Alabama § 5-10A-15 Authorization and Approval of Reorganization of Bank Without Receivership Liquidation

Alabama Statutes

§ 5-10A-15 — Authorization and Approval of Reorganization of Bank Without Receivership Liquidation

Alabama § 5-10A-15

Title 5Banks and Financial Institutions

Ch. 10ABanking Emergencies and Compliance with Federal Laws

This text of Alabama § 5-10A-15 (Authorization and Approval of Reorganization of Bank Without Receivership Liquidation) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 5-10A-15 (2026).

Text

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.