reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 11A - Regulation of Trust Business of Banks and Trust Companies. › Article 1 - General Provisions. › Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity.

Section 5-11A-12
Trust company authorized to purchase its own securities in fiduciary capacity.
A trust company or other financial institution with fiduciary powers may, in its fiduciary capacity, purchase bonds or other securities underwritten or otherwise distributed by the financial institution or by a syndicate which includes the financial institution or an affiliate of the financial institution, provided such purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. The provisions of this section shall apply to purchases of bonds or other securities made at the time of the initial offering thereof or at any time thereafter.
(Acts 1987, No. 87-826, p. 1674; Acts 1989, No. 89-520, p. 1067.)
2023 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-30 - Transfer Between Related Institutions.

Section 5-11A-30
Transfer between related institutions.
Absent written objection from the Superintendent of the State Banking Department, a bank, trust company or trust department (hereinafter to be known as the "transferor") may transfer one or more fiduciary accounts administered by such bank, trust company or trust department to another bank, trust company or trust department (hereinafter to be known as the "transferee"); provided, however, that the transferor and transferee banks are related institutions, as that term is hereinafter defined in Section 5-11A-36, and that the transferee bank has trust powers.
(Acts 1989, No. 89-539, p. 1127, §1.)
2023 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-31 - Approval of Superintendent.

Section 5-11A-31
Approval of superintendent.
Approval of the superintendent shall be deemed granted in the absence of written objection from the superintendent within 10 days after receipt by the superintendent of written notice from the transferor bank of the proposed transfer.
(Acts 1989, No. 89-539, p. 1127, §2.)
2023 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-32 - Notice of Transfer.

Section 5-11A-32
Notice of transfer.
(a) Within 30 days after the date of the transfer of the fiduciary accounts, the transferor shall send written notice by first class mail to the last known address (as then set forth on the records of the transferor, or if not set forth, as may be determined by the transferor in the exercise of reasonable diligence) of the following persons or entities:
(1) For employee benefit plans, to the plan sponsors.
(2) For individual retirement accounts and retirement accounts for the self-employed, to the account owners.
(3) For agency and escrow accounts, to the principals.
(4) For securities for which a transferor bank serves as trustee, registrar, transfer agent or paying agent, to the issuers.
(5) For revocable trusts under agreement, to the settlors.
(6) For irrevocable trusts under agreement, to any co-fiduciary, to the settlor, to each current income beneficiary who is an adult, and if a current income beneficiary is a minor, to a parent of the minor with whom the minor resides or to the conservator or guardian of the minor. For purposes of this subsection, "current income beneficiary" means a person currently entitled to income from a trust or a person to whom the trustee, in the trustee's discretion, may currently pay principal or income.
(7) For testamentary trusts, to the persons notified under subsection (6) of this section.
(8) For conservatorships, to any co-fiduciary, to the protected person for whom the conservatorship was created, or if the conservatorship was created for a minor, to a parent of the minor with whom the minor resides or to the guardian of the minor.
(9) For guardianships, to any co-fiduciary, to the minor or legally incapacitated person for whom the guardian was appointed if the ward is at least 14 years of age.
(10) For probate estates, to any co-fiduciary, to the surviving spouse, if any, and to those persons notified pursuant to subsection (7) of this section.
(11) For corporate trust indentures, to the issuer of the securities subject to each indenture; provided, however, that notwithstanding the foregoing, the transferor may, if it deems it appropriate, comply with any notice procedures contained in the trust indenture instrument with respect to succession of trustees.
(12) For fiduciary accounts not listed in above subsections (1) through (11), to such persons as the transferor sent its last report of the status of the account.
(b) For purposes of this article, notice shall be deemed effective when mailed by the transferor. Should the transferor learn after the expiration of 30 days from such transfer that through inadvertence, error, neglect or otherwise, notice was not mailed as herein provided, delayed notice may be given in the manner set forth herein. The recipient of such notice shall then have 30 days to object to the transfer as provided in Section 5-11A-33.
(Acts 1989, No. 89-539, p. 1127, §3.)
2023 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-33 - Objection to Transfer; Hearing on Objection; Appointment of Related Institution as Agent.

