§ 5-13B-62 — Citizenship and Residency Requirements for Directors of State Banks

Alabama § 5-13B-62

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 13B: Interstate and International Bank Acquisitions, Mergers and Branching
• Art. 3: Regulation of Foreign Banks
• Div. 2: Domestic Banks Owned or Controlled by Foreign Banks and Other Foreign Persons

Text

Notwithstanding any other provision of the laws and regulations of this state, the citizenship and residency requirements otherwise applicable to members of the board of directors of any Alabama bank may, in the case of an Alabama bank which is a subsidiary or affiliate of a foreign bank, be waived by the superintendent in his or her discretion upon application by the controlling shareholder of the Alabama bank; provided that at least a majority of the directors shall be citizens of the United States and at least 25 percent of the directors shall be residents of this state.

Legislative History

(Acts 1995, No. 95-115, p. 134, §27.)