reglab/housing_qa huggingface dataset:
AL Code § 5-11A-35 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 2 - Transfer of Fiduciary Accounts.|Section 5-11A-35 - Substitution of Transferee Bank, Trust Company or Trust Department as Fiduciary; Effect.

Section 5-11A-35Substitution of transferee bank, trust company or trust department as fiduciary; effect. If a bank, trust company or trust department completes a fiduciary transfer, the bank, trust company or trust department to which such fiduciary accounts have been transferred shall be automatically substituted as the fiduciary of all the accounts so transferred without further action and without any order or decree by any court or public officer; and without such transfer being treated or considered as a resignation by the transferor as a fiduciary; and such transferee bank, trust company or trust department shall have all the rights, duties, responsibilities, obligations and liabilities, financial or otherwise, of such transferor bank with respect to such accounts. A bank, trust company or trust department which completes a fiduciary transfer shall be relieved as fiduciary without an accounting and without any order or decree of any court or public officer, and prospectively shall have no continuing duties, responsibilities, obligations or liabilities, financial or otherwise, with respect to the accounts transferred. Such transfer shall not, however, relieve the transferor bank of liability it may have incurred for action or inaction prior to the transfer, nor shall it impose liability on the transferee for action or inaction of the transferor prior to the transfer. No such transfer shall constitute a relinquishment of trust powers by the transferor bank. (Acts 1989, No. 89-539, p. 1127, §6.)
AL Code § 5-11A-36 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 2 - Transfer of Fiduciary Accounts.|Section 5-11A-36 - "Related" Defined.

Section 5-11A-36"Related" defined. A transferor bank, trust company or trust department is "related" to a transferee bank, trust company or trust department if: (1) Such transferee controls the transferor; (2) Such transferor controls the transferee; (3) The same entity controls, directly or indirectly, the transferor and the transferee; (4) A majority of the directors of the transferor are directors of the transferee; or (5) A majority of the directors of the transferee are directors of the transferor. "Control" and "controls" as used herein shall mean the ownership of a majority of the voting shares of another bank, trust company or of the bank operating such trust department. (Acts 1989, No. 89-539, p. 1127, §7.)
AL Code § 5-11A-37 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.|Article 2 - Transfer of Fiduciary Accounts.|Section 5-11A-37 - Appointment of Agent.

Section 5-11A-37Appointment of agent. Regardless of objection to any fiduciary transfer as provided in Section 5-11A-33 and the outcome thereof, and notwithstanding any procedure under this article, any bank may appoint a related bank, trust company or trust department as its agent for the performance of all acts, obligations and responsibilities of the bank with respect to any fiduciary account. In such an event, the appointing bank shall remain fully responsible and liable with respect to all actions of the related bank, trust company or trust department as if performed by the appointing bank itself. No such agency relationship shall: (1) Be deemed an impermissible delegation of responsibility or duty by the appointing bank; (2) Constitute a resignation or disqualification of the appointing bank as fiduciary or relinquishment of trust powers by the appointing bank; or (3) Require the consent of any person, entity, court or other governmental authority. (Acts 1989, No. 89-539, p. 1127, §8.)
AL Code § 5-13B-1 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-1 - Short Title.

Section 5-13B-1Short title. This chapter shall be known and may be cited as the "Alabama Interstate and International Banking Act of 1995." (Acts 1995, No. 95-115, p. 134, §1.)
AL Code § 5-13B-3 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-3 - Scope of Article and Statement of Legislative Intent.

Section 5-13B-3Scope of article and statement of legislative intent. This article sets forth the conditions under which a company may acquire an Alabama bank or an Alabama bank holding company or an Alabama bank holding company may acquire an out-of-state bank or bank holding company. This article is intended not to discriminate against out-of-state bank holding companies or against foreign bank holding companies in any manner that would violate Section 3(d) of the Bank Holding Company Act, as amended effective September 29, 1995, by Section 101 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328. (Acts 1995, No. 95-115, p. 134, §3; Act 2010-548, p. 966, §1.)
AL Code § 5-13B-4 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-4 - Permitted Acquisitions.