Section 5-11A-33
Objection to transfer; hearing on objection; appointment of related institution as agent.
(a) Any person given notice pursuant to Section 5-11A-32 may file a written objection to the fiduciary transfer with the Superintendent of the State Banking Department, stating grounds for objection, within 30 days of receipt of notice of the transfer by the person notified pursuant to Section 5-11A-32. The transferor shall then have 30 days to either:
(1) Abandon the transfer of fiduciary accounts to which objection was given and hold such transfer for nought, or
(2) Apply to the State Banking Department for a hearing on the merits of the objection to transfer. After such hearing, the State Banking Department shall either approve or deny the transfer.
(b) Nothing herein shall preclude the transferor from appointing a related bank, trust company or trust department as its agent for the performance of any and all fiduciary obligations as provided in Section 5-11A-37.
(Acts 1989, No. 89-539, p. 1127, §4.)
2023 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-34 - Filing of Affidavit in Office of Judge of Probate; Filing of Notice of Abandonment.

Section 5-11A-34
Filing of affidavit in office of judge of probate; filing of notice of abandonment.
(a) Within a reasonable time after the date of a transfer of the fiduciary accounts in accordance with the procedures set forth in Sections 5-11A-32 and 5-11A-33, the transferor shall file an affidavit in the office of the judge of probate of the county in which the main office of the transferor is located; and from time to time, the transferor may file a copy of such affidavit in the office of the judge of probate in such other counties as the transferor may deem appropriate. Such affidavit shall set forth the names and addresses of the transferor and transferee, such identification of the fiduciary accounts transferred as the transferor may deem appropriate, and such other information as the transferor may deem desirable.
(b) In the event that notice of objection to the transfer is received by the transferor after the filing of record of the original affidavit with respect to the transfer; and in the event that pursuant to Section 5-11A-33, such transfer is abandoned, the transferor shall promptly file notice of such abandonment in the office of the appropriate judge of probate.
(Acts 1989, No. 89-539, p. 1127, §5.)
2023 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-35
Substitution 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.)
2023 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.)
2023 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-37
Appointment 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.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-1 - Definitions.

Section 5-12A-1
Definitions.
As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) TRUST INSTITUTION. Any state bank, any national bank or any trust company authorized to act in a fiduciary capacity in this state and under the supervision of the Comptroller of the Currency of the United States or the Federal Reserve System, or the Superintendent of Banks of the State of Alabama.
(2) AFFILIATED TRUST INSTITUTION. A trust institution which, together with one or more other trust institutions, are each owned or controlled by a bank holding company which is under the supervision of the Board of Governors of the Federal Reserve System.
(3) OWNED OR CONTROLLED. The ownership by a bank holding company of stock possessions of at least 80 percent of the voting power of all classes of stock and at least 80 percent of each class of the nonvoting stock (other than nonvoting stock which is limited and preferred as to dividends) of the trust institution.
(4) FIDUCIARY. Any trust institution or person acting in the capacity of executor, administrator, administrator with the will annexed, administrator de bonis non, guardian, testamentary trustee, trustee appointed by any court and trustee, agent or custodian under any written agreement, declaration or instrument of trust, either solely or together with others.
(5) COMMON TRUST FUND. A fund established, maintained and administered pursuant to the requirements of this chapter by a trust institution exclusively for the collective investment and reinvestment of moneys contributed thereto by such trust institution in its capacity as a fiduciary or cofiduciary or by an affiliated trust institution in its capacity as a fiduciary or cofiduciary.
(6) ESTATE OR ESTATES. Such term shall include any trust, estate or fund administered by a trust institution in a fiduciary capacity.
(7) PARTICIPATION. The interest of a participating trust in the common trust fund.
(8) PARTICIPANT. Any trust, estate or fund administered by a trust institution in a fiduciary capacity having a "participation."
(9) SECURITY OR SECURITIES. Such term shall include all types of property in which the trust institution is authorized to invest the assets of the common trust fund.
(Acts 1980, No. 80-658, §5-12-1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-2 - Trust Institutions May Establish, etc., Common Trust Funds.

