Section 5-8A-23 Acquisition of possession of property and business of bank by superintendent; notice to holders of bank assets. - Alabama Statutes

Section 5-8A-23

Acquisition of possession of property and business of bank by superintendent; notice to holders of bank assets.

The superintendent shall not take possession of the property and business of any bank under the provisions of this chapter unless requested in writing to do so by a majority of the directors of the bank under Section 5-8A-21 or directed to do so by the Banking Board under Section 5-8A-20. On taking possession of the property and business of any such bank, the superintendent shall give notice of such fact to all banks in this state and other parties or corporations known to be holding or in possession of any assets of such bank.

(Acts 1980, No. 80-658, §5-8-23.)