Section 5-2A-8 Superintendent - Promulgation and interpretation of regulations. - Alabama Statutes

Section 5-2A-8

Superintendent - Promulgation and interpretation of regulations.

The superintendent may, with the concurrence of a majority of the members of the State Banking Board, promulgate such reasonable regulations, consistent with the laws of this state, as may be necessary to carry out the provisions of Chapters 1A through 13B and Chapter 20 of this title over which the State Banking Department has jurisdiction. The superintendent shall, in addition, issue written interpretations of banking laws and regulations. Any bank and any officer or director thereof relying on any regulation or interpretation shall be fully protected even though the same shall be thereafter ruled invalid for any reason by a court of competent jurisdiction.

(Acts 1980, No. 80-658, p. 1259, §5-2-10; Acts 1985, No. 85-457, p. 425, §3; Acts 1995, No. 95-115, p. 134, §69.)