Alabama § 8-6-56 - Director - Qualifications; Interest in Banks, Etc., Prohibited; Salary.
Full text of Alabama Code of Alabama § 8-6-56 — Director - Qualifications; Interest in Banks, Etc., Prohibited; Salary., with citation guidance and answers to common questions.
§ 8-6-56. Director - Qualifications; Interest in Banks, Etc., Prohibited; Salary.
(a) The Director of the Securities Commission shall be a person of good moral character, at least 30 years of age, a resident of Alabama, a member of the Alabama bar and thoroughly familiar with corporate organization, investment banking, investment trusts, the sale of securities, and the statistical details of the manufacturing industries and commerce of this state. The Securities Commission may also require additional qualifications.
(b) The director, while serving as such, shall not directly or indirectly be financially interested in or associated with any commercial bank, savings bank, trust company, industrial loan or investment company, credit union, building and loan association, or any other person subject to the jurisdiction of the commission or the director.
(c) The salary of the director shall be fixed by the commission with the approval of the Governor and the State Personnel Board.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 8-6-56
What does Code of Alabama § 8-6-56 cover?
Section 8-6-56 ("Director - Qualifications; Interest in Banks, Etc., Prohibited; Salary.") 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 § 8-6-56?
A common citation format is "Code of Alabama § 8-6-56" (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 § 8-6-56 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.