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5-2A-12
may direct the superintendent to issue an order that imposes civil money penalties on the bank
or bank holding company and affected person and, if so determined by the Banking Board, that
removes any affected person: (1) Who does not comply with the superintendent's order to correct
unsafe and unsound matters if the Banking Board by written order enters a finding that the
bank has thereby suffered or will probably suffer substantial financial loss and that such
practice is one involving personal dishonesty on the part of such affected person or
one which demonstrates a willful and continuing disregard for the safety and soundness of
the bank or bank holding company, the result of which has caused the bank to suffer or which
is likely to cause the bank to suffer substantial financial loss; or (2) Whose conduct: a.
demonstrates personal dishonesty in connection with the business, operations, assets,
or liabilities of the bank or bank holding company; or b. demonstrates a willful and...
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5-17-3
and the injunction enforced as in other cases. If the directors, officers, or those persons
performing similar functions as corporate directors or officers of any entity shall knowingly
and willfully violate or knowingly and willfully permit any of the officers, agents, employees,
or those persons performing similar functions of the entity to violate any of the provisions
of this section, each director, officer, or other person engaging in the violation shall be
liable in his or her personal and individual capacity for all damages which the entity
or any other person shall have sustained in consequence of the violation. Provided, however,
that a credit union organized in another state may conduct business as a credit union in this
state with the prior approval of the Administrator of the Alabama Credit Union Administration
provided all of the following criteria are met: (1) It is organized under laws similar to
Alabama credit union laws. (2) It is financially solvent. (3)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-3.htm - 3K - Match Info - Similar pages
8-6-10
Section 8-6-10 Registration of securities - Exempt securities. Sections 8-6-4 through 8-6-9
shall not apply to any of the following securities: (1) Any security, including a revenue
obligation, issued or guaranteed by the United States, any state, any political subdivision
of a state, any agency, corporate, or other instrumentality of one or more of the foregoing;
or any certificate of deposit for any of the foregoing. (2) Any security issued or guaranteed
by Canada, any Canadian province, any political subdivision of any province, any agency, corporate,
or other instrumentality of one or more of the foregoing or any other foreign government with
which the United States currently maintains diplomatic relations if the security is recognized
as a valid obligation by the issuer or guarantor. (3) Any security issued by and representing
an interest in or a debt of, or guaranteed by, any bank organized under the laws of the United
States or any bank, savings institution, or trust company...
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10A-2-15.44
Section 10A-2-15.44 Foreign corporation previously acting in fiduciary capacity in state. REPEALED
IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. The provisions of this division shall not prohibit any foreign corporation
authorized to act in a fiduciary capacity or capacities in the state in which it is incorporated
or any national banking association or other corporation organized under the laws of the United
States authorized to act in a fiduciary capacity or capacities in its principal place of business
which, prior to April 14, 1956, or in the case of a corporation other than a national banking
association, prior to January 1, 1995, was acting or appointed to act in this state in a particular
fiduciary capacity or capacities, from continuing in the performance of the fiduciary activity
or activities without complying with the provisions of this division. (Acts 1994, No. 94-245,
p. 343, §1; §10-2B-15.44; amended...
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27-30-5
Section 27-30-5 Authorization to act as, or for, association - Requirements. No person shall
hereafter be authorized or hold authority to transact business in this state as a mutual aid
association unless it is otherwise in compliance with this chapter and meets the following
requirements: (1) Must be a corporation heretofore or hereafter lawfully formed under the
laws of the State of Alabama; (2) If a stock corporation, and except as provided in Section
27-30-6, must have and maintain unimpaired paid-in capital stock of not less than $50,000.00
and, if newly organized, must have, in addition when first so authorized, a paid-in surplus
of not less than $75,000.00; (3) If a mutual corporation, and except as provided in Section
27-30-6, must have applications for benefits and paid-in fees, dues, assessments, or contributions,
if required under Section 27-30-27, and must thereafter have and maintain unimpaired surplus
funds, representing the excess of its admitted assets over all its...
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41-10-351
Section 41-10-351 Definitions. The following terms hereafter used in this article shall have
the following respective meanings: (1) AUTHORITY. The public corporation organized pursuant
to the provisions of this article. (2) BONDS. The bonds issued under the provisions of this
article. (3) COMMISSIONER. The Commissioner of Mental Health. (4) DEPARTMENT. The Department
of Mental Health provided for in Chapter 50 of Subtitle 2 of Title 22. (5) DIRECTORS. The
board of directors of the authority. (6) MENTAL HEALTH FACILITIES. Any one or more of the
following: hospitals and other facilities of any kind for treatment and care of the mentally
ill and individuals with an intellectual disability; regional or community-based mental health
centers; regional or community-based facilities for treatment and care of the mentally ill
or individuals with an intellectual disability; regional or community-based centers for the
treatment of alcoholism or drug addiction; and improvements to existing state...
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5-11A-1
Section 5-11A-1 Amenability of trust companies to banking laws; use of word "trust"
in corporate name generally; operation of trust departments, etc., by banks. All corporations
organized and operating as trust companies shall have the word "trust" as a part
of their corporate names, shall be amenable to the general banking laws of the state insofar
as said laws are applicable to trust companies and not in conflict with the provisions of
this chapter and shall be examined by the superintendent as state banks are examined. The
word "trust" need not be a part of the corporate name of any corporation now or
hereafter organized under the laws of this state to do a banking business and all such banks,
although the word "trust" is not a part of their corporate names, shall have the
right to operate and conduct a trust department, become trustees for any purpose, be appointed
and act as executors, administrators, guardians and receivers and do any business and exercise
any powers incident to...
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10A-20-15.01
Section 10A-20-15.01 Rights, powers, and authority. All corporations organized under the general
laws of this state, or heretofore under a special act of the Legislature, and all corporations
organized under the laws of any other of the United States which have complied with the Constitution
and laws of the State of Alabama as to foreign corporations and which by their charter have
the right to manufacture, supply, and sell to the public power produced by water as a motive
force, shall, after acquiring by purchase, or otherwise than by condemnation, a dam site or
power site comprising not less than one acre of land upon each and opposite sides of any watercourse
or after acquiring by purchase, or otherwise than by condemnation, a dam site comprising not
less than one acre of land upon one side of any watercourse and, where the dam site on the
other side of the watercourse is owned or controlled by the United States, shall have acquired
the permission of the United States to attach to...
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11-56-1
Section 11-56-1 Definitions. The following words and phrases, whenever used in this chapter,
shall, in the absence of clear implication otherwise, have the following respective meanings:
(1) CORPORATION OR THE CORPORATION. A corporation organized pursuant to the provisions of
this chapter. (2) BOARD. The board of directors of the corporation. (3) THE STATE. The State
of Alabama. (4) THE MUNICIPALITY. That incorporated city or town in the state which authorized
the organization of the corporation. (5) THE COUNTY. That county in which the certificate
of incorporation of the corporation shall be filed for record. (6) LOCAL SUBDIVISION. The
municipality or the county. (7) PUBLIC CORPORATION. a. Any public corporation (other than
a corporation organized under this chapter) now or hereafter organized or created in the state
pursuant to the authorization or determination by the municipality, by the municipality and
one or more other cities and towns in the state, by the county, by the county...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-56-1.htm - 3K - Match Info - Similar pages
11-81-24
Section 11-81-24 Sinking fund bonds - Creation of sinking fund; employment and duties of trustee
of sinking fund. Any city which desires to issue bonds as provided by Sections 11-81-22 through
11-81-24 to refund the principal of any of its unmatured bonds may establish a sinking fund
which shall be used solely for the purposes of paying the principal of such unmatured bonds
and may, by resolution adopted by its city council or board of commissioners or other governing
body, employ any bank or trust company authorized to do business in the State of Alabama or
any savings and loan association organized either under the laws of the State of Alabama or
of the United States to act as trustee of such sinking fund and to hold in trust the bonds
of such city issued to refund the principal of such unmatured bonds and placed in such sinking
fund and to apply the income therefrom and the money received in payment therefor or any other
income which shall accrue to such sinking fund to the payment...
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