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5-8A-27
Section 5-8A-27 Application by bank for injunction against acquisition of possession of business
and property by receiver or superintendent. Whenever the superintendent or a receiver has
taken charge of the property or business of any bank, such bank may at any time within 10
days after the taking of such possession apply to the receivership court to enjoin further
proceedings by the receiver or superintendent; and the court, after citing the receiver and
superintendent to show cause why further proceedings should not be enjoined and hearing the
allegations and proof of the parties and determining the facts, may, upon the merits, dismiss
such application or enjoin the receiver or superintendent from further proceedings and direct
him to surrender such business and property to such bank. Any such application for injunction
may be heard at any time in the discretion of the receivership court after one day's notice
from the time of service of process on the receiver and superintendent. If...
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5-8A-32
Section 5-8A-32 Sale, etc., of bad debts and property of bank. The receiver, by making application
to the receivership court, may procure an order to sell or compound all bad or doubtful debts
and on like order may sell all real and personal property of such bank on such terms as the
court shall direct; provided, however, that the receiver shall have the right to ask for a
blanket order from the receivership court for the settlement of all debts, claims of any and
all nature, and deposits and for the sale of real and personal property wherein no single
item exceeds the value of $10,000.00. In all or any of such court proceedings, the bank shall
be made a party by proper service of process issued from the court, and the hearing of any
such application or petition of the superintendent may be had at any time after the bank has
had five days' notice of the application; provided, however, the court may ex parte approve
a purchase and assumption transaction as provided for in 12 U.S.C....
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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5-13B-115
Section 5-13B-115 Seizure of foreign bank's property and business; liquidation. (a) If the
superintendent finds that any of the factors set forth in Section 5-13B-113 are true with
respect to any foreign bank which is licensed to establish and maintain an Alabama state branch
or Alabama state agency and that it is necessary for the protection of the interests of the
creditors of such foreign bank's business in this state or for the protection of the public
interest that he or she take immediate possession of the property and business of the foreign
bank, the superintendent may by order forthwith take possession of the property and business
of the foreign bank in this state and retain possession until the foreign bank resumes business
in this state or is finally liquidated. The foreign bank may, with the consent of the superintendent,
resume business in this state upon such conditions as the superintendent may prescribe by
regulation or order. (b) At any time within 10 days after the...
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5-8A-46
Section 5-8A-46 Final distribution, termination of receivership and dissolution of bank. Whenever
the receiver shall have paid to each and every depositor and creditor of such bank whose claim
or claims as such creditor or depositor shall have been duly proven and allowed the full amount
of such claims and shall have made proper provision for the unclaimed and unpaid deposits
or dividends the receiver shall make application for final settlement including expenses of
liquidation, to be approved by the receivership court and shall distribute the balance of
any assets remaining ratably to the stockholders. Creditors shall not receive interest after
the date of taking of possession by the superintendent. The receiver shall in said final settlement
order be directed to file in the office of the judge of probate of the county in which the
principal place of business of the bank was located and in the office of Secretary of State
a certificate of dissolution and the written approval of the...
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5-18-10
Section 5-18-10 Examinations of licensees; investigations; enforcement powers of supervisor.
(a) Annual examinations of licensees. At least once each year and at such other time as may
be deemed necessary by the Supervisor of the Bureau of Loans, an examination shall be made
of the place of business of each licensee and of the loans, transactions, books, papers, and
records of the licensee so far as they pertain to the business licensed under this chapter.
As cost of examination, the licensee shall pay to the Bureau of Loans the actual cost of each
examination, the amount of which shall be reasonably prescribed under rules and regulations
promulgated by the Superintendent of Banks; provided, however, the cost for each day of examination
by each examiner shall not exceed eight times the average hourly rate for auditing purposes
as charged by three recognized certified public accountancy firms in the City of Montgomery,
Alabama. In addition thereto, the licensee shall pay as per diem the...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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5-8A-22
Section 5-8A-22 Institution of civil action for vacation of charter, liquidation, etc., of
bank. The circuit court of the county in which the principal place of business of the bank
is located, sitting without a jury may upon application of the superintendent vacate the charter
of a bank, liquidate a bank, or appoint a receiver if the directors of the bank knowingly
violate or knowingly permit any of the officers, agents or employees of the bank to violate
any of the provisions of this title. No civil action shall be instituted by any other person
to vacate the charter of or liquidate or appoint a receiver for any bank except as authorized
in Section 5-8A-24. (Acts 1980, No. 80-658, §5-8-22.)...
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5-8A-26
Section 5-8A-26 Use of bank examiner's reports as evidence in liquidation proceedings, etc.
In the event the superintendent takes charge of the business and affairs of any bank as authorized
in this chapter or in the event a proceeding is instituted to forfeit the charter of any bank,
the report of the examiner of such bank on file in the office of the superintendent or a copy
thereof duly certified by the superintendent under his official seal, is admissible and may
be used as evidence in any court, either by the superintendent, the Banking Board, any member
or employee thereof, the receiver or the bank. (Acts 1980, No. 80-658, §5-8-26.)...
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