Ask Reggi Your Question Now
Can you summarize 5 ALCA Chapter 10A?
BANKS AND FINANCIAL INSTITUTIONS. > BANKING EMERGENCIES AND COMPLIANCE WITH FEDERAL LAWS.
Short Summary
The legal document governs banking emergencies and compliance with federal laws in Alabama. It grants powers to the superintendent and the Banking Board to authorize or direct banks to comply with orders, requirements, acts, and regulations of the superintendent, the Banking Board, and duly constituted officials of the United States. It allows the issuance of notes or certificates of indebtedness to employees during a banking emergency, which are not subject to penalties, liabilities, interest charges, taxation, or additions. The document also addresses the segregation of assets by banks, specifying various methods and requirements for segregation. It allows banks to operate under the provisions of federal laws and authorizes the superintendent and the Banking Board to make rules and regulations for the protection of interested parties. The document also provides for the declaration of bank holidays and the promulgation of emergency rules and regulations during emergencies. Overall, the document aims to ensure the effective management of banking operations and compliance with federal laws in Alabama.
Whom does it apply to?
Banks, financial institutions, public officers, sureties, merchants, manufacturers, public utilities, and other business establishments in Alabama
What does it govern?
Banking Emergencies and Compliance with Federal Laws
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Alabama