Alabama § 5-11A-10 Withdrawal of Bonds or Securities from Deposit with Trustees

Alabama Statutes

§ 5-11A-10 — Withdrawal of Bonds or Securities from Deposit with Trustees

Alabama·Title 5 Banks and Financial Institutions·Ch. 11A Regulation of Trust Business of Banks and Trust Companies·Art. 1 General Provisions

All trust companies organized under the laws of this state which are now required by their charters to keep on deposit with trustees any bonds, stocks or other securities to be held subject to the payment of any judgment which may be rendered against said companies may, upon making a deposit of securities in accordance with the provisions of Section 5-11A-5 withdraw from the custody of said trustees said bonds, stocks or other securities so deposited with said trustees and shall not thereafter be required to maintain any such deposit with trustees, any provisions of the charter of said companies to the contrary notwithstanding.

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All trust companies organized under the laws of this state which are now required by their charters to keep on deposit with trustees any bonds, stocks or other securities to be held subject to the payment of any judgment which may be rendered against said companies may, upon making a deposit of securities in accordance with the provisions of Section 5-11A-5 withdraw from the custody of said trustees said bonds, stocks or other securities so deposited with said trustees and shall not thereafter be required to maintain any such deposit with trustees, any provisions of the charter of said companies to the contrary notwithstanding.

Alabama § 5-11A-10 (Withdrawal of Bonds or Securities from Deposit with Trustees) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.