Section 5-12A-2
Trust institutions may establish, etc., common trust funds.
Any trust institution may establish, maintain and administer one or more common trust funds.
(Acts 1980, No. 80-658, §5-12-2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-3 - Investments by Trust Institutions.

Section 5-12A-3
Investments by trust institutions.
Any trust institution, in its capacity as fiduciary or cofiduciary, whether such fiduciary capacity arose before or was created after July 8, 1943, may invest funds which it lawfully holds for investment in such capacity in interests or participations in one or more common trust funds, if such investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship and if, in the case of cofiduciaries, the trust institution procures the consent of its cofiduciary or cofiduciaries to such investment.
(Acts 1980, No. 80-658, §5-12-3.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-4 - Common Trust Fund Plan.

Section 5-12A-4
Common trust fund plan.
Each common trust fund shall be established and maintained in accordance with a written plan (referred to herein as the plan) approved by resolution of the board of directors of the trust institution and approved in writing by competent legal counsel. The plan shall provide that the common trust fund shall be administered under the laws of this state and of the United States and in conformity with the rules and regulations promulgated from time to time under authority of such laws and shall contain full and detailed provisions, not inconsistent with the provisions of this chapter, as to the manner in which the common trust fund is to be operated, the investment powers with respect to the common trust fund, the allocation and apportionment of income, profits and losses, the terms and conditions governing the admission or withdrawal of investments or participations in the common trust fund, the auditing and settlement of accounts of the trust institution with respect to the common trust fund, the basis and method of valuing securities in the common trust fund, the basis upon which the common trust fund may be terminated and such other matters as may be necessary to define clearly the rights of participants in the common trust fund. A copy of the plan shall be available at the principal office of the trust institution for inspection during all regular business hours to any person having an interest in a participation in the common trust fund. The plan may or may not provide for the amortization of the premium upon bonds or other obligations, the disposition of discounts and profits and the allocation of the same to principal or income accounts or the apportionment of the same between principal and income accounts, the establishment and maintenance of a reserve out of current interest from mortgage investments against which realized losses on mortgages may be charged and other like matters. The provisions of the plan shall control all participants therein and the rights and benefits of all persons interested in such participations as beneficiaries or otherwise.
(Acts 1980, No. 80-658, §5-12-4.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-5 - Amendment of Plan.

Section 5-12A-5
Amendment of plan.
The plan may be amended from time to time by the fiduciary with the approval of the board of directors of the trust institution. Any such amendment shall be filed with the original plan, together with a certified copy of the resolution of the board of directors of the trust institution approving the same.
(Acts 1980, No. 80-658, §5-12-5.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-6 - Control of Investments by Instrument Under Which Trust Institution Acts.

Section 5-12A-6
Control of investments by instrument under which trust institution acts.
If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall either expressly or by its silence limit or restrict the investment of moneys of the estate and securities to the class authorized by law as legal investments, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by the trust institution or by an affiliated trust institution, provided, the securities composing such fund consist solely of securities of the class authorized as legal investments for funds held by a fiduciary. If the instrument under which the trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall authorize investments of moneys of the estate in a common trust fund or in investments other than those designated by law as legal investments or shall authorize the trust institution, either alone or in conjunction with any person acting with it in a fiduciary capacity, to exercise its or their discretion with respect to the investment of moneys of the estate, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by it or by an affiliated trust institution. Any such common trust fund consisting solely of moneys of estates contributed thereto by the trust institution pursuant to authority contained in any such instrument creating the fiduciary capacity to invest moneys of the estates in a common trust fund or in investments other than legal investments or pursuant to such discretionary powers with respect to the investment of moneys creating the fiduciary capacity may be composed of investments other than those of the class designated by law as legal investments for funds held by fiduciaries. In order to determine whether the investment of funds received or held by a trust institution as fiduciary in a participation in a common trust fund is proper, the trust institution may consider the common trust fund as a whole and shall not, for example, be prohibited from making such investment because any particular asset is nonincome-producing.
(Acts 1980, No. 80-658, §5-12-6.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-7 - Investment of Estate Moneys in Fund; Withdrawals.

