Section 5-5A-16 – Issuance of Capital Notes and Debentures.
Section 5-5A-16 Issuance of capital notes and debentures. No bank shall issue capital notes or capital debentures except with the prior written approval of the superintendent under such conditions as he may impose. (Acts 1980, No. 80-658, §5-5-16.)
Section 5-5A-32 – Closing of Banks, etc., Permitted on One Business Day of Each Week.
Section 5-5A-32 Closing of banks, etc., permitted on one business day of each week. (a) Any bank or any branch or branches thereof may close on any one business day of each week and shall have this right even though there shall fall in such week a holiday as established in Section 1-3-8. If the […]
Section 5-5A-17 – Amendment of Certificate of Incorporation; Approval of Amended Certificate of Incorporation.
Section 5-5A-17 Amendment of certificate of incorporation; approval of amended certificate of incorporation. A bank may amend its certificate of incorporation in the manner provided by the laws governing business corporations. No proposed amendment of a certificate of incorporation of a bank is valid unless approved in writing by the superintendent and may not be […]
Section 5-5A-33 – Bank to Pay Checks Drawn on It at Par.
Section 5-5A-33 Bank to pay checks drawn on it at par. Any bank shall pay all checks drawn on it and transmitted in a cash letter at par and shall make no charge for the payment of such checks the first time presented to it for payment. (Acts 1980, No. 80-658, §5-5-33.)
Section 5-5A-18 – Powers of Banks Generally.
Section 5-5A-18 Powers of banks generally. Corporations formed for the purpose of doing business as a bank may: (1) Discount bills, notes or other evidences of debt; (2) Receive and pay out deposits, with or without interest, pay checks, and impose charges for any services; (3) Receive on special deposit money, bullion or foreign coins […]
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 […]