§ 5-7A-41 — Meeting of Stockholders for Purpose of Conversion or Consolidation

Alabama § 5-7A-41

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 7A: Bank Merger, Consolidation, or Conversion
• Art. 3: Conversion of State Banks into or Consolidation with National Banks

Text

All meetings of shareholders, called for any of the purposes provided for in Section 5-7A-40, shall be called by resolution of the board of directors. Notice of such meeting and of the purposes thereof shall be published once a week for four consecutive weeks prior to the date of such meeting in some newspaper with a general circulation in the city, town or village in which the principal place of business of said state bank is located, provided, that newspaper publication may be dispensed with entirely if waived by all the shareholders, and in the case of a merger or consolidation, one publication at least 10 days before the meeting shall be sufficient if publication for four weeks is waived by holders of at least two-thirds of each class of capital stock. The state bank shall send such notice to each shareholder of record by registered mail or by certified mail at least 10 days prior to the meeting, which notice may be waived specifically by any shareholder.

Legislative History

(Acts 1980, No. 80-658, p. 1259, §5-7-41; Acts 1981, No. 81-504, p. 863, §1.)