Section 5-12A-7
Investment of estate moneys in fund; withdrawals.
The trust institution shall invest the moneys of an estate (whether the estate is administered by such trust institution or by an affiliated trust institution) in such common trust fund by adding the same thereto and by apportioning a participation therein to such estate in the proportion that the moneys of the estate added thereto bears to the aggregate value of all the securities of such fund at the time of such investment, including in such securities the moneys of the estate so added. The withdrawal of a participation of such common trust fund shall be on the basis of its proportionate interest in the aggregate value of all the securities of such fund at the time of such withdrawal, as hereinafter provided. The participating interest of any estate in such common trust funds may, from time to time, be withdrawn in whole or in part by the trust institution administering the estate and shall be withdrawn within a period of three months following the written request to do so of any person acting with the trust institution administering the estate in a fiduciary capacity. Funds for the purpose of any withdrawal shall be made promptly available by the trust institution through sale of securities of the common trust fund. Upon such withdrawals, the trust institution may make distribution in cash or ratably in kind or partly in cash and partly in kind; provided, that all such distribution as of any one time shall be made on the same basis.
(Acts 1980, No. 80-658, §5-12-7.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-8 - Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest.

Section 5-12A-8
Record of fiduciary accounts owning interest in fund; extent of interest.
The trust institution shall designate clearly upon its records the names of the fiduciary accounts which own a participation in the common trust fund and the extent of the interest of such fiduciary accounts therein. No fiduciary account owning or holding an investment or participation in a common trust fund shall be deemed to have individual ownership of any asset in such common trust fund, but should be deemed to have only a proportionate undivided interest in the common trust fund.
(Acts 1980, No. 80-658, §5-12-8.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-9 - Annual Audit.

Section 5-12A-9
Annual audit.
At least once during each period of 12 months, the trust institution shall cause an audit to be made of the common trust fund by an auditor or auditors responsible only to the board of directors of the trust institution. The report of such audit shall include a list of the investments comprising the common trust fund at the time of the audit, which shall show the valuation placed on each item as of the date of the audit, a statement of purchases, sales and any other investment changes and of all income and disbursements during the period to which the audit relates. The period of the first audit shall commence with the establishment of the common trust fund, and each succeeding audit shall commence at the end of the period covering the preceding audit. The reasonable expense of any such audit may be charged to the common trust fund, and a copy of such audit shall be available at the principal office of the trust institution for inspection during all regular business hours to any person having an interest in a participation in the common trust fund; provided, that the trust institution shall be required to furnish a copy of such audit to any person having a share in the investments of the common trust fund without expense to such person should the interested person request a copy of such audit.
(Acts 1980, No. 80-658, §5-12-9.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-10 - Quarterly Valuation of Securities in Fund.

Section 5-12A-10
Quarterly valuation of securities in fund.
No less frequently than once during each period of three months, the trust institution administering a common trust fund shall determine the value of the securities in the common trust fund as of the dates set for the valuation thereof. No participation shall be admitted to or withdrawn from the common trust fund, except (i) on the basis of such valuation and (ii) as of such valuation date.
(Acts 1980, No. 80-658, §5-12-10.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-11 - Management and Control of Fund; Ownership of Assets.

