§ 5-2A-41 — Meetings of Board - Notice; Executive Session; Confidentiality

Alabama § 5-2A-41

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 2A: State Banking Department
• Art. 2: Banking Board

Text

(a) A meeting of the Banking Board may be held on call of the superintendent or any three members of the Banking Board. The superintendent shall give to each member of the Banking Board at least three days’ notice of the time and place of any meeting of the Banking Board unless such notice is waived by all the members of the Banking Board.
(b) At any meeting, the Banking Board may go into executive session in order to do any of the following:
(1) Protect the confidentiality of reports or information under Sections 5-3A-3, 5-3A-11, and 5-13B-105 and other provisions of this title.
(2) Review information concerning the condition and affairs of any proposed bank or trust company, any bank or trust company, any subsidiary or affiliate of a bank or trust company, or several banks or trust companies or their subsidiaries, or to review personal or financial information of individuals.
(3) Accomplish any other purpose of the Banking Board that requires it to receive or consider information that is confidential under this title.
(c) Confidential information under this title includes all information set forth in subdivisions (1) and (2) of subsection (b) as well as other information designated as confidential in this title and other information as determined by the superintendent.
(d) The Banking Board shall not go into executive session except upon a majority vote of a quorum, duly recorded in the minutes.

Legislative History

(Acts 1980, No. 80-658, §5-2-41; Act 2007-224, p. 284, §1.)