(a) A new trustee, or new trustees, may be substituted for the original trustee, or trustees, of trusteed assets in the event of a vacancy or for other proper cause. Any such substitution shall be subject to the commissioner's approval.
(b) If the trustees of any trusteed assets heretofore created are individuals, and if the number of such trustees is reduced to less than three by death, resignation, or otherwise, the commissioner shall require that there be substituted for such trustees a bank or trust company in this state approved by him.
Structure Code of Alabama
Chapter 33 - Trusteed Assets of Alien Insurers.
Section 27-33-1 - Applicability of Chapter.
Section 27-33-2 - Deposit of Assets in Trust.
Section 27-33-3 - Existing Trusts.
Section 27-33-4 - Purpose and Duration of Trust.
Section 27-33-5 - Trust Agreement - Requirement; Approval by Commissioner.
Section 27-33-6 - Trust Agreement - Authority to Make and Execute.
Section 27-33-7 - Trust Agreement - Amendment.
Section 27-33-8 - Trust Agreement - Withdrawal of Approval.
Section 27-33-9 - Trusteed Assets - Title.
Section 27-33-10 - Trusteed Assets - Separation; Record.
Section 27-33-11 - Trusteed Assets - Trustee Statements.
Section 27-33-12 - Trusteed Assets - Examination.
Section 27-33-13 - Trusteed Assets - Withdrawal.
Section 27-33-14 - Trustees - Substitution.