Section 5-12A-11
Management and control of fund; ownership of assets.
The trust institution shall have the exclusive management and control of each common trust fund administered by it and the sole right at any time to sell, convert, exchange, transfer or otherwise change or dispose of the assets comprising the same. The ownership of such assets shall be solely in the trust institution as fiduciary and shall be considered as assets held by it as fiduciary. A trust institution shall not invest any of its own funds in a common trust fund administered by it or by an affiliated trust institution; and, if the trust institution, because of a creditor relationship or any other reason, acquires any interest in a participation in such common trust fund, the participation shall be withdrawn on the first date on which such withdrawal can be effected; however, in no case shall an unsecured advance to a participant until the time of the next withdrawal be deemed to constitute the acquisition of an interest by a trust institution. A trust institution may charge a fee for the management of a common trust fund administered by it; provided, that the fractional part of such fee proportionate to the interest of each participant shall not, when added to any other compensations charged by the trust institution or by an affiliated trust institution to the participant, exceed the total amount of compensations which would have been charged to said participant if no assets of said participant had been invested in participations in the common trust fund.
(Acts 1980, No. 80-658, §5-12-11.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-12 - Mistakes in Administration of Fund.

Section 5-12A-12
Mistakes in administration of fund.
No mistake made in good faith and in the exercise of due care in connection with the administration of a common trust fund shall be deemed to be a violation of this chapter or of any rules or regulations issued pursuant thereto if promptly after discovery of the mistake the trust institution takes whatever action may be practical in the circumstances to remedy the mistake.
(Acts 1980, No. 80-658, §5-12-12.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-13 - Administration, etc., of Common Trust Funds Differing From Funds Permitted by This Chapter.

Section 5-12A-13
Administration, etc., of common trust funds differing from funds permitted by this chapter.
Nothing contained in this chapter shall prohibit a trust institution, when it acts in accordance with specific authority contained in the instrument or instruments under which the trust institution acts, from establishing, maintaining, administering and investing in, without regard to the requirements and limitations of this chapter, one or more common trust funds differing from the common trust funds expressly permitted by this chapter.
(Acts 1980, No. 80-658, §5-12-13.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-14 - Accountings.

Section 5-12A-14
Accountings.
Unless ordered by a court of competent jurisdiction, a trust institution administering a common trust fund shall not be required to render a court accounting with regard to such fund, but it may file returns and make accountings in the same manner and for the same purposes as is provided by law for other fiduciaries.
(Acts 1980, No. 80-658, §5-12-14.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 12A - Administration, etc., of Common Trust Funds. › Section 5-12A-15 - Taxation.

Section 5-12A-15
Taxation.
A common trust fund, whether established, maintained, and administered pursuant to the requirements of this chapter or established, maintained, administered, and invested in without regard to the requirements and limitations of this chapter, as provided in Section 5-12A-13, shall not be subject to taxation under any income tax law of the State of Alabama. The computation of gain, loss, basis, taxable income, taxable loss, and other income tax treatment of a common trust fund and its participants, shall be determined in accordance with 26 U.S.C. §584, as amended from time to time. Every trust institution maintaining a common trust fund shall make a return under oath for each fiscal year stating specifically with respect to the fund the items of gross income and the deductions allowed by law, and shall include in the return the names and addresses of the participants entitled to share in the net income of the fund and the amount of the proportionate share of each participant.
(Acts 1980, No. 80-658, §5-12-15; Acts 1997, No. 97-194, p. 305, §1.)
2023 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-1
Short 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.)
2023 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-3
Scope 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.)
2023 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-4
Permitted 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.)
2023 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-5
Required 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.)
2023 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-6
Standards 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.)
2023 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-7
Procedures 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.)
2023 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-8
Reports; 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.)
2023 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-10
Penalties.
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.)
2023 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-11
Authority 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.)
2023 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-20
Purpose.
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.)
2023 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-22
Establishment 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.)