reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 3 - Direct Branch, Agency, and Representative Offices of Foreign Banks. › Section 5-13B-107 - Separate Assets.

Section 5-13B-107
Separate assets.
(a) Each foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency in this state shall keep the assets of its business in this state separate and apart from the assets of its business outside this state.
(b) The creditors of a foreign bank arising out of transactions with, and recorded on the books of, its Alabama state branch or Alabama state agency shall be entitled to absolute preference and priority over creditors of such foreign bank offices located outside of Alabama with respect to the assets of such foreign bank's offices in this state.
(Acts 1995, No. 95-115, p. 134, §55.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 3 - Direct Branch, Agency, and Representative Offices of Foreign Banks. › Section 5-13B-108 - Disclosure of Lack of Deposit Insurance.

Section 5-13B-108
Disclosure of lack of deposit insurance.
Each foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall, in a manner established by the superintendent by regulation or order, give notice that deposits and credit balances in such office are not insured by the Federal Deposit Insurance Corporation.
(Acts 1995, No. 95-115, p. 134, §56.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 3 - Direct Branch, Agency, and Representative Offices of Foreign Banks. › Section 5-13B-109 - Limitations on Payment of Interest on Deposits.

Section 5-13B-109
Limitations on payment of interest on deposits.
A foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall be subject to the same limitations with respect to the payment of interest on deposits as a state bank which is a member of the Federal Reserve System.
(Acts 1995, No. 95-115, p. 134, §57.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 3 - Direct Branch, Agency, and Representative Offices of Foreign Banks. › Section 5-13B-110 - Pledge of Assets.

Section 5-13B-110
Pledge of assets.
(a) Each foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall keep on deposit, in accordance with such regulations or orders as the superintendent shall promulgate, with such unaffiliated Alabama banks as such foreign bank may designate and the superintendent may approve, interest-bearing stocks and bonds, notes, debentures, or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of this state, or of a city, county, town, village, school district, or instrumentality of this state or guaranteed by this state, or dollar deposits, or obligations of the International Bank for Reconstruction and Development, or obligations issued by the InterAmerican Development Bank, or obligations of the Asian Development Bank, or obligations issued by the African Development Bank, or such other assets as the superintendent shall by regulation or order permit, to an aggregate amount to be determined by the superintendent, based upon principal amount or market value, whichever is lower, in the case of the above-described securities, and subject to such limitations as he or she shall prescribe.
(b) The superintendent may from time to time require that the assets deposited pursuant to this section may be maintained by the foreign bank in such amount, in such form and subject to such conditions as he or she shall deem necessary or desirable for the maintenance of a sound financial condition, the protection of depositors and the public interest, and to maintain public confidence in the business of such Alabama state branch or Alabama state agency. The superintendent may give credit to reserves required to be maintained with a Federal Reserve Bank in or outside this state pursuant to federal law, in accordance with such regulations or procedures as the superintendent may promulgate.
(c) So long as it shall continue business in the ordinary course, such foreign bank shall be permitted to collect interest on the securities deposited under this section and from time to time exchange, examine, and compare such securities.
(Acts 1995, No. 95-115, p. 134, §58.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 3 - Direct Branch, Agency, and Representative Offices of Foreign Banks. › Section 5-13B-112 - Voluntary Closure of Branch, Agency, or Representative Office - Application.

Section 5-13B-112
Voluntary closure of branch, agency, or representative office - Application.
(a) No foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall close such office without filing an application with, and obtaining the prior approval of, the superintendent. An application by a foreign bank under this section shall be in such form and include such information as the superintendent shall establish by regulation or order.
(b) If the superintendent finds, with respect to an application by a foreign bank under this section, that the closing of such office will not be substantially detrimental to the public convenience and advantage, the superintendent shall approve such application. If the superintendent finds otherwise, he or she shall deny the application.
(c) Whenever an application by a foreign bank under this section has been approved and all conditions precedent to such closing have been fulfilled, such foreign bank may close such office and shall promptly thereafter surrender to the superintendent the license which authorized the foreign bank to maintain the office.
(Acts 1995, No. 95-115, p. 134, §60.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 3 - Direct Branch, Agency, and Representative Offices of Foreign Banks. › Section 5-13B-113 - Suspension or Revocation of License; Factors.

