Alabama § 5-5A-4 Procedure for Incorporation - Investigation as to Fitness of Stockholders and Executive Officers and Necessity for Banks

Alabama Statutes

§ 5-5A-4 — Procedure for Incorporation - Investigation as to Fitness of Stockholders and Executive Officers and Necessity for Banks

Alabama § 5-5A-4

Title 5Banks and Financial Institutions

Ch. 5AOrganization and Operation of Banks

This text of Alabama § 5-5A-4 (Procedure for Incorporation - Investigation as to Fitness of Stockholders and Executive Officers and Necessity for Banks) 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 § 5-5A-4 (2026).

Text

The superintendent shall ascertain whether the character and general fitness of the persons named as proposed incorporators, proposed stockholders and proposed executive officers in the affidavit and in the proposed certificate of incorporation are such as to command the confidence of the community in which such bank is proposed to be located, and the superintendent shall make this inquiry and determination, regardless of whether or not objections to the incorporation are filed with him. The superintendent shall investigate the convenience and need for a bank in the community where the same is proposed to be located and shall also ascertain if there is sufficient business in said community to support said bank.

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

The superintendent shall ascertain whether the character and general fitness of the persons named as proposed incorporators, proposed stockholders and proposed executive officers in the affidavit and in the proposed certificate of incorporation are such as to command the confidence of the community in which such bank is proposed to be located, and the superintendent shall make this inquiry and determination, regardless of whether or not objections to the incorporation are filed with him. The superintendent shall investigate the convenience and need for a bank in the community where the same is proposed to be located and shall also ascertain if there is sufficient business in said community to support said bank.