2023 Code of Alabama
Title 8 - Commercial Law and Consumer Protection.
Chapter 6 - Securities.
Article 2 - Securities Commission.
Section 8-6-53 - Selection of Chair; Rules for Proceedings; Meetings; Quorum; Records and Reports; Access to Offices and Records; Exercise of Powers of Director.

Section 8-6-53

Selection of chair; rules for proceedings; meetings; quorum; records and reports; access to offices and records; exercise of powers of director.

(a) The Securities Commission shall select a chair and may adopt rules for conducting its proceedings.

(b) The commission shall meet quarterly on a date it designates and may meet at other times it deems necessary, or when called by the chair or by any two members. Any three members shall constitute a quorum for transacting commission business.

(c) Complete minutes of each meeting shall be kept and filed in the office of the commission and shall be available for public inspection during reasonable office hours.

(d) The commission shall report annually to the Governor, to the legislature and to the state Legislative Council. The report shall contain the minutes of each meeting held during the year, legislative recommendations, a summary of violations of Article 1 of this chapter, actions taken for those violations, and other data and information deemed necessary or appropriate.

(e) Each member of the commission shall have unrestricted access to all offices and records under the jurisdiction of the commission.

(f) The commission, or a majority of the commission, may exercise any power or perform any act that the director is authorized to perform under this chapter.

(Acts 1969, No. 740, p. 1315, §4; Acts 1992, No. 92-124, p. 224, §3.)