Section 5-7A-20 Conversion of national bank, etc., into state bank - Procedure. - Alabama Statutes

Section 5-7A-20

Conversion of national bank, etc., into state bank - Procedure.

Any bank organized under the laws of the United States may, by the vote of the stockholders owning not less than a majority of the capital stock of such bank with the approval of the superintendent and upon the payment by it to the superintendent of a fee prescribed by the Banking Board under Section 5-5A-13, be converted into a state bank with any name approved by the superintendent.

(Acts 1980, No. 80-658, §5-7-20.)