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§ 5-7a-23 — Alabama Law | CourtGPT
  1. Home/
  2. Laws/
  3. Alabama/
  4. Title 5 - Banks and Financial Institutions/
  5. Chapter 7a - Bank Merger, Consolidation, or Conversion/
  6. Article 2 - Conversion of National Banks Into State Banks/
  7. § 5-7a-23
Alabama Legal Code

§ 5-7a-23

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Before the issuing of such certificate by the superintendent a majority of the directors of such bank shall file in the office of the official or officials with which a certificate of incorporation would be filed under the business corporation laws of this state a declaration of incorporation, which shall show:(1) The name to be assumed and used by the corporation;(2) The objects of the corporation, among which shall be the conversion of a national bank with the name and description of the same, into a state bank with all the power and authority that may be exercised by a state bank;(3) The location of its principal office;(4) The amount of its total authorized capital and the amount of its paid-in capital;(5) The name and post-office address of each officer and director;(6) The time limit, if any, for the duration of the corporation; and(7) A certificate, acknowledged before a notary public by a majority of the directors of the national bank so converted, that there has been transferred by the national bank, by a vote of the stockholders owning not less than a majority of the capital stock of such national bank, to such state bank into

k so converted, that there has been transferred by the national bank, by a vote of the stockholders owning not less than a majority of the capital stock of such national bank, to such state bank into which it is converted, all the property and assets of said national bank.