This section of the Code of Alabama governs the examinations of banks. It defines a bank holding company as a holding company that directly owns a majority of the voting securities of an Alabama state bank. Every bank other than national banks is subject to the supervision and inspection of the superintendent. The superintendent is required to visit and examine every bank organized under the laws of Alabama at least once in each eighteen-month period.

All reports of examination, records reflecting action of a bank or bank holding company, or affiliate of either, taken pursuant thereto, and records and minutes of meetings of the Banking Board relating to a bank or several banks or a bank holding company, or affiliate of either, shall be confidential and shall not be subject to subpoena or inspection except by subpoena from a grand jury served on the superintendent. (Acts 1980, No.

THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. For the purposes of this article, the following terms shall have the following meanings: (1) SERVICE PROVIDER. Any person, company, corporation, or other legal entity that provides a covered service listed in Section 5-3A-33 to a serviced bank. (2) SERVICED BANK. Every bank, bank holding company, bank service company, or any subsidiary or affiliate of a bank that is subject to the supervision of the superintendent pursuant to Section 5-3A-1, and for which covered services are performed by a service provider.

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.

This legal document, found in the Code of Alabama under the section on Banks and Financial Institutions, governs the transactions of business on legal holidays by banks. It states that banks are allowed to receive deposits, paychecks, sight drafts, and conduct other business on legal holidays, except for Sundays, in the same manner as on regular banking days. The document also authorizes banks to use automated teller machines (ATMs) or other instrumentalities 24 hours a day, including Sundays, with prior approval from the appropriate bank regulatory authority.

Any bank shall pay all checks drawn on it and transmitted in a cash letter at par and shall make no charge for the payment of such checks the first time presented to it for payment. (Acts 1980, No. 80-658, 5-5-33.)

An officer or employee of any bank who shall in any way obtain as a borrower any of the funds of such bank without having first complied with the requirements of this section must on conviction be punished as if he had embezzled the amount borrowed. Any loan obtained by an officer or employee of a bank must be made in accordance with a written loan policy which has been adopted by the board of directors.

This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and agreements. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or specified by the person receiving settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit or debit to an account, or funds transfer.

This legal document, part of the Code of Alabama’s Commercial Code on Bank Deposits and Collections, governs the final payment of items by payor banks, the timing of when provisional debits and credits become final, and when certain credits become available for withdrawal. It establishes that an item is finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or when a provisional settlement is made and not revoked within the permitted time.

This provision, found in the Code of Alabama under the Commercial Code section on Bank Deposits and Collections, pertains to payor banks and their actions regarding the settlement and recovery of demand items. If a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, it has the option to revoke the settlement and recover the settlement amount.