5-8A-31
Section 5-8A-31 Subrogation of Federal Deposit Insurance Corporation. Whenever any bank shall have been closed as provided under the laws of this state, and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or liquidator of such closed bank, shall be subrogated to all rights against such closed bank of the owners of such deposits in the same manner and to the same extent as subrogation of the corporation is now or may be hereafter provided for by federal law in the case of the closing of a national bank; provided, that the rights of depositors and other creditors of such closed bank shall be determined in accordance with the applicable provisions of the laws of this state. (Acts 1980, No. 80-658, §5-8-31.)...
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5-8A-34
Section 5-8A-34 Loans from and sale of assets to Federal Deposit Insurance Corporation for bank. With respect to any bank which is now or may hereafter be closed as provided under the laws of this state, the receiver of such bank may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of the assets of said bank to said corporation as security for a loan from same; provided, that where said corporation is acting as such receiver, the order of the receivership court shall be first obtained approving such loan. The receiver, upon the order of the receivership court which may be ex parte, may sell to said corporation any part or all of the assets of such bank. The provisions of this section shall not be construed to limit the power of the receivers to pledge or sell assets in accordance with any existing law. (Acts 1980, No. 80-658, §5-8-34.)...
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5-13B-21
Section 5-13B-21 Definitions. As used in this article, unless a different meaning is required by the context, the following words and phrases shall have the following meanings: (a) "Alabama bank" means a bank whose home state is Alabama. (b) "Alabama state bank" means a bank chartered under the laws of Alabama. (c) "Bank" has the same meaning as set forth in 12 U.S.C. §1813(h); provided that the term "bank" shall not include any "foreign bank" as defined in 12 U.S.C. §3101(7), except that such term shall include any foreign bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation. (d) "Bank holding company" has the meaning set forth in 12 U.S.C. §1841(a) (1). (e) "Bank supervisory agency" means: (1) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-13B-21.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-22.htm - 5K - Match Info - Similar pages
41-14A-2
Section 41-14A-2 Definitions. As used in this chapter, the following words and terms shall have the following meanings: (1) AVERAGE MONTHLY BALANCE OF PUBLIC DEPOSITS. The sum of the average daily balances of public deposits, meaning the net average daily balances of public deposits determined without any deduction for deposit insurance, for the reported month and the 11 months preceding that month, divided by 12. (2) BOARD OF DIRECTORS or BOARD. The Board of Directors of the SAFE Program established under Section 41-14A-6. The board of directors shall consist of eight members. (3) COLLATERAL-PLEDGING LEVEL or COLLATERAL-PLEDGING REQUIREMENT. The percentage or percentages of collateral, in relation to one or more levels of public deposits held, required to be pledged by a qualified public depository as determined in accordance with the provisions of this chapter or rules or orders of the board adopted pursuant to this chapter. (4) COVERED PUBLIC ENTITY. The state and its political...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-14A-2.htm - 8K - Match Info - Similar pages
5-3A-2
Section 5-3A-2 Acceptance of examinations and reports of federal bank regulatory agency, etc. The superintendent is authorized to accept, in his discretion, in lieu of any examination authorized by the laws of this state to be conducted by his department the examination that may have been made of same within a reasonable period by a federal bank regulatory agency, provided a copy of said examination is furnished to said superintendent. Nothing in this section shall be construed to limit the duty of any banks in this state, deposits in which are to any extent insured under the provisions of the Federal Deposit Insurance Act or of any amendment of or substitution for the same, to comply with the provisions of said act, its amendments or substitutions or the requirements of said corporation relative to examinations and reports, nor to limit the powers of the superintendent with reference to examinations and reports under existing law. (Acts 1980, No. 80-658, §5-3-2.)...
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41-14A-3
Section 41-14A-3 Public deposits to be secured; exemptions. (a) On and after January 1, 2001: (1) All public deposits of all covered public entities and covered public officials shall be governed by this chapter and shall be secured as provided in this chapter. (2) All public depositors shall, notwithstanding any other laws to the contrary, place their public deposits with one or more qualified public depositories in accordance with this chapter. Notwithstanding the foregoing, funds placed in interest-bearing deposits through a qualified public depository pursuant to subsection (c) shall be exempt from the other requirements of this chapter. (3) All financial institutions shall file the reports required by this chapter or by rule, regulation, or order of the board of directors and all financial institutions accepting any public deposits shall be a qualified public depository and shall comply with all provisions of this chapter, including, without limitation, the collateral pledging...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-14A-3.htm - 5K - Match Info - Similar pages
16-16A-2
Section 16-16A-2 Definitions. As used in this chapter, the following words and phrases shall have the following meanings: (1) AUTHORITY. The Public School and College Authority. (2) BASELINE DATE. January 1, 2006. (3) 2005 BRAC. a. Closure actions according to the 2005 Base Closure and Realignment Commission Report of the U.S. Department of Defense as they relate to Redstone Arsenal. b. Subsequent BRAC Actions are closure actions according to any Base Closure and Realignment Commission Report of the U.S. Department of Defense subsequent to the 2005 Base Closure and Realignment Commission Report of the U.S. Department of Defense or administrative actions by a United States government agency, department, or organization which positively impact the number of Redstone Arsenal jobs. (4) BRAC DISTRIBUTIONS. Bond proceeds to be distributed to the local school districts for purposes of and as allocated by this chapter. (5) BRAC IMPACTED AREA. The geographic area within Madison County and the...
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36-17-3
Section 36-17-3 Duties generally. The powers, functions, and duties of the Treasurer shall be: (1) To receive all moneys due the state and deposit them in the proper accounts. (2) To perform the functions and duties now authorized by law with respect to state depositaries. (3) To pay all warrants duly executed by the Comptroller, and to pay for funds electronically transferred by the Comptroller in accordance with Section 41-4-50, upon the determination that there is sufficient money for the payment thereof in the fund upon which they are drawn. No warrant executed by any other person shall be honored. All checks drawn on the state funds shall be signed by the Treasurer, or the chief clerk in the office, and countersigned by the special assistant in the office of the Treasurer, who is appointed by the Treasurer with the approval of the Governor. Another employee may be designated by the Treasurer, with the approval of the Governor, to countersign checks in the absence of the special...
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45-49A-81.04
Section 45-49A-81.04 Investment of funds. All monies properly belonging to the fund shall be kept in a separate account or accounts, and may, in the discretion of the persons charged with the duties of administering the fund, be invested in any securities provided by law to be a suitable investment for trust fund monies pursuant to the laws of this state including, but not limited to, the following: (1) Bonds, notes, or other obligations of the United States, or those guaranteed by the United States or for which the credit of the United States is pledged for the payment of the principal and interest or the dividends thereof. (2) State bonds pledging the full faith and credit of the state and revenue bonds additionally secured by the full faith and credit of the state. (3) Bonds of the counties and municipalities of the state which contain a pledge of full faith and credit of the county or municipality which issues the bonds. (4) Savings accounts or certificates of deposit at any bank...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-81.04.htm - 2K - Match Info - Similar pages
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