Section 5-13B-4Permitted acquisitions. (a) No company may acquire an Alabama bank holding company or an Alabama state bank without the prior approval of the superintendent. (b) The approval of the superintendent under subsection (a) shall not be required where the acquisition is made: (1) In a transaction arranged by the superintendent or another bank supervisory agency to prevent the insolvency or closing of the acquired bank; or (2) In a transaction in which a bank forms its own bank holding company, if the ownership rights of the former bank shareholders are substantially similar to those of the shareholders of the new bank holding company. (c) No Alabama bank holding company may acquire an out-of-state bank or bank holding company without the prior approval of the superintendent. (d) In a transaction for which the superintendent's approval is not required under this section, the parties shall give written notice to the superintendent at least 15 days before the effective date of the acquisition, unless a shorter period of notice is expressly permitted or required under applicable federal law. (Acts 1995, No. 95-115, p. 134, §4; Act 2010-548, p. 966, §1.)
AL Code § 5-13B-5 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-5 - Required Application.

Section 5-13B-5Required application. (a) A company that proposes to make an acquisition under this article shall: (1) File with the superintendent a copy of the application that such company has filed with the responsible federal bank supervisory agency together with such additional information as the superintendent may prescribe; and (2) Pay to the superintendent the application fee, if any, prescribed by the superintendent. (b) To the extent consistent with the effective discharge of the superintendent's responsibilities, the forms established under this article for application and reporting shall conform to those established by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act. (c) In connection with an application received under this article, the superintendent shall require that prior notice of the application be published one time in a daily newspaper of general circulation and provide an opportunity for public comment. (d) If the applicant is an out-of-state bank holding company that is not incorporated under the laws of this state, it shall submit with the application evidence satisfactory to the superintendent that the applicant has complied with or is exempted from the requirements of Sections 10-2B-15.01 et seq. (Acts 1995, No. 95-115, p. 134, §5; Act 2010-548, p. 966, §1.)
AL Code § 5-13B-6 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-6 - Standards for Approval.

Section 5-13B-6Standards for approval. (a) In deciding whether to approve an application for a proposed acquisition under this article, the superintendent shall consider whether the acquisition may: (1) Be detrimental to the safety and soundness of the Alabama state bank or the Alabama bank holding company ; (2) Result in a substantial reduction of competition in this state; or (3) Have a significantly adverse effect on the convenience and needs of the community or communities in this state that are served by the Alabama state bank or the Alabama bank holding company to be acquired. (b) Except as otherwise expressly provided in this section, the superintendent shall not approve an acquisition under this article if upon consummation of the transaction the applicant, including any depository institution affiliated with the applicant, would control 30 percent or more of the total amount of deposits held by depository institutions in this state. (c) The superintendent may by regulation, with the concurrence of a majority of the members of the Alabama State Banking Board, adopt a procedure whereby the limitation on control of deposits set forth in subsection (b) may be waived for good cause shown. (d) The superintendent shall not approve an application for an acquisition under this article unless the Alabama bank to be acquired, or all Alabama bank subsidiaries of the bank holding company to be acquired, have as of the proposed date of acquisition been in existence and in continuous operation for five years or more. (e) The five-year requirement shall be met if the superintendent determines that either the Alabama bank or the subsidiaries of the Alabama bank holding company to be acquired: (1) Were organized solely for the purpose of facilitating the acquisition of a bank that has been in existence and continuously operating for more than five years, or (2) Resulted from the merger or consolidation of two or more banks at least one of which had been in existence and continuously operating for more than five years. (Acts 1995, No. 95-115, p. 134, §6; Act 2010-548, p. 966, §1.)
AL Code § 5-13B-7 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-7 - Procedures Relating to Applications.