Section 5-13B-113
Suspension or revocation of license; factors.
If, after notice and a hearing, the superintendent finds any of the following with respect to a foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency, he or she may issue an order suspending or revoking the license of such foreign bank:
(1) That the foreign bank has violated any provision of this article or of any regulation or order issued under this article or any provision of any other applicable law, regulation, or order;
(2) That the foreign bank is transacting activities in this state in an unsafe or unsound manner or, in any case, is transacting activities elsewhere in an unsafe or unsound manner;
(3) That the foreign bank or any one or more of its Alabama state branches or Alabama state agencies is in an unsafe or unsound condition;
(4) That the foreign bank has ceased to operate any of its offices in this state without the prior approval of the superintendent in accordance with this article;
(5) That the foreign bank is insolvent in that it has ceased to pay its debts in the ordinary course of business, it cannot pay its debts as they become due, or its liabilities exceed its assets;
(6) That the foreign bank has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(7) That the foreign bank has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any foreign or domestic bankruptcy, reorganization, insolvency, or moratorium law, or that any person has applied for any such relief under such law against the foreign bank and the foreign bank has by any affirmative act approved of or consented to such action or such relief has been granted;
(8) That a receiver, liquidator, or conservator has been appointed for the foreign bank or that any proceeding for such an appointment or any similar proceeding has been initiated in the country of the foreign bank's organization;
(9) That the existence of the foreign bank or the authority of the foreign bank to transact banking business under the laws of the country of the foreign bank's organization has been suspended or terminated; and
(10) That any fact or condition exists which, if it had existed at the time when the foreign bank applied for its license to transact business in this state, would have been grounds for denying such application.
(Acts 1995, No. 95-115, p. 134, §61.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 3 - Direct Branch, Agency, and Representative Offices of Foreign Banks. › Section 5-13B-114 - Immediate Suspension or Revocation.

Section 5-13B-114
Immediate suspension or revocation.
If the superintendent finds that any of the factors set forth in Section 5-13B-113 are true with respect to any foreign bank which is licensed to maintain an Alabama state branch or Alabama state agency and that it is necessary for the protection of the interests of creditors of the foreign bank's business in this state or, in any case, for the protection of the public interest that the superintendent immediately suspend or revoke the license of the foreign bank, the superintendent may issue, without notice or hearing, an order suspending or revoking the license of the foreign bank for a period of up to 90 days, pending investigation or hearing.
(Acts 1995, No. 95-115, p. 134, §62.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 4 - Alabama Branches of Out-of-State Foreign Banks. › Section 5-13B-130 - Purpose.

Section 5-13B-130
Purpose.
This division is intended generally to ensure that interstate state branches of out-of-state foreign banks may be established and operated in this state (1) to the extent consistent with the provisions of Section 5 of the Federal International Banking Act and (2) under terms and conditions that are generally comparable to and no less favorable than those applicable to the establishment of interstate federal branches in this state by out- of-state foreign banks.
(Acts 1995, No. 95-115, p. 134, §64.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching. › Article 3 - Regulation of Foreign Banks. › Division 4 - Alabama Branches of Out-of-State Foreign Banks. › Section 5-13B-131 - Establishment of Interstate Branches in This State by Out-of-State Foreign Banks.

Section 5-13B-131
Establishment of interstate branches in this state by out-of-state foreign banks.
(a) Except as provided in subsection (b), an out-of-state foreign bank may establish an interstate Alabama state branch in the same manner, including by merger or other transactions under Section 44 of the Federal Deposit Insurance Act, and comparable provisions of the laws of this state, with Alabama banks or other institutions, as, and subject generally to the same criteria, standards, conditions, requirements, and procedures applicable to the establishment of interstate branches in this state by, an out-of-state bank having the same home state in the United States, notwithstanding any provision of the laws or regulations of this state to the contrary.
(b) Notwithstanding the provisions of subsection (a), the superintendent:
(1) Shall apply to the establishment of an initial interstate Alabama state branch, and subsequent intrastate Alabama branches, of any out-of-state foreign bank the same criteria, standards, conditions, requirements, and procedures applicable under Division 3 of this article or regulations thereunder to the establishment of an initial Alabama state branch, and of subsequent intrastate Alabama branches, respectively;
(2) May apply any other criterion, standard, condition, requirement, or provision of the laws or regulations of this state that is determined by the superintendent to be substantially equivalent to or consistent with a criterion, standard, condition, requirement, or provision of federal law or regulation generally applicable to the establishment of branches in the United States by foreign banks or specifically applicable to the establishment of a branch in the United States by the applicant foreign bank;
(3) May by regulation or order allow an out-of-state foreign bank:
a. To acquire an individual branch of any "insured bank" within the meaning of Section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. §1813(h)), or of any other depository institution, including another foreign bank, without acquiring the entire bank or other institution; or
b. To acquire or merge with another foreign bank maintaining an Alabama branch or agency and thereafter continue such operations as its own; and
c. To acquire or establish an interstate Alabama branch through any other means not inconsistent with Section 5 of the Federal International Banking Act (12 U.S.C. §3103).
(Acts 1995, No. 95-115, p. 134, §65.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 14A - Regional Reciprocal Savings Institutions. › Section 5-14A-1 - Short Title.

