Section 5-9A-1 Cooperation of superintendent in reorganization of bank. Whenever the board of directors or a majority of the stockholders of any bank shall request the superintendent to cooperate in a reorganization of such bank, because of a substantial impairment of the capital of such bank, the superintendent is authorized to do the following: (1) […]
Section 5-9A-2 Submission of reorganization plan to court for confirmation and approval. After such plan for reorganization has been submitted to the board of directors of the bank so making such request for a reorganization, the directors of such bank by and with the consent of 75 percent in value of the stockholders and 75 […]
Section 5-9A-3 Publication of reorganization plan. Upon the filing of such report and petition, the court shall order notice to be given to all parties in interest by publication in some newspaper published in the county where the principal business office of such bank is located once a week for two consecutive weeks, which notice […]
Section 5-9A-4 Hearing upon plan; entry of judgment. At the time of the hearing of the petition, the court shall hear such legal evidence as may be submitted for and against such petition and plan for reorganization, and if the court is of the opinion it is for the best interest of all parties interested […]
Section 5-9A-5 Appeals. If any stockholder, depositor or creditor shall not be satisfied with such judgment, he may file a notice of appeal to the Supreme Court of Alabama within 42 days from the day of entry of such judgment, provided he shall give security for cost of such appeal and indemnity in an amount […]
Section 5-9A-6 Manner of reorganization not exclusive. The plan for reorganization of a bank or banks as provided in this chapter shall not be exclusive and shall not be construed to prohibit or prevent a reorganization of a bank as now permitted under existing laws. (Acts 1980, No. 80-658, §5-9-6.)