Section 5-13B-7Procedures relating to applications. (a) The superintendent shall decide whether to approve an acquisition under this article within 60 days after receipt of a completed application; provided, that if the superintendent requests additional information from the applicant following receipt of a completed application, the time limit for decision by the superintendent shall be the later of: (1) The date set forth above in this subsection, or (2) Thirty days after the superintendent's receipt of the requested additional information. (b) The superintendent may in his or her discretion hold a public hearing in connection with an application at any time within 20 days after receipt of the completed application if a significant issue of law or fact has been raised with respect to the proposed acquisition. (c) If the superintendent holds a public hearing in connection with an application, the time limit specified in subsection (a) shall be extended to 30 days after the conclusion of the public hearing. (d) An application shall be deemed approved if the superintendent takes no action on the application within the time limits specified in this section. (Acts 1995, No. 95-115, p. 134, §7.)
AL Code § 5-13B-8 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-8 - Reports; Examinations.

Section 5-13B-8Reports; examinations. (a) To the extent specified by the superintendent by regulation, order, or written request, each bank holding company that directly or indirectly controls an Alabama state bank or an Alabama bank holding company, or the home state regulator of such company, shall submit to the superintendent: (1) One or more copies of each financial report filed by such company with any bank supervisory agency, except for any report the disclosure of which would be prohibited by applicable federal or state law, within 15 days after the filing thereof with such agency; and (2) An annual report, not later than April 15 of each year for each bank and branch in the state controlled by the bank holding company containing the following information: a. The location; b. The amount of deposits held as of the end of the preceding calendar year; and c. The amount of loans made during the preceding calendar year to individuals and entities with addresses in this state. (b) At the request of the superintendent, to the extent permitted by applicable state or federal law, each bank holding company that controls an Alabama state bank or an Alabama bank holding company, or the home state regulator of such bank or company, shall provide to the superintendent copies of the reports of examination of the company or any Alabama state bank or Alabama bank holding company. (c) The superintendent may examine an Alabama bank holding company whenever the superintendent has reason to believe that the company is not being operated in compliance with the laws of this state or in accordance with safe and sound banking practices. (Acts 1995, No. 95-115, p. 134, §8.)
AL Code § 5-13B-10 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-10 - Penalties.

Section 5-13B-10Penalties. The superintendent may enforce the provisions of this article by any appropriate action in the circuit courts of this state, including an action for civil money penalties or injunctive relief, provided, that the superintendent shall promptly give notice to the home state regulator of any enforcement action initiated against an out-of-state bank holding company and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action. (Acts 1995, No. 95-115, p. 134, §10.)
AL Code § 5-13B-11 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 1 - Acquisitions of Banks by Bank Holding Companies.|Section 5-13B-11 - Authority to Issue Regulations; Cooperative Agreements; Fees.

Section 5-13B-11Authority to issue regulations; cooperative agreements; fees. In order to carry out the purposes of this title, in addition to and cumulative with the authority and powers of the superintendent set forth elsewhere in this title, the superintendent may: (1) Adopt regulations; (2) Enter into cooperative, coordinating, or information-sharing agreements with any other bank supervisory agency or any organization affiliated with or representing one or more bank supervisory agencies; (3) Accept any report of examination or investigation by another bank supervisory agency having concurrent jurisdiction over an Alabama state bank or a bank holding company that controls an Alabama state bank in lieu of conducting the superintendent's own examination or investigation of such bank holding company or bank; (4) Enter into contracts with any bank supervisory agency having concurrent jurisdiction over an Alabama state bank or a bank holding company that controls an Alabama state bank to engage the services of the agency's examiners at a reasonable rate of compensation, or to provide the services of the superintendent's examiners to the agency at a reasonable rate of compensation; which contract shall be deemed a sole source, one vendor and one supplier contract under the procurement laws of this state and shall be exempt from competitive bidding requirements; (5) Enter into joint examinations or joint enforcement actions with any other bank supervisory agency having concurrent jurisdiction over any Alabama state bank, or any bank holding company that controls an Alabama state bank; provided, however, that the superintendent may take any such action independently only with respect to any Alabama state bank or bank holding company organized under the laws of Alabama or another state in the United States that directly owns a majority of the voting securities of an Alabama state bank. If the superintendent determines that examination of an out-of-state bank or bank holding company is necessary to carry out his or her responsibilities under this title or to enforce compliance with the laws of this state, the superintendent shall recognize the exclusive authority of the home state regulator over corporate governance and other matters as provided in federal law and the primary responsibility of the home state regulator with respect to safety and soundness matters; and (6) Assess supervisory and examination fees that shall be payable by Alabama banks in connection with the performance of the duties of the superintendent under this title. Such fees may be shared with other bank supervisory agencies or any organizations affiliated with or representing one or more bank supervisory agencies in accordance with agreements between them and the superintendent. Acts 1995, No. 95-115, p. 134, §11; Act 2007-224, p. 284, §1; Act 2011-589, §1.)
AL Code § 5-13B-20 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 2 - Interstate Bank Mergers and Branching.|Section 5-13B-20 - Purpose.

