Section 5-5A-19 – Reserves.
Section 5-5A-19 Reserves. (a) A bank which is not a member of the Federal Reserve System shall maintain at all times a reserve fund in an amount fixed by resolution of the Banking Board. The amount of the required reserve for each day shall be computed on the basis of average daily deposits covering such […]
Section 5-5A-37 – Rights of Minors.
Section 5-5A-37 Rights of minors. A minor may make, in her or his own name, a deposit in any bank, and such deposit may be general or special, and shall be paid only to such minor, or upon his or her order, and not to the parents or guardians of such minor, and such payment […]
Section 5-5A-20 – Branch Banks; Commercial Affiliates.
Section 5-5A-20 Branch banks; commercial affiliates. (a) Alabama banks may establish a branch or office for the transaction of the banking business within the State of Alabama upon prior approval of the superintendent. Alabama banks may establish a branch or office for the transaction of a banking business in any state other than Alabama, any […]
Section 5-5A-38 – Disposition of Small Deposits of Deceased Person – to Whom Payable; When Bond Required.
Section 5-5A-38 Disposition of small deposits of deceased person – To whom payable; when bond required. Whenever a person shall die leaving deposits in a bank not exceeding $5,000.00 in the aggregate, the bank may in its discretion discharge itself from liability thereafter by paying the deposits to the surviving spouse of the deceased or, […]
Section 5-5A-6 – Procedure for Incorporation – Certificate of Superintendent of Banks Authorizing Filing of Certificate of Incorporation.
Section 5-5A-6 Procedure for incorporation – Certificate of Superintendent of Banks authorizing filing of certificate of incorporation. If the superintendent shall be satisfied from his investigation that the character and general fitness of the persons named as stockholders and executive officers are such as to command the confidence of the community in which such bank […]
Section 5-5A-21 – Surplus; Restriction on Dividends.
Section 5-5A-21 Surplus; restriction on dividends. Every bank shall transfer to surplus each year at least 10 percent of its net earnings until the surplus of such bank shall be equal to at least 20 percent of its capital, and it shall be unlawful for such bank to declare or pay a dividend in excess […]
Section 5-5A-39 – Disposition of Small Deposits of Deceased Person – Time for Payment; When Payment Prohibited.
Section 5-5A-39 Disposition of small deposits of deceased person – Time for payment; when payment prohibited. No payment shall be made pursuant to Section 5-5A-38 by the bank before the lapse of 60 days from the date of the death of the deceased, and no payment shall be made by the bank under this section […]
Section 5-5A-7 – Procedure for Incorporation – Filing and Recordation of Certificate of Incorporation.
Section 5-5A-7 Procedure for incorporation – Filing and recordation of certificate of incorporation. The official or officials designated by the business corporation laws to file certificates of incorporation shall, upon the certificate of incorporation being duly signed by the incorporators and proof being duly made as required by law of the payment of subscription to […]
Section 5-5A-22 – Limits of Indebtedness.
Section 5-5A-22 Limits of indebtedness. (a) No bank shall make a loan to any one person which, when combined with all other loans to such person, would cause total loans to that person to exceed: (1) Ten percent of the capital accounts of the bank, if such loans are not secured, or (2) Twenty percent […]
Section 5-5A-40 – Disposition of Deposit in Trust for Another Upon Death of Trustee.
Section 5-5A-40 Disposition of deposit in trust for another upon death of trustee. Whenever any deposit shall be made in any bank by any person in trust for another and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to and received […]