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5-8A-21
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.)...
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5-5A-44
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...
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5-8A-20
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...
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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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2-3A-4
Section 2-3A-4 Board of directors; members; terms; vacancies; qualifications; expenses; quorum;
impeachment; copies of proceedings as evidence. (a) The authority shall be governed by a board
of directors, and all powers of the authority shall be exercised by the board or pursuant
to its authorization. (b) The board shall consist of seven directors. The Commissioner of
Agriculture and Industries, the Director of Finance and the Superintendent of Banking shall
be ex officio members of the board of directors. The remaining four directors shall be appointed,
by the persons and in the manner hereinafter prescribed, as soon as may be practicable after
the incorporation of the authority, for staggered terms as follows: The Speaker of the House
of Representatives shall appoint one director and the President Pro Tempore of the Senate
shall appoint one director each of whose initial terms shall begin immediately upon his respective
appointment and shall end on September 30 in the fourth calendar...
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41-14A-6
Section 41-14A-6 Establishment of SAFE board of directors; powers and duties of the board of
directors. (a) There is hereby established a Board of Directors of the SAFE Program charged
with responsibility and authority to assess and manage the sufficiency of the collateral pool
and the SAFE Program to provide adequate protection from losses to public depositors. In exercising
its powers and performing its responsibilities, the board of directors shall constitute a
body politic under the laws of the state performing the public function of assuring the safety
of public deposits. (b) The State Treasurer shall be a permanent, standing, voting member
of the board of directors and shall serve as its chair. The Superintendent of Banks shall
be a permanent, standing, non-voting member of the board of directors. The remaining six members
shall each possess knowledge, skill, and experience in one or more of the following areas:
(1) Financial analysis. (2) Trend analysis. (3) Accounting. (4)...
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5-6A-2
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.)...
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24-1A-4
Section 24-1A-4 Members, officers and directors; appointment; qualifications; meetings of board
and public notice thereof; salaries; record of proceedings; copies of proceedings as evidence;
permanent maintenance of official record; members, officers, etc., not personally liable;
legislative oversight committee established; composition; appointment; expenses. (a) The applicants
named in the application, being the seven initial appointees of the Governor by congressional
districts, the Director of Finance ex officio and the Superintendent of Banks ex officio,
and their respective successors in office, together with the State Treasurer ex officio, an
appointee of the Governor from the state at large and the appointees of the Speaker of the
House and the Lieutenant Governor, and their respective successors in office, shall constitute
the members of the authority. The Governor shall, as soon as convenient after the passage
of this chapter, appoint one person from each of the now existing...
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5-17-8
Section 5-17-8 Reports to Administrator of Alabama Credit Union Administration; powers of administrator.
(a) Credit unions shall report to the Administrator of the Alabama Credit Union Administration
at least annually on or before January 31 in such manner and form as required by the administrator
for that purpose. Additional reports may be required. Credit unions shall be examined at least
every 18 months by employees of the administration or by other persons designated by the administrator.
For failure to file reports when due, unless excused for cause by the administrator, the credit
union shall pay to the State Treasurer five dollars ($5) for each day of its delinquency.
(b) If the administrator determines that the credit union is violating this chapter, or is
insolvent, the administrator may suspend operations of the credit union by issuing an order
requiring that the credit union cease operations pending a hearing on the revocation of the
certificate of approval, or the...
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5-9A-1
Section 5-9A-1 Cooperation of superintendent in reorganization of bank. Whenever the board
of directors or a majority of the stockholders of any bank shall request the superintendent
to cooperate in a reorganization of such bank, because of a substantial impairment of the
capital of such bank, the superintendent is authorized to do the following: (1) To make or
have made a careful appraisement of the assets of the bank; (2) If the appraisement shows
the capital to be impaired, to charge the stock down to its actual value, if it has any, and
if the appraisement shows the stock has no value, to charge off all capital, surplus and undivided
profits and thereafter the rights and interests of such stockholders in any of the assets
of the bank shall be subordinate to those of the creditors of the bank and the secured depositors
to the extent of such security so held by such secured depositor; (3) If the capital, surplus
and undivided profits are not sufficient to take care of all losses, to...
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