Section 2-10-25 – Notice of Decision Refusing Permit; Appeal.
Section 2-10-25 Notice of decision refusing permit; appeal. If the commissioner refuses to issue a permit, he shall by registered or certified mail notify the principal officer or manager of the association and may notify by mail all members. An appeal by anyone interested shall lie from the decision of the commissioner to the State […]
Section 2-10-26 – Temporary Permit Pending Appeal.
Section 2-10-26 Temporary permit pending appeal. In the event an association desires to do business pending the appeal provided for in Section 2-10-25, it may be issued a temporary permit to do so upon paying $1.00 and filing bond with the commissioner in such sum as the commissioner may fix, conditioned to protect all persons […]
Section 2-10-27 – Authority to Acquire Stock and Execute Mortgages.
Section 2-10-27 Authority to acquire stock and execute mortgages. All cooperative agricultural associations of any kind or character whatsoever, heretofore or hereafter organized under the laws of the State of Alabama, are hereby authorized and empowered to purchase or otherwise acquire and to hold stock in the New Orleans Bank for Cooperatives and in the […]
Section 2-10-28 – Annual Report.
Section 2-10-28 Annual report. Every association shall prepare and make out an annual report, on forms furnished by the commissioner and approved by the State Board of Agriculture and Industries, containing such financial and other information relative to its operation during the fiscal year as may be required by the State Board of Agriculture and […]
Section 2-10-29 – Investigation of Affairs of Association.
Section 2-10-29 Investigation of affairs of association. The commissioner shall have authority, when so ordered by the State Board of Agriculture and Industries, to examine and investigate each association as to its conduct of business, the correctness of its books, its financial condition and the safety and prudence of its management. Such investigation may also […]
Section 2-10-30 – Commissioner to Report Association Violating Purposes of Organization, Etc.
Section 2-10-30 Commissioner to report association violating purposes of organization, etc. Whenever the commissioner finds that an association is violating the purposes for which organized or is conducting its business in any unauthorized manner or is not serving the interest of its members or is being conducted in such a manner as to seriously impair […]
Section 2-10-31 – Hearing on Report of Commissioner.
Section 2-10-31 Hearing on report of commissioner. The State Board of Agriculture and Industries shall consider all facts relative to the report of the commissioner required by Section 2-10-30 in executive session; provided, that any person the board sees fit may be admitted to such session, but such person shall not disclose to the public […]
Section 2-10-32 – Order of Board After Hearing; Appeal.
Section 2-10-32 Order of board after hearing; appeal. The State Board of Agriculture and Industries, upon any hearing provided for in this article, may require the commissioner to call a meeting of the directors of the association and seek to work out a solution of conditions with them, may order the conditions on which there […]
Section 2-10-33 – Bond Required of Person Placed in Charge of Association.
Section 2-10-33 Bond required of person placed in charge of association. Whenever the State Board of Agriculture and Industries shall place an association in the charge or control of a person, as provided in Section 2-10-32, such person shall be bonded by a bonding company in such amount and under such conditions as shall be […]
Section 2-10-34 – Payment of Expense of Operating or Closing Out Association.
Section 2-10-34 Payment of expense of operating or closing out association. The expense of operating or closing out an association, as provided in Section 2-10-32, shall be paid by the association, including the reasonable salary of the agent placed in charge thereof, reasonable attorney’s fees and any other expense incident to properly closing said association’s […]