§ 5-10A-14 — Issuance of Notes or Certificates of Indebtedness as Evidence of Compensation for Services or Labor During Banking Emergency

Alabama § 5-10A-14

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 10A: Banking Emergencies and Compliance with Federal Laws

Text

Where a banking emergency has been proclaimed by the superintendent and until such time as such emergency is declared to have ended by proclamation of the superintendent, it shall be lawful for the state or any political subdivision thereof and for merchants, manufacturers, public utilities and other business establishments in this state, whether conducted by an individual or individuals or under corporate charter, with the approval of the superintendent to issue as evidence of compensation for services or labor notes or certificates of indebtedness to their employees in convenient denominations, payable not more than 90 days after such proclamation shall be made, and none thereof shall be subject to any civil or criminal penalties or interest charges or taxation or additions thereto of any kind notwithstanding any contrary provisions of the laws of this state. The right of the state or any political subdivision thereof to issue notes in anticipation of the collection of taxes under any law now in force and effect shall not be impaired or affected by the provisions of this section.

Legislative History

(Acts 1980, No. 80-658, §5-10-15.)