Chapter 1A - Savings And Loan Associations
- Section 5-16-1 Short title
This chapter may be cited as the "Savings and Loan Act." ...
- Section 5-16-2 Definitions
When used in this chapter, the following terms shall have the following meanings, respectively, unless it clearly appears from the context that some other ...
- Section 5-16-3 Associations, etc., accepting money for promotion of thrift and financing of homes subject to provisions of chapter, etc
All associations, individuals or partnerships accepting moneys from the public for the promotion of thrift and for the purpose of financing homes, whether or ...
- Section 5-16-4 Procedure for incorporation - Petition for certificate of incorporation; subscription by incorporators, etc
(a) At any time, any five or more individuals (hereinafter referred to as the "incorporators"), citizens of this state, may form an association to ...
- Section 5-16-5 Procedure for incorporation - Approval of petition for certificate of incorporation; certificate of approval
Upon the receipt by the commissioner of a petition for a certificate of incorporation signed and acknowledged as provided in Section 5-16-4, accompanied by ...
- Section 5-16-6 Procedure for incorporation - Issuance of certificate of incorporation
The commissioner shall issue to every association hereafter incorporated pursuant to this chapter a certificate of incorporation as follows: "Certificate of Incorporation of _______ ...
- Section 5-16-7 Bylaws
The bylaws of every association shall provide the dates of regular meetings of members, the notice, if any, to be given, the manner of ...
- Section 5-16-8 Organizational meeting
Within 30 days from the issuance of the certificate of incorporation by the commissioner, the directors of the association shall hold an organization meeting ...
- Section 5-16-9 Corporate name and offices - Generally
(a) The name of every association shall include the words "Savings and Loan Association." These words shall be preceded by an appropriate descriptive word ...
- Section 5-16-10 Corporate name and offices - Change of location of home office; certificate of approval, etc
Whenever the commissioner shall receive from any association an application for approval of change of location of its home office, he shall first determine ...
- Section 5-16-11 Corporate name and offices - Establishment of branch offices
No association shall establish or maintain a branch office either in the municipality in which it is located or at locations outside of such ...
- Section 5-16-12 Period for commencement of business; forfeiture of corporate existence for nonuse
Any association which shall not commence business within six months after the date upon which its corporate existence shall have begun shall forfeit its ...
- Section 5-16-13 Rights, privileges, etc., of members; annual meeting; annual financial statement; voting by members; assessment of fines and penalties against members; transfer of real estate security by borrowing member
(a) The rights, privileges and powers and the duties and liabilities of members of an association are fixed by the bylaws provided for in ...
- Section 5-16-14 Directors, officers and employees
(a) The rights, privileges and powers and the duties and liabilities of all directors and officers of an association are to be as fixed ...
- Section 5-16-15 Books, records and accounts
Every association shall keep at the home office correct and complete books of account and minutes of the proceedings of members, directors and the ...
- Section 5-16-16 Capital and accounts
(a) The capital of an association is not limited and shall consist of the aggregate of payments on accounts by its members, plus dividends ...
- Section 5-16-17 Reserve accounts; interest due and accrued account
Every association shall set up and maintain the reserve required by and may set up and maintain such additional reserves as are permitted by ...
- Section 5-16-18 Undivided profits account
On each semiannual closing date, after payment or provision for all expenses and appropriate transfers to reserves, the remainder of net earnings for the ...
- Section 5-16-19 Dividends
As of June 30, and December 31, in each year, the board of directors shall declare a dividend payable on July 1, and January ...
- Section 5-16-20 Repurchase of accounts
Any account holder may at any time present a written application for repurchase of all or any part of his accounts. No member shall ...
- Section 5-16-21 Redemption of accounts
At any time funds are on hand for the purpose, the association shall have the right to redeem by lot, or otherwise as the ...
- Section 5-16-22 Issuance of duplicate membership certificates
Upon the filing with an association by a member of record or his legal representative of an affidavit to the effect that the membership ...
- Section 5-16-23 Issuance, etc., of certificates of indebtedness; receipt of public deposits; payment of guaranteed rate of interest
No association shall issue, sell, negotiate or advertise for sale any certificates of indebtedness or receive deposits from the public. No association shall agree ...
- Section 5-16-24 Powers generally
(a) Every association incorporated pursuant to or operating under the provisions of this chapter shall have all the powers enumerated, authorized and permitted by ...
- Section 5-16-25 Real estate loans
(a) Real estate loans may be made as authorized by this chapter upon any other loan plan approved by the commissioner. No real estate ...
- Section 5-16-26 Liens on accounts; pledges of accounts as security for loans
To secure loans to members, an association shall have a lien without further agreement or pledge upon all accounts owned by the borrower. Upon ...
- Section 5-16-27 Adoption, etc., of bonus plans and payment of cash bonuses on accounts; bonus reserve account
(a) In order to stimulate systematic thrift and to provide regular funds for the financing of homes, the members at a regular or special ...