Section 5-14A-1
Short title.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1987, No. 87-152, p. 207, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 14A - Regional Reciprocal Savings Institutions. › Section 5-14A-2 - Definitions.

Section 5-14A-2
Definitions.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1987, No. 87-152, p. 207, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 14A - Regional Reciprocal Savings Institutions. › Section 5-14A-3 - Acquisition of Alabama Savings and Loan Holding Company or Alabama Savings Institution by Regional Holding Company or Institution.

Section 5-14A-3
Acquisition of Alabama savings and loan holding company or Alabama savings institution by regional holding company or institution.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1987, No. 87-152, p. 207, §3.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 14A - Regional Reciprocal Savings Institutions. › Section 5-14A-4 - Enforcement.

Section 5-14A-4
Enforcement.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1987, No. 87-152, p. 207, §4.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 14A - Regional Reciprocal Savings Institutions. › Section 5-14A-5 - Applicable Law.

Section 5-14A-5
Applicable law.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1987, No. 87-152, p. 207, §5.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 14A - Regional Reciprocal Savings Institutions. › Section 5-14A-6 - Regulatory Supervision in Cooperation With Other Savings Institutions Regulatory Agencies.

Section 5-14A-6
Regulatory supervision in cooperation with other savings institutions regulatory agencies.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1987, No. 87-152, p. 207, §6.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 14A - Regional Reciprocal Savings Institutions. › Section 5-14A-7 - Application Fee.

Section 5-14A-7
Application fee.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1987, No. 87-152, p. 207, §7.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 14A - Regional Reciprocal Savings Institutions. › Section 5-14A-8 - Power to Establish or Acquire Branch Offices and Subsidiaries.

Section 5-14A-8
Power to establish or acquire branch offices and subsidiaries.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1987, No. 87-152, p. 207, §8.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-2 - Definitions.

Section 5-16-2
Definitions.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616, §1; Code 1940, T. 5, §211; Acts 1959, No. 590, p. 1477.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-3 - Associations, etc., Accepting Money for Promotion of Thrift and Financing of Homes Subject to Provisions of Chapter, Etc.

Section 5-16-3
Associations, etc., accepting money for promotion of thrift and financing of homes subject to provisions of chapter, etc.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §218.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-4 - Procedure for Incorporation - Petition for Certificate of Incorporation; Subscription by Incorporators, Etc.

Section 5-16-4
Procedure for incorporation - Petition for certificate of incorporation; subscription by incorporators, etc.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §212.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-5 - Procedure for Incorporation - Approval of Petition for Certificate of Incorporation; Certificate of Approval.

Section 5-16-5
Procedure for incorporation - Approval of petition for certificate of incorporation; certificate of approval.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §245.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-6 - Procedure for Incorporation - Issuance of Certificate of Incorporation.

Section 5-16-6
Procedure for incorporation - Issuance of certificate of incorporation.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §213.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-7 - Bylaws.

Section 5-16-7
Bylaws.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §214.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-8 - Organizational Meeting.

Section 5-16-8
Organizational meeting.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §215.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-9 - Corporate Name and Offices - Generally.

Section 5-16-9
Corporate name and offices - Generally.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §216.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-10 - Corporate Name and Offices - Change of Location of Home Office; Certificate of Approval, Etc.

Section 5-16-10
Corporate name and offices - Change of location of home office; certificate of approval, etc.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §246.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-11 - Corporate Name and Offices - Establishment of Branch Offices.

Section 5-16-11
Corporate name and offices - Establishment of branch offices.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §247.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-12 - Period for Commencement of Business; Forfeiture of Corporate Existence for Nonuse.

Section 5-16-12
Period for commencement of business; forfeiture of corporate existence for nonuse.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §217.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-13 - Rights, Privileges, etc., of Members; Annual Meeting; Annual Financial Statement; Voting by Members; Assessment of Fines and Penalties Against Members; Transfer of Real Estate Security by Borrowing Member.

