Alabama § 5-5A-1 - Procedure for Incorporation - Application for Permit.
Full text of Alabama Code of Alabama § 5-5A-1 — Procedure for Incorporation - Application for Permit., with citation guidance and answers to common questions.
§ 5-5A-1. Procedure for Incorporation - Application for Permit.
(a) The proposed incorporators of a bank shall execute and acknowledge an application for a permit in writing in the form prescribed by the superintendent and shall file the same in the office of the State Banking Department, which application shall be signed by all of the incorporators requesting a certificate authorizing the proposed bank to transact business at the place, time and under the name stated in said application.
(b) At the time of filing said application, the applicant shall pay to the superintendent a filing fee.
(c) The application shall name at a minimum five directors, and a majority of all directors shall be outside directors unless a written waiver is obtained from the superintendent. A director shall be deemed to be an outside director if the director will not serve as an officer, other than the chair, or an employee of the bank.
(d) The application shall name a chair, chief executive officer, a chief financial/operations officer, and a chief lending officer of the bank. The chair must be an outside director. The superintendent may exercise discretion and waive any of the above requirements by written notice.
(e) The superintendent shall designate the newspaper in which notice of intention to organize shall be published as required by Section 5-5A-2.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 5-5A-1
What does Code of Alabama § 5-5A-1 cover?
Section 5-5A-1 ("Procedure for Incorporation - Application for Permit.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 5-5A-1?
A common citation format is "Code of Alabama § 5-5A-1" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 5-5A-1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.