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Can you summarize 5 ALCA Chapter 5A?
BANKS AND FINANCIAL INSTITUTIONS. > ORGANIZATION AND OPERATION OF BANKS.
Short Summary
The provided legal document content covers various aspects of the organization and operation of banks in Alabama. It includes provisions related to the liability of directors and officers for violations of banking regulations, disclosure of financial records, adverse claims to deposits, acquisition of voting shares, payment of deposits made in the names of multiple persons, false statements affecting a bank’s financial condition, retention of checks for the purpose of starting a ‘run’ on a bank, payment of deposits made in trust for another person, notice requirements for certificates of deposit, disposition of small deposits of a deceased person, payment of deposits after the death of the deceased, deposits made by minors, closure of banks on business days and holidays, payment of checks at par, liability of banks for transactions on legal holidays, security for deposits, transactions involving the importation or exportation of goods, acceptance of drafts or bills of exchange, acceptance of bills for any one person, establishment of branch banks, transfer of earnings to surplus and restrictions on dividends, maintenance of reserve funds, powers of banks, issuance of capital notes or debentures, acceptance of federal charters or regulations, amendment of certificate of incorporation, and fees for various banking actions. These documents apply to directors, officers, agents, employees, and customers of banks in Alabama. Exemptions exist for certain acquisitions, deposits made in the names of fiduciaries, and deposits of deceased persons. However, specific penalties for non-compliance or violation are not specified.
Whom does it apply to?
Directors, officers, agents, employees, and customers of banks
What does it govern?
Organization and operation of banks
What are exemptions?
Exemptions exist for certain acquisitions, deposits made in the names of fiduciaries, and deposits of deceased persons
What are the Penalties?
Penalties for non-compliance or violation are not specified
Jurisdiction
Alabama