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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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5-7A-61
Section 5-7A-61 Definitions. As used in this article, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) SAVINGS INSTITUTION.
A savings and loan association or savings bank organized under the laws of this state or organized
under the laws of the United States and having its principal place of business in this state,
whether a "capital stock saving institution" which is authorized to issue capital
stock, or a "mutual savings institution," shares of which are owned by its members.
(2) RESULTING BANK. The state chartered bank that results from conversion of a savings institution
to a state chartered bank pursuant to this article. (3) SUPERINTENDENT. The Superintendent
of Banks for the State of Alabama. (4) STATE CHARTERED BANK. A bank the same as if such bank
were incorporated, chartered and permitted to do business, all as provided in Section 5-5A-1
et seq. (5) PLAN OF CONVERSION. That written document containing all...
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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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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...
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5-7A-44
Section 5-7A-44 Rights of dissenting shareholders. The rights of shareholders of a national
bank dissenting from the conversion, merger or consolidation of the bank shall be governed
exclusively by the applicable laws of Congress. A shareholder of a state bank who votes against
the conversion, merger or consolidation of that state bank with or to a national bank, or
who has given notice in writing to the bank at or prior to such meeting that he dissents from
the conversion, merger or consolidation shall be entitled to receive in cash the value of
the shares held by him, if and when the conversion, merger or consolidation is consummated,
upon written request made to the resulting national bank at any time before 30 days after
the date of consummation of such conversion, merger or consolidation, accompanied by the surrender
of his stock certificates. The value of such shares shall be determined as of the date on
which the shareholders meeting was held authorizing the conversion, merger...
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16-22-9
Section 16-22-9 Educational authority sick leave bank plans. (a) The following terms shall
have the following meanings, respectively: (1) CATASTROPHIC ILLNESS. Any illness, injury,
or pregnancy or medical condition related to childbirth, certified by a licensed physician
which causes the employee to be absent from work for an extended period of time. (2) CHIEF
EXECUTIVE OFFICER. The superintendent of any public county or city school system; the President
of the Alabama Institute for Deaf and Blind; the president of any two-year school or college
under the auspices of the State Board of Education; the President of Alabama Agricultural
and Mechanical University; the Superintendent of the Department of Youth Services School District;
the Executive Director of the Alabama School of Fine Arts; and the Executive Director of the
Alabama High School of Mathematics and Science. (3) EDUCATIONAL AUTHORITY or AUTHORITY or
BOARD. Each city and county board of education; the Board of Trustees of the...
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16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature finds
that the number of students attending the several school systems located in those areas of
North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions
will collectively increase by an estimated 9,000 students. As a result, there will be a need
for the construction of additional school facilities as well as the renovation of existing
school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions
will have a positive impact on future receipts to the Education Trust Fund, as the significant
population growth in North Alabama will increase sales, income, and other tax collections.
Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital
improvement costs associated with BRAC-related school construction. (b) The Alabama Public
School and College Authority is hereby authorized to sell and issue its...
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5-5A-18.1
Section 5-5A-18.1 Banks and trust companies to have power of federally chartered or regulated
financial institution. In addition to all other rights and powers provided under this title,
banks and trust companies chartered by this state and supervised by the superintendent and
banks or trust companies chartered by any other state which are doing business or proposing
to conduct any bank or trust company activities in this state and each of their subsidiaries,
subject to the prior approval of the superintendent, may make any loan or investment , exercise
any power, and engage in any activity which they could make , exercise, or engage in if incorporated
or operating as a federally chartered or regulated financial institution and they shall be
entitled to all rights, privileges, and protections granted or available to federally chartered
or regulated financial institutions. In addition to other conditions determined at the superintendent's
discretion, any approval granted under this...
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8-6-2
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual
other than a dealer who represents a dealer or issuer in effecting or attempting to effect
sales of securities, but such term does not include an individual who represents an issuer
in: a. Effecting a transaction in a security exempted by subdivisions (1), (2), (3), (4),
(9) or (10) of Section 8-6-10; b. Effecting transactions exempted by Section 8-6-11; or c.
Effecting transactions with existing employees, partners, or directors of the issuer if no
commission or other remuneration is paid or given directly or indirectly for soliciting any
person in this state. A partner, officer, or director of a dealer or issuer is an agent if
he otherwise comes within this definition. (3) DEALER. Any person engaged in the...
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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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