Alabama § 5-8A-23 Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets

Alabama Statutes

§ 5-8A-23 — Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets

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

The superintendent shall not take possession of the property and business of any bank under the provisions of this chapter unless requested in writing to do so by a majority of the directors of the bank under Section 5-8A-21 or directed to do so by the Banking Board under Section 5-8A-20. On taking possession of the property and business of any such bank, the superintendent shall give notice of such fact to all banks in this state and other parties or corporations known to be holding or in possession of any assets of such bank.

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The superintendent shall not take possession of the property and business of any bank under the provisions of this chapter unless requested in writing to do so by a majority of the directors of the bank under Section 5-8A-21 or directed to do so by the Banking Board under Section 5-8A-20. On taking possession of the property and business of any such bank, the superintendent shall give notice of such fact to all banks in this state and other parties or corporations known to be holding or in possession of any assets of such bank.

Alabama § 5-8A-23 (Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.