Before any bank or savings association shall be designated as a state depositary, it shall be designated as a qualified public depository under Chapter 14A of this title, and it shall file with the State Treasurer an application in writing to be designated as a state depositary under the terms of this article.
Such qualified public depository shall accompany such application with a statement, verified by the affidavit of its president or other executive head, setting forth the amount of its paid-in capital stock, the amount of its surplus and undivided profits, its principal place of business, the length of time it has been engaged in business and its assets and liabilities at the time of making application.
In the event of the default or insolvency, as defined in Section 41-14A-2, of any state depository, the State Treasurer shall take prompt action to enforce the rights of the state and the State Treasurer as a public depositor under Chapter 14A of this title.
Structure Code of Alabama
Chapter 14 - State Funds Generally.
Article 1 - State Depositaries.
Section 41-14-1 - Designation of State Depositaries.
Section 41-14-2 - Application for Designation Action Upon Default or Insolvency.
Section 41-14-3 - Certification by Treasurer; Order by Governor.
Section 41-14-4 - Transfer or Removal of State Funds to or From State Depositary.
Section 41-14-11 - Notice of Intent to Surrender Designation.
Section 41-14-16 - Penalties for Violations of Provisions of Article.