Section 5-2A-6 – Superintendent – Removal; Removal of Member of Banking Board.
Section 5-2A-6 Superintendent – Removal; removal of member of Banking Board. (a) The superintendent or any member of the Banking Board may be removed from office by a vote of two thirds of the members of the entire banking board for: (1) Neglect of duty; (2) Malfeasance; (3) Misfeasance; (4) Extortion or corruption in office; […]
Section 5-2A-22 – Independent Audits; Minimum Standards; Advisory Committee; Report in Lieu of Audit.
Section 5-2A-22 Independent audits; minimum standards; advisory committee; report in lieu of audit. The board of directors of each state bank shall at least once in each calendar year have an audit made of its books and affairs, including any accounts held in a fiduciary capacity, by independent auditors approved by the superintendent. These may […]
Section 5-2A-7 – Superintendent – Expansion of Banking Powers; Rules and Regulations.
Section 5-2A-7 Superintendent – Expansion of banking powers; rules and regulations. (a) The Legislature finds as fact and determines that the financial industry composed of those banks and savings and loan associations having their principal place of business in Alabama must keep pace with technological and other improvements constantly being made throughout the United States […]
Section 5-2A-23 – Legal Counsel.
Section 5-2A-23 Legal counsel. The Attorney General without additional compensation shall render to the State Banking Department such legal services as the superintendent may request. The district attorney in each county in this state, when requested by the superintendent, shall as a part of his or her official duty and without compensation, represent the superintendent […]
Section 5-2A-8 – Superintendent – Promulgation and Interpretation of Regulations.
Section 5-2A-8 Superintendent – Promulgation and interpretation of regulations. The superintendent may, with the concurrence of a majority of the members of the State Banking Board or as otherwise provided in this title, promulgate such reasonable regulations, consistent with the laws of this state, as may be necessary to carry out the provisions of this […]
Section 5-2A-24 – Examination of Small Loan Companies; Fees.
Section 5-2A-24 Examination of small loan companies; fees. The Superintendent of Banks may at any reasonable time cause an examination to be made of any small loan company, finance company, and other individual or person holding any license from the State Banking Department at the licensee’s place of business of the records and transactions of […]
Section 5-2A-9 – Superintendent – Procedure for Promulgation of Regulations; Emergency Regulations; Judicial Review.
Section 5-2A-9 Superintendent – Procedure for promulgation of regulations; emergency regulations; judicial review. (a) Prior to the adoption, amendment, or repeal of any regulation, the superintendent shall: (1) Give at least 35 days’ notice of the intended action. The notice shall include a statement of either the terms or substance of the intended action or […]
Section 5-2A-10 – Superintendent – Make Good Any Impairment of Capital.
Section 5-2A-10 Superintendent – Make good any impairment of capital. Whenever the superintendent shall have reason to believe that the capital of any bank is impaired, he may in his discretion require such bank to make good the deficit by the date specified by him, which requirement shall be in writing. The superintendent may cause […]
Section 5-2A-11 – Superintendent – Losses; Bank to Correct Impairment of Capital.
Section 5-2A-11 Superintendent – Losses; bank to correct impairment of capital. Whenever losses are sustained by a bank, such losses shall be charged on the books of the bank as losses so that the books of the bank will show the true condition of the bank. When, by reason of losses or otherwise, the capital […]
Section 5-2A-12 – Superintendent – Order to Correct Unsafe and Unsound Matters; Penalties; Procedure.
Section 5-2A-12 Superintendent – Order to correct unsafe and unsound matters; penalties; procedure. (a) For purposes of this section, a bank holding company is a holding company organized under the laws of Alabama or another state in the United States that directly owns a majority of the voting securities of an Alabama state bank. (b) […]