Where a banking emergency has been proclaimed by the superintendent and until such time as such emergency is declared to have ended by proclamation of the superintendent, it shall be lawful for the state or any political subdivision thereof and for merchants, manufacturers, public utilities and other business establishments in this state, whether conducted by an individual or individuals or under corporate charter, with the approval of the superintendent to issue as evidence of compensation for services or labor notes or certificates of indebtedness to their employees in convenient denominations, payable not more than 90 days after such proclamation shall be made, and none thereof shall be subject to any civil or criminal penalties or interest charges or taxation or additions thereto of any kind notwithstanding any contrary provisions of the laws of this state. The right of the state or any political subdivision thereof to issue notes in anticipation of the collection of taxes under any law now in force and effect shall not be impaired or affected by the provisions of this section.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 10A - Banking Emergencies and Compliance With Federal Laws.
Section 5-10A-2 - Promulgation of Rules and Regulations; Requirements of Reports, etc., Generally.
Section 5-10A-3 - Declaration of Banking Holidays; Promulgation of Emergency Rules or Regulations.
Section 5-10A-4 - Extension, etc., of Banking Holiday or Emergency Rules or Regulations.
Section 5-10A-6 - Operation of Banks Under Federal Laws.
Section 5-10A-7 - Payment of Expenses of Bank Operating Without Receivership Liquidation.
Section 5-10A-9 - Segregation of Assets - Manners of Segregation.
Section 5-10A-10 - Segregation of Assets - Commingling of Items in Classes of Deposits.
Section 5-10A-11 - Segregation of Assets - Adjustments; Identification of Segregated Items.
Section 5-10A-16 - Compliance With Chapter, Federal Laws, etc., Not to Entail Liability.