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Can you summarize ALCA 5-3A-6?
Examination of Banks. > Examination of witnesses and production of documents; penalties for false entry or statement; proceedings against former employees.
Short Summary
This section of the Code of Alabama governs the examination of witnesses and production of documents in relation to banks and bank holding companies. The superintendent and examiners acting under the superintendent have the authority to administer oaths and examine individuals under oath. They can compel the appearance and attendance of individuals and the production of records and documents for examination purposes. False entries, omissions, or statements made with intent to mislead or defraud a bank, bank holding company, affiliate, or agency of a foreign bank can result in removal from position and the imposition of civil money penalties. The superintendent and Banking Board are not required to establish financial loss or influence by false entries, omissions, or statements. Resignation, termination, or separation of directors, officers, or employees does not affect the jurisdiction and authority of the superintendent or Banking Board to take action against them. This section provides the framework for conducting examinations and enforcing penalties for non-compliance or fraudulent actions.
Whom does it apply to?
Officers, directors, agents, employees, and affected persons of banks, bank holding companies, affiliates of banks, and agencies of foreign banks.
What does it govern?
Examination of witnesses and production of documents; penalties for false entry or statement; proceedings against former employees.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Removal from position, imposition of civil money penalties, and prohibition from participating in the affairs of any Alabama state bank or holding company that controls an Alabama state bank.
Jurisdiction
Alabama