No bank shall have the right to operate or conduct a trust department or become a trustee or a fiduciary without having received the prior written approval of the superintendent and otherwise complied with Section 5-11A-1, even though the certificate of incorporation of the bank might contain language covering such authority.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.
Article 1 - General Provisions.
Section 5-11A-2 - Written Approval of Superintendent to Conduct Trust Business.
Section 5-11A-3 - Capital Stock Requirements for Trust Companies.
Section 5-11A-4 - Use of Word "Trust" in Designation or Name of Entity.
Section 5-11A-8 - Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company.
Section 5-11A-10 - Withdrawal of Bonds or Securities From Deposit With Trustees.
Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity.