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5-17-22
Section 5-17-22 Merger and conversion procedures. Any credit union, with the approval of the
Administrator of the Alabama Credit Union Administration, may merge with another credit union,
under the existing certificate of organization of the other credit union, pursuant to any
plan agreed upon by the majority of each board of directors of each credit union joining in
the merger. In addition to approval by the administrator and each board of directors, the
membership of the merging credit union must also approve the merger plan in the following
manner: (1) At a meeting called for that purpose, notice of which purpose must be contained
in the call, two-thirds of those voting may vote to approve the merger plan. Voting must be
conducted in accordance with the bylaws of the credit union. The notice must be provided to
the members at least 45 calendar days, but no more than 90 calendar days, prior to the date
of the meeting. (2) After agreement by the directors and approval by the members...
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5-13B-2
Section 5-13B-2 Definitions. For purposes of this article: (a) "Acquire" means: (1)
For a company to merge or consolidate with a bank holding company; (2) For a company to assume
direct or indirect ownership or control of: (I) More than 25 percent of any class of voting
shares of a bank holding company or a bank, if the acquiring company was not a bank holding
company prior to such acquisition; (II) More than five percent of any class of voting shares
of a bank holding company or a bank, if the acquiring company was a bank holding company prior
to such acquisition; or (III) All or substantially all of the assets of a bank holding company
or a bank; or (3) For a company to take any other action that results in the direct or indirect
acquisition of control by such company of a bank holding company or a bank; however, formation
of a de novo bank pursuant to Chapter 5A of this title is not an acquisition for purposes
of this article. (b) "Affiliate" has the meaning set forth in Section...
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11-62-1
Section 11-62-1 Definitions. (a) The following words and phrases used in this chapter, and
others evidently intended as the equivalent thereof, shall, in the absence of clear implication
herein otherwise, be given the following respective interpretations herein: (1) AUTHORITY.
Any public corporation organized pursuant to this chapter. (2) AUTHORIZED PURPOSE OBLIGATION.
The term includes either of the following: a. Any lease, note, installment sale contract,
or any other obligation of a user, whether general or special, which was entered into, made,
assumed, or otherwise incurred by the user, in whole or in part, for the purpose of financing
the acquisition or ownership of one or more facilities, for the purpose of obtaining funds
with which to operate one or more facilities or for any combination of those purposes. b.
Any obligation of any kind which was entered into, made, assumed, or otherwise incurred by
the United States of America or any department, agency, or instrumentality...
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11-97-2
Section 11-97-2 Definitions. The following words and phrases used in this chapter, and others
evidently intended as the equivalent thereof, shall, in the absence of a clear implication
herein otherwise, be given the following respective interpretations herein: (1) APPLICANT.
A natural person who files a written application with the governing body of any county or
municipality in accordance with the provisions of Section 11-97-3 hereof. (2) AUTHORIZING
RESOLUTION. A resolution of ordinance adopted by the governing body of any county or municipality
in accordance with the provisions of Section 11-97-3 hereof, that authorizes the incorporation
of a corporation. (3) BOARD. The board of directors of a corporation. (4) BONDS. Bonds, notes,
or other obligations representing an obligation to pay money. (5) CORPORATION. Any public
corporation organized pursuant to the provisions of this chapter. (6) COSTS. As applied to
a facility or any portion thereof, shall include all or any part of the...
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32-7-36
Section 32-7-36 Exceptions. This chapter shall not apply with respect to any motor vehicle
owned by the United States, this state or any political subdivision of this state or any municipality
therein; nor, except for Sections 32-7-5 and 32-7-28, with respect to any motor vehicle which
is subject to the supervision and regulation of the Alabama Public Service Commission which
have filed with such commission a bond or insurance policy, the liability under which is not
less than that required of the operator of a motor vehicle under the terms of this chapter.
Any person, firm, association, or corporation licensed and engaged in the business of renting
or leasing motor vehicles to be operated on the public highways shall only be required to
furnish proof of financial ability to satisfy any judgment or judgments rendered against the
person, firm, association, or corporation in his or her or its capacity as owner of the motor
vehicles and shall not be required to furnish proof of its...
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32-7A-2
Section 32-7A-2 Definitions. (a) For the purposes of this chapter, the following terms shall
have the following meanings respectively ascribed to them in this section, except in those
instances where the context clearly indicates a different meaning: (1) CERTIFICATE OF INSURANCE.
A document issued by an insurer or its authorized representative showing that a specific vehicle
is insured for no less than the minimum limits of liability coverage for bodily injury or
death and for destruction of property under subsection (c) of Section 32-7-6. (2) COMMERCIAL
AUTOMOBILE LIABILITY INSURANCE POLICY. An insurance policy that: a. Is written on either a
commercial coverage or other commercially rated personal policy form, including, but not limited
to, a commercial auto, garage, or truckers form, and is not dependent on the type, number,
or ownership of vehicle or entity covered or insured. b. Insures vehicles that are not identified
individually by vehicle identification number on the policy....
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36-1-6.1
Section 36-1-6.1 Professional liability coverage for state employees or agents; duties of Finance
Director; self-insurance; costs of insurance. (a) The various state agencies, departments,
boards, or commissions shall determine and report their needs for liability coverage to the
Finance Director, the Insurance Commissioner, and the Attorney General. The Finance Director,
with the advice of the Insurance Commissioner and Attorney General, shall then determine the
type of blanket policy needed to provide basic coverage for deaths, injuries, or damages arising
out of the negligent or wrongful acts or omissions committed by state employees or agents
of the state, including retired licensed physicians and dentists while they are voluntarily
serving at free health care clinics and individuals serving as foster parents licensed or
approved by the Department of Human Resources to maintain homes for a child or children under
the supervision of the department or serving as adult foster care...
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11-47-218
Section 11-47-218 Powers of authorities generally; location of projects; exercise of power
of eminent domain. (a) In addition to all other powers at any time conferred on it by law,
and subject to any express provisions of its certificate of incorporation to the contrary,
an authority shall have the following lawful powers, together with all powers incidental thereto
or necessary to discharge thereof in the corporate form: (1) To have succession by its corporate
name in perpetuity or for the duration specified in its certificate of incorporation. (2)
To sue and be sued in its own name in civil actions and to defend actions against it. (3)
To adopt and make use of a corporate seal and to alter the same at pleasure. (4) To adopt,
alter, and repeal bylaws, regulations, and rules, not inconsistent with this article or its
certificate of incorporation, for the regulation and conduct of the affairs and business of
the authority. (5) To acquire, receive, take, and hold, whether by purchase,...
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5-26-3
Section 5-26-3 Definitions. For purposes of this chapter, the following definitions shall apply:
(1) DEPOSITORY INSTITUTION. The term "depository institution" has the same meaning
as in Section 3 of the Federal Deposit Insurance Act, and includes any credit union. (2) FEDERAL
BANKING AGENCIES. The term "federal banking agencies" means the Board of Governors
of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office
of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance
Corporation. (3) IMMEDIATE FAMILY MEMBER. The term "immediate family member" means
a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren,
stepsiblings, and adoptive relationships. (4) INDIVIDUAL. The term "individual"
means a natural person. (5) LOAN PROCESSOR OR UNDERWRITER. (a) In General. The term "loan
processor or underwriter" means an individual who performs clerical or support duties
as an...
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5-7A-62
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...
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