Section 5-11A-1 Amenability of trust companies to banking laws; use of word “trust” in corporate name generally; operation of trust departments, etc., by banks. All corporations organized and operating as trust companies shall have the word “trust” as a part of their corporate names, shall be amenable to the general banking laws of the state […]
Section 5-11A-1.1 Branching of trust companies; branching of out-of-state trust companies; reciprocity; cooperative agreements. All corporations organized under this chapter shall have the right to establish offices in the same manner as a bank may establish branches under this title. At the discretion of the superintendent, out-of-state trust companies and out-of-state banks may also establish […]
Section 5-11A-10 Withdrawal of bonds or securities from deposit with trustees. All trust companies organized under the laws of this state which are now required by their charters to keep on deposit with trustees any bonds, stocks or other securities to be held subject to the payment of any judgment which may be rendered against […]
Section 5-11A-11 Interest on bonds or securities deposited with Treasurer payable to trust companies. The interest falling due from time to time on bonds or other securities on deposit with the State Treasurer in accordance with Section 5-11A-5 shall be payable to the corporation depositing such bonds or other securities, and the Treasurer may send […]
Section 5-11A-12 Trust company authorized to purchase its own securities in fiduciary capacity. A trust company or other financial institution with fiduciary powers may, in its fiduciary capacity, purchase bonds or other securities underwritten or otherwise distributed by the financial institution or by a syndicate which includes the financial institution or an affiliate of the […]
Section 5-11A-2 Written approval of superintendent to conduct trust business. No bank shall have the right to operate or conduct a trust department or become a trustee or a fiduciary without having received the prior written approval of the superintendent and otherwise complied with Section 5-11A-1, even though the certificate of incorporation of the bank […]
Section 5-11A-3 Capital stock requirements for trust companies. No trust company hereafter organized under the laws of Alabama shall have total initial capital accounts actually paid in of less than $1,000,000.00. (Acts 1980, No. 80-658, §5-11-3.)
Section 5-11A-4 Use of word “trust” in designation or name of entity. Except in the case of any entity which is organized and operating under the laws of Alabama, other states, or the United States as a trust company or as a combined bank and trust company and which has complied with the requirements of […]
Section 5-11A-5 Deposit of security for operation of trust business – Amount required and form; charges against deposit. Any corporation organized and operating as a trust company or as a bank authorized by law to do a trust business may deposit with the State Treasurer or elsewhere United States bonds, bonds, notes or debentures of […]
Section 5-11A-6 Deposit of security for a operation of trust business – State Treasurer to decline certain bonds or securities. The State Treasurer shall decline to receive bonds or other securities of a market value less than par and may, in his discretion, decline to receive any bonds or other securities that he considers unsafe […]
Section 5-11A-7 Deposit of security for a operation of trust business – Certificate of deposit; purpose. The State Treasurer shall, from time to time, furnish the company making such deposit with a proper certificate showing the fact of the deposit and containing an exact description of the bonds or other securities deposited. Such deposit is […]
Section 5-11A-8 Sale of bonds or securities for satisfaction of judgment against trust company. When any person, firm or corporation has established by final court proceedings a claim against said company to secure which said bonds or other securities were deposited and said claim is not paid within 30 days by said company, the State […]
Section 5-11A-9 Exemption of trust companies, etc., acting as administrators, etc., from bond requirement. Any trust company or bank which is authorized by law to act as a guardian, administrator, executor, receiver or trustee, except as may be otherwise provided in this code for the administration of the affairs of war veterans, under appointment of […]