Section 5-13B-20Purpose. It is the express intent of this article to permit interstate branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set forth in this article. (Acts 1995, No. 95-115, p. 134, §12.)
AL Code § 5-13B-22 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 2 - Interstate Bank Mergers and Branching.|Section 5-13B-22 - Establishment of Interstate Branches by Acquisition or Merger; Branching.

Section 5-13B-22Establishment of interstate branches by acquisition or merger; branching. With the prior approval of the superintendent, an Alabama state bank may establish, maintain, and operate one or more branches in a state other than Alabama or a foreign country on a de novo basis, by acquisition of a branch, or pursuant to an interstate merger transaction in which the Alabama state bank is the resulting bank. For an interstate merger transaction and not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant Alabama state bank shall file an application on a form prescribed by the superintendent and pay the fee prescribed by the superintendent. The applicant shall also comply with the applicable provisions of Alabama law governing mergers of Alabama state banks. If the superintendent finds that (1) the proposed interstate merger transaction will not be detrimental to the safety and soundness of the applicant or the resulting bank, (2) any new officers and directors of the resulting bank are qualified by character, experience, and financial responsibility to direct and manage the resulting bank, and (3) the proposed interstate merger transaction is consistent with the convenience and needs of the communities to be served by the resulting bank in this state and is otherwise in the public interest, the superintendent shall approve the interstate merger transaction and the operation of branches outside of Alabama by the Alabama state bank. Such an interstate merger transaction may be consummated only after the applicant has received the superintendent's written approval. (Acts 1995, No. 95-115, p. 134, §14; Act 2007-224, p. 284, §1.)
AL Code § 5-13B-24 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 2 - Interstate Bank Mergers and Branching.|Section 5-13B-24 - Notice and Filing Requirements.

Section 5-13B-24Notice and filing requirements. Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving an Alabama state bank shall notify the superintendent of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency, and shall submit a copy of that application to the superintendent and pay the filing fee, if any, required by the superintendent. Any Alabama state bank which is a party to such interstate merger transaction shall comply with Title 5, Chapter 7A, and with other applicable state and federal laws. Any out-of-state bank which shall be the resulting bank in such an interstate merger transaction shall provide satisfactory evidence to the superintendent of compliance with or exemption from Sections 10-2B-15.01 et seq. (Acts 1995, No. 95-115, p. 134, §16.)
AL Code § 5-13B-25 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 2 - Interstate Bank Mergers and Branching.|Section 5-13B-25 - Powers.

Section 5-13B-25Powers. (a) An out-of-state state bank which establishes and maintains one or more branches in Alabama under this article may conduct any activities at such branch or branches that are authorized under the laws of this state for Alabama state banks. (b) An Alabama state bank may conduct any activities at any branch outside Alabama that are permissible for a bank chartered by the host state where the branch is located, except to the extent such activities are expressly prohibited by the laws of this state; provided, however, that the superintendent shall waive any such prohibition unless he or she determines, by order or regulation, that the involvement of out-of-state branches of an Alabama state bank in particular activities would threaten the safety or soundness of the bank. (Acts 1995, No. 95-115, p. 134, §17.)