Alabama § 5-7A-5 Examinations; Written Consent of Superintendent to Consolidation

Alabama Statutes

§ 5-7A-5 — Examinations; Written Consent of Superintendent to Consolidation

Alabama § 5-7A-5

Title 5Banks and Financial Institutions

Ch. 7ABank Merger, Consolidation, or Conversion

Art. 1Consolidation, Merger or Transfer of State Banks

This text of Alabama § 5-7A-5 (Examinations; Written Consent of Superintendent to Consolidation) 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 § 5-7A-5 (2026).

Text

Before approving proceedings to consolidate one such institution with another, the superintendent shall cause to be made an examination of each such institution to determine whether the interests of the depositors, creditors and stockholders of each are protected and that such consolidation is made for legitimate purposes, and his consent or rejection of such consolidation or transfer shall be based upon such examination and investigation. The expense of such examination shall be paid by such institution. No such consolidation shall be made without the written consent of the superintendent.

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Before approving proceedings to consolidate one such institution with another, the superintendent shall cause to be made an examination of each such institution to determine whether the interests of the depositors, creditors and stockholders of each are protected and that such consolidation is made for legitimate purposes, and his consent or rejection of such consolidation or transfer shall be based upon such examination and investigation. The expense of such examination shall be paid by such institution. No such consolidation shall be made without the written consent of the superintendent.