5-8A-25
Section 5-8A-25 Passage of title to assets, etc., of banking institution to receiver. Upon
the appointment of a receiver to liquidate a bank, the possession of and title to all assets,
business and property of such bank of every kind and nature shall pass to and vest in the
receiver without the execution of any instruments of conveyance, assignment, transfer or endorsement.
(Acts 1980, No. 80-658, §5-8-25.)...
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5-5A-2
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.)...
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27-37-1
Section 27-37-1 Assets - Generally. In any determination of the financial condition of an insurer,
there shall be allowed as assets only such assets as are owned by the insurer and which consist
of: (1) Cash in the possession of the insurer or in transit under its control, and including
the true balance of any deposit in a solvent bank or trust company; (2) Investments, securities,
properties, and loans acquired, or held, in accordance with this title and in connection therewith
the following items: a. Interest due or accrued on any bond or evidence of indebtedness which
is not in default and which is not valued on a basis including accrued interest; b. Declared
and unpaid dividends on stock and shares, unless such amount has otherwise been allowed as
an asset; c. Interest due or accrued upon a collateral loan in an amount not to exceed one
year's interest thereon; d. Interest due or accrued on deposits in solvent banks and trust
companies, and interest due or accrued on other assets,...
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5-5A-5
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...
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5-10A-9
Section 5-10A-9 Segregation of assets - Manners of segregation. Whenever pursuant to any provision
of state or federal law or of any rule or regulation by any state or federal authority made
or adopted pursuant thereto, or whenever pursuant to contractual arrangement any bank is under
duty or obligation to segregate particular items or assets separate and apart from other items
or assets, the same may be either segregated specifically and in kind in the possession of
the bank but commingled within the class or amount for the purpose of which they are segregated,
or converted into a deposit account separate from any general or other deposit account of
such bank with a Federal Reserve Bank or branch thereof, created and organized under an act
of Congress of the United States approved December 23, 1913, known as the Federal Reserve
Act, as amended, or with any governmental agency hereafter created by act of Congress of the
United States authorized to receive such deposit accounts but...
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5-13B-110
Section 5-13B-110 Pledge of assets. (a) Each foreign bank which is licensed to establish and
maintain an Alabama state branch or Alabama state agency shall keep on deposit, in accordance
with such regulations or orders as the superintendent shall promulgate, with such unaffiliated
Alabama banks as such foreign bank may designate and the superintendent may approve, interest-bearing
stocks and bonds, notes, debentures, or other obligations of the United States or any agency
or instrumentality thereof, or guaranteed by the United States, or of this state, or of a
city, county, town, village, school district, or instrumentality of this state or guaranteed
by this state, or dollar deposits, or obligations of the International Bank for Reconstruction
and Development, or obligations issued by the InterAmerican Development Bank, or obligations
of the Asian Development Bank, or obligations issued by the African Development Bank, or such
other assets as the superintendent shall by regulation or...
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5-5A-1
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...
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5-13B-111
Section 5-13B-111 Asset maintenance. (a) Each foreign bank which is licensed to establish and
maintain an Alabama state branch or Alabama state agency shall hold in this state currency,
bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including
loan participation agreements or certificates, or other obligations payable in the United
States or in United States funds or, with the prior approval of the superintendent, in funds
freely convertible into United States funds, or such other assets as the superintendent shall
by regulation or order permit, in an amount which shall bear such relationship as the superintendent
shall by regulation or order prescribe to liabilities of such foreign bank payable at or through
its Alabama state branch or Alabama state agency, including acceptances, but excluding amounts
due and other liabilities to other offices, agencies, or branches of, and wholly owned, except
for a nominal number of directors' shares,...
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5-2A-7
Section 5-2A-7 Superintendent - Expansion of banking powers; rules and regulations. (a) The
Legislature finds as fact and determines that the financial industry composed of those banks
and savings and loan associations having their principal place of business in Alabama must
keep pace with technological and other improvements constantly being made throughout the United
States so as to enable Alabama banks and savings and loan associations to render better and
more efficient services to the citizens of Alabama. It is necessary and desirable that the
superintendent be given additional authority in these fields. (b) The superintendent is hereby
authorized to expand banking powers of Alabama banks or the powers of Alabama savings and
loan associations in order to: (1) Accommodate or take advantage of changing technologies;
and (2) Assure the ability of Alabama banks and Alabama savings and loan associations to be
responsive in their respective businesses to the needs and conveniences...
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40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation,
joint stock company, or association subject to income tax under this chapter shall file a
return with the Department of Revenue for each taxable year, stating specifically the items
of its gross income and the deductions and credits allowed by this chapter. In cases where
receivers, trustees in bankruptcy, or assignees are operating the property or business of
corporations, such receivers, trustees, or assignees shall file returns for such corporations
in the same manner and form as corporations are required to file returns. Any tax due on the
basis of such returns filed by receivers, trustees, or assignees shall be collected in the
same manner as if collected from the corporations of whose business or property they have
custody and control. Returns shall be filed by the same date as the corresponding federal
income tax returns are required to be filed as provided under federal law. The...
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