2016 Code of Alabama
Title 5 - BANKS AND FINANCIAL INSTITUTIONS.
Chapter 10A - BANKING EMERGENCIES AND COMPLIANCE WITH FEDERAL LAWS.
Section 5-10A-15 - Authorization and approval of reorganization of bank without receivership liquidation.
The superintendent with the concurrence of not less than two other members of the Banking Board or any three members of the Banking Board without action by said superintendent are hereby further authorized and empowered to approve and authorize any bank to reorganize its business and affairs, without receivership liquidation, to such extent as may be deemed by them proper, and any reorganization so approved and authorized shall be lawful and effective; provided, that in no case shall the paid-in capital stock be permitted thereby to be reduced below the minimum amount now required by law.
(Acts 1980, No. 80-658, §5-10-16.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
