Section 5-10A-5 Sections 5-10A-1 through 5-10A-4 applicable only in emergencies; duration of emergency action. - Alabama Statutes

Section 5-10A-5

Sections 5-10A-1 through 5-10A-4 applicable only in emergencies; duration of emergency action.

The provisions of Sections 5-10A-1 through 5-10A-4 authorize actions to be taken during an emergency. Any action taken pursuant to these sections shall be reported to the Banking Board and shall automatically terminate upon the expiration of 120 days unless such action is approved during that period by a majority of the Banking Board.

(Acts 1980, No. 80-658, §5-10-5.)