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·Title 5 Banks and Financial Institutions·Ch. 10A Banking Emergencies and Compliance with Federal Laws

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.

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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.

Alabama § 5-10A-15 (Authorization and Approval of Reorganization of Bank Without Receivership Liquidation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.