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5-7A-63
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,...
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16-13-215
Section 16-13-215 Approval of note issue by state superintendent; procedure; conclusive determination.
(a) Before issuing any notes hereunder, the board of education by which such notes are proposed
to be issued shall cause an application for approval of such issuance to be filed with the
State Superintendent of Education. Such application shall be in such form and shall contain
such information as the State Superintendent of Education may prescribe, and he may require
such further information as may be necessary relating to the proposed notes or other financial
or educational matters under the control of such board of education. He shall not approve
the issue of any notes hereunder which would jeopardize the Minimum State Program of education
as prescribed by law and in accordance with the rules and regulations of the State Board of
Education. He shall not approve the issue of any notes hereunder when the principal of or
the interest on any other notes or any other warrants...
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5-11A-1.1
Section 5-11A-1.1 Branching of trust companies; branching of out-of-state trust companies;
reciprocity; cooperative agreements. All corporations organized under this chapter shall have
the right to establish offices in the same manner as a bank may establish branches under this
title. At the discretion of the superintendent, out-of-state trust companies and out-of-state
banks may also establish offices in this state in the same manner as out-of-state banks may
establish branches in this state provided the superintendent determines that reciprocity exists
so that an Alabama bank or trust company could establish a similar office under substantially
equivalent requirements in the home state of the out-of-state bank or trust company. The superintendent
may enter into cooperative, coordinated, and information-sharing agreements with any other
bank supervisory agencies with respect to the establishment, acquisition, periodic examination,
or other supervision of any office in this state of an...
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5-7A-22
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...
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5-11A-30
Section 5-11A-30 Transfer between related institutions. Absent written objection from the Superintendent
of the State Banking Department, a bank, trust company or trust department (hereinafter to
be known as the "transferor") may transfer one or more fiduciary accounts administered
by such bank, trust company or trust department to another bank, trust company or trust department
(hereinafter to be known as the "transferee"); provided, however, that the transferor
and transferee banks are related institutions, as that term is hereinafter defined in Section
5-11A-36, and that the transferee bank has trust powers. (Acts 1989, No. 89-539, p. 1127,
§1.)...
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5-13B-4
Section 5-13B-4 Permitted acquisitions. (a) No company may acquire an Alabama bank holding
company or an Alabama state bank without the prior approval of the superintendent. (b) The
approval of the superintendent under subsection (a) shall not be required where the acquisition
is made: (1) In a transaction arranged by the superintendent or another bank supervisory agency
to prevent the insolvency or closing of the acquired bank; or (2) In a transaction in which
a bank forms its own bank holding company, if the ownership rights of the former bank shareholders
are substantially similar to those of the shareholders of the new bank holding company. (c)
No Alabama bank holding company may acquire an out-of-state bank or bank holding company without
the prior approval of the superintendent. (d) In a transaction for which the superintendent's
approval is not required under this section, the parties shall give written notice to the
superintendent at least 15 days before the effective date of...
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5-23-1
Section 5-23-1 Definitions. The following terms shall have the meanings ascribed to them unless
the context clearly indicates otherwise: (1) TREASURER. The State Treasurer of Alabama. (2)
FINANCIAL INSTITUTION. Any bank, savings and loans association or credit union operating in
Alabama which is chartered under federal or state statutes. (3) FINANCIAL INSTITUTION CREDIT
CARD. A credit card that entitles the holder to make open-account purchases up to an approved
amount and which is issued through a financial institution. (4) SPONSORING ENTITY. An entity,
including specifically the State of Alabama, which solicits the use of a particular financial
institution credit card bearing the entity's name in exchange for a fee from the credit card
issuer. (5) STATE FEES. All moneys generated from this program that are remitted to the State
of Alabama. (Acts 1990, No. 90-524, p. 764, §1.)...
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5-2A-12
Section 5-2A-12 Superintendent - Order to correct unsafe and unsound matters; penalties; procedure.
(a) For purposes of this section, a bank holding company is a holding company organized under
the laws of Alabama or another state in the United States that directly owns a majority of
the voting securities of an Alabama state bank. (b) The superintendent may order a bank, a
bank holding company, the board of directors, any director or directors, and any officer or
officers of any bank or bank holding company, individually or collectively (hereafter affected
person, whether one or more) to correct any matters in the conduct of the affairs of the bank
which in the opinion of the superintendent are unsafe and unsound. The Banking Board, after
at least 20 days' written notice by the superintendent to the bank and any affected person,
and a hearing before the Banking Board, may direct the superintendent to issue an order that
imposes civil money penalties on the bank or bank holding company...
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5-1A-2
Section 5-1A-2 Definitions. For the purposes of Chapters 1A through 12A of this title, the
following terms shall have the meanings respectively ascribed to them by this section: (1)
BANK. Any banking corporation or trust company organized under the laws of this state under
the jurisdiction of the superintendent of banks of this state or organized under the laws
of the United States having its principal place of business in this state. (2) SUPERINTENDENT.
The Superintendent of Banks of this state. (3) RECEIVERSHIP COURT. The circuit court of the
county in which is located the principal office of a bank in receivership. (4) NATIONAL BANK.
A national banking association organized pursuant to 12 U.S.C. § 21. (5) CAPITAL. The sum
of the par value of the authorized shares of a bank which have been issued and remain outstanding.
(6) SURPLUS. The aggregate of the amounts transferred to surplus pursuant to Section 5-5A-21
and any amounts subsequently designated as such by action of the board...
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5-1A-9
Section 5-1A-9 Deposit creates debtor-creditor relationship; agreement as to person or purpose
for which deposit made and payable. A deposit to a bank or other financial institution permitted
by law to take deposits from the general public ("depository institution") creates
the relationship of debtor and creditor between the depositor and the depository institution.
All such deposits are general deposits unless there is a written agreement between the depositor
and the depository institution which provides therein that the deposit is to be paid only
to a particular identified or identifiable person or that the deposit is made and payable
only for a specific and particular purpose. This section shall not affect accounts labeled
"escrow" or "trust." (Acts 1986, No. 86-543, p. 1075.)...
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