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2019 Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 5A - Organization and Operation of Banks.
Section 5-5A-10 - Permit to transact business - Required.
Universal Citation: AL Code § 5-5A-10 (2019)
Section 5-5A-10Permit to transact business - Required.
No bank shall engage in the banking business until it shall have received from the superintendent a permit to transact a banking business. Any person who shall hereafter transact any business as an officer or agent of any bank hereafter incorporated, before such bank is authorized to transact business as a bank by the permit of the superintendent, shall be guilty of a misdemeanor and upon conviction, shall be fined not less than $1,000.00 nor more than $10,000.00. Each day on which said person transacts such business shall be a separate offense. The superintendent is empowered to seek an injunction from any court of competent jurisdiction enjoining such transaction of business.
(Acts 1980, No. 80-658, §5-5-10.)
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