- Section 5-16-28 Sales, transfers or exchanges of assets
(a) In the regular and usual course of business, an association from time to time may sell any of its property in accordance with ...
- Section 5-16-29 Mergers
As used in this section, the word "association" shall include federal savings and loan associations incorporated under the Home Owners' Loan Act of 1933. ...
- Section 5-16-30 Conversions
(a) Conversions into federal savings and loan associations. - Any association or corporation of this state doing a home financing business may convert itself ...
- Section 5-16-31 Reorganizations
(a) The board of directors of any association may at a meeting called for that purpose adopt a plan of reorganization of the association. ...
- Section 5-16-32 Voluntary liquidation - Procedure generally
Any association may, by a majority of the votes cast at any annual meeting or any special meeting called for that purpose, vote to ...
- Section 5-16-33 Voluntary liquidation - Remittance of unclaimed dividends and share accounts by receiver, etc.; payment of creditors and investors by commissioner
After the order for final distribution, dividends and unclaimed share accounts remaining unpaid in the hands of the receiver or liquidating agent of savings ...
- Section 5-16-34 Voluntary liquidation - Certification and transmittal of unclaimed funds to State Treasurer
The Savings and Loan Commissioner shall certify to the Treasurer of the state a complete list of funds remaining in his hands uncalled for ...
- Section 5-16-35 Voluntary liquidation - Payment of creditors or investors by State Treasurer
Any creditor or investor of a liquidated savings and loan association who has not been paid the amount standing to his credit, as thus ...
- Section 5-16-36 Reports, examinations and audits
(a) On or before the last day of January in each year, every association shall make an annual written report to the commissioner, upon ...
- Section 5-16-37 Conservatorship; involuntary liquidation
(a) If the commissioner as a result of any examination or from any report made to him shall find that any association is violating ...
- Section 5-16-38.1 Assessment fees
Each savings and loan association chartered by the State of Alabama shall on the call of the commissioner pay the State Banking Department an ...
- Section 5-16-39 Foreign corporations not to transact business in state; privileges, etc., of federal savings and loan associations
No foreign corporation shall transact any business of a savings and loan association within this state or maintain an office in this state for ...
- Section 5-16-40 Sales of accounts
The sale of accounts of any association subject to the provisions of this chapter is hereby exempted from all provisions of law of this ...
- Section 5-16-41 Acknowledgment, etc., of instruments by public officers employed by associations, etc
No public officer qualified to take acknowledgments or proofs of written instruments shall be disqualified from taking the acknowledgment or proof of any instrument ...
- Section 5-16-42 Operating or management contracts
No association may hereafter make any operating or management contract with any person or persons, except with the approval of the commissioner, nor shall ...
- Section 5-16-43 Accounts of minors, married women, joint owners and fiduciaries; investments in accounts of associations
(a) An association may issue membership certificates to minors and to married women, each in their own right. Any payment or delivery of rights ...
- Section 5-16-44 Deposit in names of two persons, payable to either or survivor - How payable; when construed as belonging to survivor
When a deposit has been made or shall hereafter be made in any savings and loan association transacting business in this state in the ...
- Section 5-16-45 Deposit in names of two persons, payable to either or survivor - Title to deposit upon death of either
When a deposit has been made or shall hereafter be made in any savings and loan association in this state in the names of ...
- Section 5-16-46 Disposition of account of deceased person
Whenever a person shall die leaving a savings account in a savings and loan association not exceeding $1,000.00, the savings and loan association having ...
- Section 5-16-47 Disposition of deposit in trust for another upon death of trustee
When a deposit has been made or shall hereafter be made in any savings and loan association transacting business in this state by any ...
- Section 5-16-48 Engaging in mortgage brokerage business; purchase of loans; origination, purchase and sale of mortgages
(a) No association shall engage in the mortgage brokerage business. (b) Every association shall primarily use its funds in making home loans originated by ...
- Section 5-16-49 Forms
(a) Petition for certificate of incorporation. -The following form of petition for certificate of incorporation shall be used by all applicants for permission to ...
- Section 5-16-50 Deposits with State Treasurer, etc., of securities issued by associations
Whenever under the laws of the State of Alabama any person, firm, corporation, association or other legal entity organized under the laws of this ...
- Section 5-16-51 Associations empowered to enter into contracts, etc., for insurance of accounts, etc
Any savings and loan association now or hereafter organized under the laws of this state is hereby empowered, on the authority of its board ...
- Section 5-16-52 State associations may make contracts, loans or investments available to federal savings and loan associations
Any savings and loan association which is organized under and by virtue of applicable statutes of the State of Alabama and operating under the ...
- Section 5-16-53 Termination of status as insured corporation
Any savings and loan association chartered by the laws of the State of Alabama having its accounts insured with the Federal Savings and Loan ...
