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 […]
Section 5-5A-8 – Procedure for Incorporation – Refusal to Permit Incorporation; Appeal From Refusal to Banking Board.
Section 5-5A-8 Procedure for incorporation – Refusal to permit incorporation; appeal from refusal to Banking Board. If the superintendent is of the opinion from his investigation that the character and general fitness of the persons named as stockholders or executive officers are such as not to command the confidence of the community in which such […]
Section 5-5A-23 – Investments and Loans With Respect to Housing.
Section 5-5A-23 Investments and loans with respect to housing. (a) Banks, insurance companies and savings and loan associations are authorized: (1) To make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance and to obtain such insurance; and (2) To make such loans […]
Section 5-5A-41 – Payment of Deposits Made in Names of Two Persons Upon Death of One; More Than Two Persons With Provision for Survivorship.
Section 5-5A-41 Payment of deposits made in names of two persons upon death of one; more than two persons with provision for survivorship. (a) Any deposit heretofore or hereafter made in any bank in the names of two or more persons payable to any of such persons, upon the death of either of said persons, […]
Section 5-5A-9 – Procedure for Incorporation – Judicial Review.
Section 5-5A-9 Procedure for incorporation – Judicial review. Nothing in this chapter shall be construed to prevent the Circuit Court of Montgomery County, as provided by law, from reviewing and reversing either the action of the Banking Board in granting or refusing a charter or permitting the organization of a new bank or the action […]