Section 5-5A-35 – Agreements Between Principal and Sureties on Bond for Deposit of Money and Assets in Bank, Etc.
Section 5-5A-35 Agreements between principal and sureties on bond for deposit of money and assets in bank, etc. It shall be lawful for any party of whom a bond, undertaking or other obligation is required to agree with his surety or sureties for the deposit of any or all money and assets for which he […]
Section 5-5A-18.1 – Banks and Trust Companies to Have Power of Federally Chartered or Regulated Financial Institution.
Section 5-5A-18.1 Banks and trust companies to have power of federally chartered or regulated financial institution. In addition to all other rights and powers provided under this title, banks and trust companies chartered by this state and supervised by the superintendent and banks or trust companies chartered by any other state which are doing business […]
Section 5-5A-36 – Notice Upon Maturity of Certificate of Deposit Issued for More Than 90 Days.
Section 5-5A-36 Notice upon maturity of certificate of deposit issued for more than 90 days. In the case of certificates of deposit issued for more than 90 days which are automatically renewable, a bank shall send within a reasonable period, but in no event less than five days before the next maturity, a written notice […]
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 […]