Alabama § 5-7A-61 - Definitions.
Full text of Alabama Code of Alabama § 5-7A-61 — Definitions., with citation guidance and answers to common questions.
§ 5-7A-61. Definitions.
As used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) SAVINGS INSTITUTION. A savings and loan association or savings bank organized under the laws of this state or organized under the laws of the United States and having its principal place of business in this state, whether a “capital stock saving institution” which is authorized to issue capital stock, or a “mutual savings institution,” shares of which are owned by its members.
(2) RESULTING BANK. The state chartered bank that results from conversion of a savings institution to a state chartered bank pursuant to this article.
(3) SUPERINTENDENT. The Superintendent of Banks for the State of Alabama.
(4) STATE CHARTERED BANK. A bank the same as if such bank were incorporated, chartered and permitted to do business, all as provided in Section 5-5A-1 et seq.
(5) PLAN OF CONVERSION. That written document containing all the information and meeting the requirements as set forth in Section 5-7A-62(1).
(6) APPLICATION FOR CONVERSION. That written application, on a form to be prescribed by the superintendent, which is filed with the superintendent requesting approval of a plan of conversion.
(7) DEPARTMENT. The State Banking Department as provided for and created in Section 5-2A-1.
Frequently Asked Questions About Alabama § 5-7A-61
What does Code of Alabama § 5-7A-61 cover?
Section 5-7A-61 ("Definitions.") 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 § 5-7A-61?
A common citation format is "Code of Alabama § 5-7A-61" (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 § 5-7A-61 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.