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

Alabama Statutes

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

Alabama·Title 5 Banks and Financial Institutions·Ch. 7A Bank Merger, Consolidation, or Conversion·Art. 1 Consolidation, Merger or Transfer of State Banks

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.

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