Section 5-5A-25 – Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Shipment of Goods – Authority.
Section 5-5A-25 Acceptance of drafts or bills of exchange arising from transactions involving shipment of goods – Authority. Any bank in Alabama may accept drafts or bills of exchange drawn upon it, having not more than six months’ sight to run, exclusive of days of grace, which grew out of transactions involving the importation or […]
Section 5-5A-42 – Adverse Claims to Deposits.
Section 5-5A-42 Adverse claims to deposits. Notice to any bank of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause said bank to recognize said adverse claimant unless said adverse claimant shall also either procure a restraining order, injunction or other appropriate […]
Section 5-5A-10 – Permit to Transact Business – Required.
Section 5-5A-10 Permit to transact business – Required. No bank shall engage in the banking business until it shall have received from the superintendent a permit to transact a banking business. Any person who shall hereafter transact any business as an officer or agent of any bank hereafter incorporated, before such bank is authorized to […]
Section 5-5A-26 – Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Shipment of Goods – Limitations.
Section 5-5A-26 Acceptance of drafts or bills of exchange arising from transactions involving shipment of goods – Limitations. No bank shall accept, whether in a foreign or domestic transaction, for any one person, company, firm or corporation, to an amount equal at any time in the aggregate to more than 10 percent of its paid […]
Section 5-5A-43 – Disclosure of Customer Financial Records.
Section 5-5A-43 Disclosure of customer financial records. A bank shall disclose financial records of its customers pursuant to a lawful subpoena, summons, warrant or court order issued by or at the request of any state agency, political subdivision, instrumentality, or officer or employee thereof and served upon the bank. No bank, director, officer, employee or […]
Section 5-5A-11 – Permit to Transact Business – Examination; Issuance and Recordation of Permit.
Section 5-5A-11 Permit to transact business – Examination; issuance and recordation of permit. The superintendent shall, before issuing his permit to any bank to commence business under the application provided for in Section 5-5A-1, examine or cause an examination to be made in order to ascertain whether the requisite capital of such bank has been […]
Section 5-5A-27 – Loans Secured by Own Stock; Purchase of Own Stock; Ownership of Capital Stock of Other Banks.
Section 5-5A-27 Loans secured by own stock; purchase of own stock; ownership of capital stock of other banks. No bank shall make a loan taking its own stock as security therefor or directly or indirectly purchase shares of its own stock, except in pursuance of provisions of law for reducing its capital stock. No bank […]
Section 5-5A-44 – Acquisition of Majority of Voting Shares of a Bank; Procedure.
Section 5-5A-44 Acquisition of majority of voting shares of a bank; procedure. (a) No person, acting directly or indirectly or through or in concert with one or more persons, may acquire control of a state bank or of any corporation or other entity having control of a state bank, unless an application is filed with […]
Section 5-5A-12 – Membership in Federal Deposit Insurance Corporation, Etc.
Section 5-5A-12 Membership in federal deposit insurance corporation, etc. All banks now or hereafter operating under the laws of this state shall be members of the Federal Deposit Insurance Corporation or such other agency as may be created to insure the deposits of such bank. (Acts 1980, No. 80-658, §5-5-12.)
Section 5-5A-28 – Pledge of Assets.
Section 5-5A-28 Pledge of assets. No bank may pledge assets as security for deposits, except any bank is authorized to pledge acceptable assets as security for deposits of trust funds deposited by its trust department and of public funds, heretofore or hereafter deposited, by the United States or any agency or governmental instrumentality of the […]