Section 5-16-13
Rights, privileges, etc., of members; annual meeting; annual financial statement; voting by members; assessment of fines and penalties against members; transfer of real estate security by borrowing member.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §219.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-14 - Directors, Officers and Employees.

Section 5-16-14
Directors, officers and employees.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §220; Acts 1943, No. 107, p. 107.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-15 - Books, Records and Accounts.

Section 5-16-15
Books, records and accounts.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §221.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-16 - Capital and Accounts.

Section 5-16-16
Capital and accounts.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §222.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-17 - Reserve Accounts; Interest Due and Accrued Account.

Section 5-16-17
Reserve accounts; interest due and accrued account.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §223.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-18 - Undivided Profits Account.

Section 5-16-18
Undivided profits account.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §224.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-19 - Dividends.

Section 5-16-19
Dividends.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §225.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-20 - Repurchase of Accounts.

Section 5-16-20
Repurchase of accounts.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §226.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-21 - Redemption of Accounts.

Section 5-16-21
Redemption of accounts.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §227.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-22 - Issuance of Duplicate Membership Certificates.

Section 5-16-22
Issuance of duplicate membership certificates.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §228.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-23 - Issuance, etc., of Certificates of Indebtedness; Receipt of Public Deposits; Payment of Guaranteed Rate of Interest.

Section 5-16-23
Issuance, etc., of certificates of indebtedness; receipt of public deposits; payment of guaranteed rate of interest.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §229.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-24 - Powers Generally.

Section 5-16-24
Powers generally.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §230.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-25 - Real Estate Loans.

Section 5-16-25
Real estate loans.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §231.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-26 - Liens on Accounts; Pledges of Accounts as Security for Loans.

Section 5-16-26
Liens on accounts; pledges of accounts as security for loans.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §232.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-27 - Adoption, etc., of Bonus Plans and Payment of Cash Bonuses on Accounts; Bonus Reserve Account.

Section 5-16-27
Adoption, etc., of bonus plans and payment of cash bonuses on accounts; bonus reserve account.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §233.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-28 - Sales, Transfers, or Exchanges of Assets.

Section 5-16-28
Sales, transfers, or exchanges of assets.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §234.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-29 - Mergers.

Section 5-16-29
Mergers.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §235.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-30 - Conversions.

Section 5-16-30
Conversions.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §236.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-31 - Reorganizations.

Section 5-16-31
Reorganizations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §237; Acts 1981, No. 81-392, p. 617.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-32 - Voluntary Liquidation - Procedure Generally.

Section 5-16-32
Voluntary liquidation - Procedure generally.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §238.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-33 - Voluntary Liquidation - Remittance of Unclaimed Dividends and Share Accounts by Receiver, etc.; Payment of Creditors and Investors by Commissioner.

Section 5-16-33
Voluntary liquidation - Remittance of unclaimed dividends and share accounts by receiver, etc.; payment of creditors and investors by commissioner.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §239; Acts 1943, No. 96, p. 98.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-34 - Voluntary Liquidation - Certification and Transmittal of Unclaimed Funds to State Treasurer.

Section 5-16-34
Voluntary liquidation - Certification and transmittal of unclaimed funds to State Treasurer.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §240.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-35 - Voluntary Liquidation - Payment of Creditors or Investors by State Treasurer.

Section 5-16-35
Voluntary liquidation - Payment of creditors or investors by State Treasurer.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §241.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-36 - Reports, Examinations and Audits.

Section 5-16-36
Reports, examinations and audits.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §248.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-37 - Conservatorship; Involuntary Liquidation.

Section 5-16-37
Conservatorship; involuntary liquidation.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §249; Acts 1943, No. 98, p. 100.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-39 - Foreign Corporations Not to Transact Business in State; Privileges, etc., of Federal Savings and Loan Associations.

Section 5-16-39
Foreign corporations not to transact business in state; privileges, etc., of federal savings and loan associations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §250.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-40 - Sales of Accounts.

Section 5-16-40
Sales of accounts.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §252.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-41 - Acknowledgment, etc., of Instruments by Public Officers Employed by Associations, Etc.

Section 5-16-41
Acknowledgment, etc., of instruments by public officers employed by associations, etc.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §253.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-42 - Operating or Management Contracts.

Section 5-16-42
Operating or management contracts.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §254.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-43 - Accounts of Minors, Married Women, Joint Owners and Fiduciaries; Investments in Accounts of Associations.

