5-13B-9
Section 5-13B-9 Agency activities. (a) Any Alabama state bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations and, with the prior approval of the superintendent, perform other services as an agent for any depository institution. (b) An Alabama state bank that proposes to enter into an agency agreement to perform services other than those specifically designated in subsection (a) shall file with the superintendent at least 30 days before the effective date of the agreement: (1) A notice of intention to enter into such an agency agreement with a depository institution; (2) A description of the services other than those specifically designated in subsection (a) proposed to be performed under the agency agreement; and (3) A copy of the agreement. (c) If any proposed service is not specifically designated in subsection (a) and has not previously been...
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5-7A-23
Section 5-7A-23 Declaration of incorporation. Before the issuing of such certificate by the superintendent a majority of the directors of such bank shall file in the office of the official or officials with which a certificate of incorporation would be filed under the business corporation laws of this state a declaration of incorporation, which shall show: (1) The name to be assumed and used by the corporation; (2) The objects of the corporation, among which shall be the conversion of a national bank with the name and description of the same, into a state bank with all the power and authority that may be exercised by a state bank; (3) The location of its principal office; (4) The amount of its total authorized capital and the amount of its paid-in capital; (5) The name and post-office address of each officer and director; (6) The time limit, if any, for the duration of the corporation; and (7) A certificate, acknowledged before a notary public by a majority of the directors of the...
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5-20-4
Section 5-20-4 Establishment or acquisition of a credit card bank. Subject to the provisions of this chapter and to the prior approval of the superintendent, any bank holding company, bank holding company subsidiary, domestic lender or foreign lender may, either singly or jointly with other bank holding companies, bank holding company subsidiaries, domestic lenders or foreign lenders, establish or acquire, and own and control all the voting shares of a single credit card bank located in Alabama when and for so long as the following conditions are satisfied: (1) If the credit card bank is to be organized under the laws of this state, such bank shall be organized as provided in this chapter and in the manner provided in Chapter 5A of this title; (2) In connection with the application to organize, or to acquire control of a credit card bank, the applicant or applicants shall pay one filing fee to the Alabama Department of Banking in an amount not less than $15,000 to be set by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-20-4.htm - 3K - Match Info - Similar pages
10A-1-8.01
Section 10A-1-8.01 Conversion of business and nonprofit entities. (a) A conversion of an entity may be accomplished as provided in this section: (1) CORPORATIONS. a. The terms and conditions of a plan of conversion of a corporation, other than a nonprofit corporation, must be approved in accordance with the procedures and by the stockholder vote required by Article 9 of Chapter 2A. If the governing documents provide for approval of a conversion by less than all of a corporation's stockholders, approval of the conversion shall constitute corporate action subject to appraisal rights pursuant to Article 13 of Chapter 2A. No conversion of a corporation to a general or limited partnership may be effected without the consent in writing of each stockholder who will have personal liability with respect to the converted entity, notwithstanding any provision in the governing documents of the converting corporation providing for less than unanimous stockholder approval for the conversion. b. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-8.01.htm - 18K - Match Info - Similar pages
5-8A-1
Section 5-8A-1 Liquidation of solvent banks. Any solvent bank may dissolve under the provisions of Alabama law relating to voluntary dissolution of a business corporation provided that the superintendent has given his written approval to such dissolution. The superintendent may require the directors to give bond in an amount fixed by him with surety or sureties to be approved by him, payable to the State of Alabama, for the protection of the superintendent and all other persons interested; provided, however, the amount of any such bond required shall not be greater than the total liability of the bank to its depositors and other creditors. Upon receipt of the written approval of the superintendent of the statutory dissolution procedures, it shall be unlawful for said bank to receive any further deposits. (Acts 1980, No. 80-658, §5-8-1.)...
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16-1-40
Section 16-1-40 Education Trust Fund proration relief. (a) During fiscal year 2009 and any fiscal year in which proration is declared by the Governor in an amount equal to or greater than three percent, local boards of education, with the recommendation of the local superintendent, may transfer Education Trust Fund line item appropriations including the Public School Fund, except Public School Fund monies dedicated to a specific capital outlay project or debt service and except for Alabama Public School and College Authority funds which are allocated for a specific capital outlay project, between and among appropriated line item categories. No state funds shall be transferred from funds appropriated for salaries, fringe benefits, or student materials allocations. (b) Prior to any implementation of the flexibility provisions of this section, the local board of education shall produce a plan indicating the source and amount to be transferred from each line item and show that the transfer...
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5-13B-6
Section 5-13B-6 Standards for approval. (a) In deciding whether to approve an application for a proposed acquisition under this article, the superintendent shall consider whether the acquisition may: (1) Be detrimental to the safety and soundness of the Alabama state bank or the Alabama bank holding company ; (2) Result in a substantial reduction of competition in this state; or (3) Have a significantly adverse effect on the convenience and needs of the community or communities in this state that are served by the Alabama state bank or the Alabama bank holding company to be acquired. (b) Except as otherwise expressly provided in this section, the superintendent shall not approve an acquisition under this article if upon consummation of the transaction the applicant, including any depository institution affiliated with the applicant, would control 30 percent or more of the total amount of deposits held by depository institutions in this state. (c) The superintendent may by regulation,...
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5-5A-13
Section 5-5A-13 Filing fee; other fees. (a) The Banking Board shall from time to time fix the amount of the fee for filing an application for a new bank, and for: (1) Establishment of a branch of an existing bank; (2) Conversion of a national bank to a state bank; (3) A merger of two or more existing banks; (4) Establishment and operation of any facility authorized under the provisions of Sections 5-2A-7 and 5-2A-8; (5) Acquisition of a majority of voting stock of a bank; (6) Any examination necessitated by the foregoing; and (7) Other actions that require the approval of the superintendent or the Banking Board. (b) All such fees shall be paid into the special fund set up by the State Treasurer pursuant to Section 5-2A-20. (Acts 1980, No. 80-658, §5-5-13.)...
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16-13-145
Section 16-13-145 Authority to borrow funds against revenues of current year; authority to contract with T.V.A. to obtain funds to improve energy-inefficient school buildings with approval of state superintendent. (a) Any local board of education shall have authority during any fiscal year upon the recommendation of the local superintendent of education, as the case may be, to borrow money in anticipation of the current revenues for that fiscal year and to pledge the current revenues for said fiscal year for the payment of such loan or loans if funds on hand are not sufficient to pay the salaries of teachers and to meet the current expenses when due; provided, that the party or parties making such loan or loans to a local board of education shall not be put upon inquiry as to the validity of such indebtedness because of this provision. The total amount of such loans a local board of education may have outstanding at any time during the fiscal year shall be determined as follows: From...
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16-6D-6
Section 16-6D-6 Innovation plan. (a) The innovation plan of a local school system shall include, at a minimum, all of the following: (1) The school year that the local school system expects the school flexibility contract to begin. (2) The list of state laws, regulations, and policies, including rules, regulations, and policies promulgated by the State Board of Education and the State Department of Education, that the local school system is seeking to waive in its school flexibility contract. (3) A list of schools included in the innovation plan of the local school system. (b) A local school system is accountable to the state for the performance of all schools in its system, including innovative schools, under state and federal accountability requirements. (c) A local school system may not, pursuant to this chapter, waive requirements imposed by federal law, requirements related to the health and safety of students or employees, requirements imposed by ethics laws, requirements imposed...
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