Conversion.›Article 4 - Conversion of Savings Institutions Into State Banks.›Section 5-7A-65 - Expansion or Branching Limited. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 7A - Bank Merger, Consolidation, or Conversion. › Article 4 - Conversion of Savings Institutions Into State Banks. › Section 5-7A-65 - Expansion or Branching Limited. | Section 5-7A-65
Expansion or branching limited.
Except as provided in Section 5-7A-64, nothing in this article is to be construed, interpreted or applied to allow any existing state chartered bank, any resulting bank or any state chartered bank resulting from a plan of conversion under this article to expand or branch into any place in any manner or by any method not available to state chartered banks prior to enactment of this article.
(Acts 1990, No. 90-289, p. 387, §6.) |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-1/section-5-8a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 1 - Solvent Banks.›Section 5-8A-1 - Liquidation of Solvent Banks. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 1 - Solvent Banks. › Section 5-8A-1 - Liquidation of Solvent Banks. | Section 5-8A-1
Liquidation of solvent banks.
Any solvent bank may dissolve under the provisions of Alabama law relating to voluntary dissolution of a business corporation provided that the superintendent has given his written approval to such dissolution. The superintendent may require the directors to give bond in an amount fixed by him with surety or sureties to be approved by him, payable to the State of Alabama, for the protection of the superintendent and all other persons interested; provided, however, the amount of any such bond required shall not be greater than the total liability of the bank to its depositors and other creditors. Upon receipt of the written approval of the superintendent of the statutory dissolution procedures, it shall be unlawful for said bank to receive any further deposits.
(Acts 1980, No. 80-658, §5-8-1.) |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-20 - Proceedings of Superintendent Before Banking Board as to Defaults or Misconduct of... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-20 - Proceedings of Superintendent Before Banking Board as to Defaults or Misconduct of Bank. | Section 5-8A-20
Proceedings of superintendent before banking board as to defaults or misconduct of bank.
Whenever it shall appear to the superintendent that any bank has violated its charter or any law of the state, or is conducting business in any unauthorized manner, or that the bank may suspend payment of its obligations, or if its capital is impaired and not made good under the requirement of the superintendent within the required time, or if any such bank or an affiliate of such bank as defined in Section 5-3A-1 shall refuse to submit its papers, books, and concerns to the inspection of the superintendent or any examiner, or if any officer thereof shall refuse to be examined on oath touching the conducting of any such bank, or if any such bank shall suspend payment of its obligations, or if from any examination the superintendent shall have reason to conclude that such bank is in an unsound or unsafe condition to transact the business for which it was organized, or that it is unsafe for it to continue business, or if any such bank shall neglect or refuse to observe any order of the superintendent directing or requiring the doing or cessation of any particular thing required to be done or not to be done by law, the superintendent may call a meeting of the Banking Board and submit to the board matters of default or misconduct in the affairs of the bank, of which the bank shall have notice and upon which the bank may be heard in person or by counsel, and if the board or a majority of the board so directs, the superintendent shall forthwith take possession of the property and business of such bank and retain such possession until such bank shall resume business or a receiver is appointed, as provided in this chapter. Notwithstanding the provisions of Section 5-2A-43, for purposes of this section, a quorum of the board shall be a majority of those present and entitled to vote.
(Acts 1980, No. 80-658, §5-8-20; Act 2010-548, p. 966, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-21 - Liquidation of Bank by Superintendent Without Assent of Banking Board. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-21 - Liquidation of Bank by Superintendent Without Assent of Banking Board. | Section 5-8A-21
Liquidation of bank by superintendent without assent of Banking Board.
If a majority of the directors of any bank so request in writing and the bank has violated any of the provisions of the banking laws or is insolvent, the superintendent may take charge of and liquidate the affairs of the bank as provided in this chapter under Section 5-8A-20 without calling a meeting of the Banking Board.
(Acts 1980, No. 80-658, §5-8-21.) |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-22 - Institution of Civil Action for Vacation of Charter, Liquidation, etc., of Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-22 - Institution of Civil Action for Vacation of Charter, Liquidation, etc., of Bank. | Section 5-8A-22
Institution of civil action for vacation of charter, liquidation, etc., of bank.
The circuit court of the county in which the principal place of business of the bank is located, sitting without a jury may upon application of the superintendent vacate the charter of a bank, liquidate a bank, or appoint a receiver if the directors of the bank knowingly violate or knowingly permit any of the officers, agents or employees of the bank to violate any of the provisions of this title. No civil action shall be instituted by any other person to vacate the charter of or liquidate or appoint a receiver for any bank except as authorized in Section 5-8A-24.
(Acts 1980, No. 80-658, §5-8-22.) |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-23 - Acquisition of Possession of Property and Business of Bank by Superintendent; Noti... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-23 - Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets. | Section 5-8A-23
Acquisition of possession of property and business of bank by superintendent; notice to holders of bank assets.
The superintendent shall not take possession of the property and business of any bank under the provisions of this chapter unless requested in writing to do so by a majority of the directors of the bank under Section 5-8A-21 or directed to do so by the Banking Board under Section 5-8A-20. On taking possession of the property and business of any such bank, the superintendent shall give notice of such fact to all banks in this state and other parties or corporations known to be holding or in possession of any assets of such bank.
(Acts 1980, No. 80-658, §5-8-23.) |
https://law.justia.com/codes/alabama/title-5/chapter-8a/article-2/section-5-8a-24/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 8A - Liquidation of Banks.›Article 2 - Insolvent Banks.›Section 5-8A-24 - Appointment of Receiver to Liquidate Bank. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 8A - Liquidation of Banks. › Article 2 - Insolvent Banks. › Section 5-8A-24 - Appointment of Receiver to Liquidate Bank. | Section 5-8A-24
Appointment of receiver to liquidate bank.
The superintendent may under his or her hand and official seal appoint a receiver to liquidate and distribute the assets of any bank taken possession of by the superintendent under the provisions of this chapter, the certificate of appointment to be filed in the office of the superintendent and a certified copy in the office of the probate judge in the county in which the principal office of such bank is located. The receiver may be the Federal Deposit Insurance Corporation or any other agency or corporation created by the United States to act in such capacity or any person selected by the superintendent; provided, however, no examiner shall be appointed receiver of any bank whose books, papers, and affairs the examiner shall have examined within one year next preceding the appointment of such receiver. Any receiver appointed other than the Federal Deposit Insurance Corporation, or any other agency or corporation created by the United States to act in such capacity shall apply for and shall be entitled to an ex parte order confirming his or her appointment as receiver from the receivership court.
(Acts 1980, No. 80-658, §5-8-24; Act 2010-548, p. 966, §1.) |
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