Section 5-16-43
Accounts of minors, married women, joint owners and fiduciaries; investments in accounts of associations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §255; Acts 1967, No. 289, p. 817.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-44 - Deposit in Names of Two Persons, Payable to Either or Survivor - How Payable; When Construed as Belonging to Survivor.

Section 5-16-44
Deposit in names of two persons, payable to either or survivor - How payable; when construed as belonging to survivor.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1967, No. 211, p. 575, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-45 - Deposit in Names of Two Persons, Payable to Either or Survivor - Title to Deposit Upon Death of Either.

Section 5-16-45
Deposit in names of two persons, payable to either or survivor - Title to deposit upon death of either.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1967, No. 211, p. 575, §3.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-46 - Disposition of Account of Deceased Person.

Section 5-16-46
Disposition of account of deceased person.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1959, No. 589, p. 1477.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-47 - Disposition of Deposit in Trust for Another Upon Death of Trustee.

Section 5-16-47
Disposition of deposit in trust for another upon death of trustee.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1967, No. 211, p. 575, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-48 - Engaging in Mortgage Brokerage Business; Purchase of Loans; Origination, Purchase and Sale of Mortgages.

Section 5-16-48
Engaging in mortgage brokerage business; purchase of loans; origination, purchase and sale of mortgages.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §256.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-49 - Forms.

Section 5-16-49
Forms.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §257.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-50 - Deposits With State Treasurer, etc., of Securities Issued by Associations.

Section 5-16-50
Deposits with State Treasurer, etc., of securities issued by associations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1943, No. 444, p. 407.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-51 - Associations Empowered to Enter Into Contracts, etc., for Insurance of Accounts, Etc.

Section 5-16-51
Associations empowered to enter into contracts, etc., for insurance of accounts, etc.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 120, p. 113, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-52 - State Associations May Make Contracts, Loans or Investments Available to Federal Savings and Loan Associations.

Section 5-16-52
State associations may make contracts, loans or investments available to federal savings and loan associations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 120, p. 113, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-53 - Termination of Status as Insured Corporation.

Section 5-16-53
Termination of status as insured corporation.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 119, p. 112.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-1 - "Credit Union" Defined.

Section 5-17-1
"Credit union" defined.
A credit union is a cooperative society, incorporated for the twofold purpose of promoting thrift among its members and creating a source of credit for them at legitimate rates of interest, particularly among groups of industrial workers and farmers, fraternal and religious organizations, and in those communities where the citizens of the state are distantly removed from convenient centers of business or easy access to financial agencies now provided for by laws of Alabama.
(Acts 1927, No. 597, p. 696, §1; Code 1940, T. 28, §282; Acts 1975, No. 561, §1; Acts 1977, No. 210, p. 282, §3; Acts 1978, No. 469, p. 492, §5.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-3 - Use of Words "Credit Union" in Name or Title.

Section 5-17-3
Use of words "credit union" in name or title.
It shall be a misdemeanor for any person, association, copartnership, or corporation, except corporations organized in accordance with the provisions of this chapter, credit unions incorporated under the laws of the United States, the trade associations of credit unions doing business in this state, and other organizations as approved by the administrator, to use the words "credit union" in their name, title, or in advertising. A credit union organized under the provisions of this chapter shall include in its corporate name or title the words "credit union." Any violation of this prohibition shall subject the party chargeable therewith to a penalty of five hundred dollars ($500) for each day, with a maximum amount of fifty thousand dollars ($50,000), during which the violation is committed or repeated. The penalty may be recovered by the administrator by an action instituted for that purpose, and, in addition to the penalty, the violation may be enjoined and the injunction enforced as in other cases. If the directors, officers, or those persons performing similar functions as corporate directors or officers of any entity shall knowingly and willfully violate or knowingly and willfully permit any of the officers, agents, employees, or those persons performing similar functions of the entity to violate any of the provisions of this section, each director, officer, or other person engaging in the violation shall be liable in his or her personal and individual capacity for all damages which the entity or any other person shall have sustained in consequence of the violation. Provided, however, that a credit union organized in another state may conduct business as a credit union in this state with the prior approval of the Administrator of the Alabama Credit Union Administration provided all of the following criteria are met:
(1) It is organized under laws similar to Alabama credit union laws.
(2) It is financially solvent.
(3) Alabama credit unions are allowed to do business in the other state under conditions similar to these provisions.
(4) It maintains member account insurance comparable to that required for Alabama credit unions.
(5) It agrees to submit to the administrator an annual examination report from its supervising agency.
(6) The interest rate on loans made in Alabama does not exceed that allowed by Alabama law.
(7) It complies with the same consumer protection provisions that are applicable to Alabama credit unions.
(8) It designates and maintains an agent for the service of process in Alabama.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §284; Acts 1975, No. 561, p. 1267, §3; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §6; Act 2014-317, p. 1122, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-5 - Membership.

