Alabama § 5-8A-22 Institution of Civil Action for Vacation of Charter, Liquidation, Etc., of Bank

Alabama Statutes

§ 5-8A-22 — Institution of Civil Action for Vacation of Charter, Liquidation, Etc., of Bank

Alabama·Title 5 Banks and Financial Institutions·Ch. 8A Liquidation of Banks·Art. 2 Insolvent Banks

The circuit court of the county in which the principal place of business of the bank is located, sitting without a jury may upon application of the superintendent vacate the charter of a bank, liquidate a bank, or appoint a receiver if the directors of the bank knowingly violate or knowingly permit any of the officers, agents or employees of the bank to violate any of the provisions of this title. No civil action shall be instituted by any other person to vacate the charter of or liquidate or appoint a receiver for any bank except as authorized in Section 5-8A-24.

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The circuit court of the county in which the principal place of business of the bank is located, sitting without a jury may upon application of the superintendent vacate the charter of a bank, liquidate a bank, or appoint a receiver if the directors of the bank knowingly violate or knowingly permit any of the officers, agents or employees of the bank to violate any of the provisions of this title. No civil action shall be instituted by any other person to vacate the charter of or liquidate or appoint a receiver for any bank except as authorized in Section 5-8A-24.

Alabama § 5-8A-22 (Institution of Civil Action for Vacation of Charter, Liquidation, Etc., of Bank) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.