Section 8-6-50 Created; duties generally. There is created the Alabama Securities Commission, which shall be responsible for the enforcement of laws governing the issuance, sale, and other transactions relative to securities. (Acts 1969, No. 740, p. 1315, §1.)
Section 8-6-51 Membership; qualifications and appointment of commissioners; use or disclosure of confidential information by commissioners, employees, etc.; civil liability of commissioners. (a) The Securities Commission shall consist of the Attorney General of Alabama, the State Superintendent of Banks, the State Superintendent of Insurance and four other members appointed by the Governor by and with […]
Section 8-6-52 Terms of office of appointed members; filling of vacancies; reappointment of members. (a) The Governor shall biennially appoint one Securities Commission member to serve for a term of four years; provided, however, that the Governor shall designate for the initial appointments one member to serve for a term of two years and one […]
Section 8-6-53 Selection of chair; rules for proceedings; meetings; quorum; records and reports; access to offices and records; exercise of powers of director. (a) The Securities Commission shall select a chair and may adopt rules for conducting its proceedings. (b) The commission shall meet quarterly on a date it designates and may meet at other […]
Section 8-6-54 Compensation of members. (a) Each appointed member of the Securities Commission shall be paid $50 per day, for a period not to exceed a total of 60 days in any one calendar year, while engaged in the performance of his duties, and shall receive mileage and per diem as provided by Article 2 […]
Section 8-6-55 Director – Appointment; duties generally. (a) The Securities Commission shall appoint a full-time director who shall be a career employee subject to the provisions of the Alabama Merit System Law and whose employment may be terminated only for cause. (b) The director shall administer the provisions of Article 1 of this chapter under […]
Section 8-6-56 Director – Qualifications; interest in banks, etc., prohibited; salary. (a) The Director of the Securities Commission shall be a person of good moral character, at least 30 years of age, a resident of Alabama, a member of the Alabama bar and thoroughly familiar with corporate organization, investment banking, investment trusts, the sale of […]
Section 8-6-57 Deputy director. (a) With the approval of the Securities Commission and subject to the provisions of the Merit System law, the director thereof may designate a deputy director, who shall possess qualifications fixed by the commission with the approval of the personnel department, and who shall perform such duties as the director shall […]
Section 8-6-58 Personnel. (a) The Director of the Securities Commission shall prepare in writing a manual of necessary employee positions for the commission, including job classifications, personnel qualifications, duties, maximum and minimum salary schedules, and other personnel information for approval by the commission. (b) Subject to the provisions of the Merit System law, the director […]
Section 8-6-59 Bonds of director and employees. (a) Before assuming office, the Director of the Securities Commission shall give a bond in the sum of $50,000, payable to the State of Alabama, to be approved by the Attorney General of Alabama and filed in the office of the Secretary of State. Such bond shall be […]
Section 8-6-60 Place of office. The Securities Commission and the director thereof shall maintain offices in the capital city of the state, and all records of the commission shall be kept at these offices. (Acts 1969, No. 740, p. 1315, §11.)