Section 5-17-5
Membership.
Credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. Credit union organization shall be limited to groups, of both large and small membership, having a common bond of occupation or association or to groups within a well- defined neighborhood, community or rural district.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, § 286.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission.

Section 5-17-6
Withdrawal of members; expulsion for cause; termination of membership; readmission.
(a) Any member may withdraw from the credit union at any time, but notice of withdrawal may be required. All amounts paid on shares or as deposits of an expelled or withdrawing member, with any dividends or interest accredited thereto to the date thereof shall, as funds become available and after deducting all amounts due from the member to the credit union, be paid to the individual. The credit union may require 60 days' notice of intention to withdraw shares and 30 days' notice of intention to withdraw deposits. A credit union may reserve in its bylaws the right to pay out not more than one half of its monthly receipts to withdrawing members and depositors.
(b) The board of directors may expel a member for cause by a majority vote of a quorum of directors, pursuant to a written policy adopted by the board. For the purposes of this section, cause includes a loss to the credit union, a violation of the membership agreement or any policy or procedure adopted by the board, or inappropriate behavior such as physical, sexual, or verbal abuse of credit union members or staff. All members shall be provided written notice of such policies. Any person expelled by the board shall have the right to file a written appeal to the board to reconsider the expulsion.
(c) A credit union may terminate the membership of any member who withdraws his or her shares to less than one par share.
(d) Persons whose membership has been terminated, whether by withdrawal or expulsion, shall have no further rights in the credit union, but are not released from any obligation owed to the credit union.
(e) A member who has been expelled may not be readmitted to membership except upon approval by a majority vote of the board after application and proof that the applicant remains within the credit union's field of membership, has adequately explained, addressed, or remedied the conditions leading to expulsion, and will abide by the terms and conditions of membership. Not more than one such application for readmission may be made within any 12-month calendar period.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §299; Act 2014-317, p. 1122, §1; Act 2016-133, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws.

Section 5-17-9
Fiscal year; meetings of members; amendment of bylaws.
The fiscal year of all credit unions shall end December 31. Special meetings may be held in the manner indicated in the bylaws. At all meetings a member shall have but a single vote whatever his share holdings. The bylaws may be amended as provided in the bylaws. Amendments to the bylaws shall be submitted to the administrator who shall approve or disapprove the amendments within 60 days provided that the administrator shall not disapprove an amendment which corresponds with the form of bylaws which the administrator furnishes for the guidance of the incorporators of a credit union. There shall be no voting by proxy, a member other than a natural person casting a single vote through a delegated agent.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §288; Acts 1985, No. 85-457, p. 425, §10.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee.

Section 5-17-10
Election of board of directors, credit committee, and supervisory committee.
At the annual meeting (the organization meeting shall be the first annual meeting), members of the credit union shall elect a board of directors of not less than five members, may elect a credit committee of not less than three members, and shall elect a supervisory committee of not less than three members, all to hold office for such terms respectively as the bylaws provide and until successors qualify. A record of the names and addresses of the members of the board and committees and the officers shall be filed with the Administrator of the Alabama Credit Union Administration not later than 10 calendar days after their election. If, however, the bylaws so provide, the board of directors shall carry out the functions and duties of the credit committee or may appoint a credit committee, in which case the credit union shall not elect a credit committee.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §289; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §11; Act 2016-133, p. 315, §1; Act 2019-130, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-12 - Powers and Duties of Credit Committee.

Section 5-17-12
Powers and duties of credit committee.
The credit committee shall have the general supervision of all loans to members. Applications for loans shall be on a form prepared by the credit committee and all applications shall set forth the purpose for which the loan is desired, the security, if any offered, and such other data as may be required. At least a majority of the members of the credit committee shall pass on all loans, and approval must be unanimous; except, that the credit committee may appoint one or more loan officers and delegate to the officer or officers the power to approve loans in accordance with loan policies approved by the board of directors of the credit union.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §291; Acts 1971, No. 2294, p. 3698; Acts 1977, No. 210, p. 282, §2; Acts 1983, No. 83-772, p. 1407, §1; Act 2016-133, §1.)