Section 27-6-7 Securities and assets - Power of attorney to sell, etc. - Alabama Statutes

Section 27-6-7

Securities and assets - Power of attorney to sell, etc.

In lieu of the assignment, transfer or conveyance of securities and assets to the commissioner as provided for in subsection (a) of Section 27-6-6 and at all events in connection with any deposit heretofore or hereafter made through the commissioner, the commissioner may require or permit the depositing insurer to deliver to him a power of attorney, executed by the lawful owner of such securities or assets, authorizing the commissioner to transfer, sell, or exchange the same for the purposes of the law under which the same are deposited or held on deposit. The power of attorney shall specifically describe each of the securities and assets covered thereby and shall not be a general power of attorney covering all securities and assets on deposit or thereafter deposited.

(Acts 1953, No. 727, p. 981, §1; Acts 1971, No. 407, p. 707, §103.)