Whenever losses are sustained by a bank, such losses shall be charged on the books of the bank as losses so that the books of the bank will show the true condition of the bank. When, by reason of losses or otherwise, the capital of a bank is impaired, and when the bank has been notified by the superintendent, under Section 5-2A-10, the bank must make good its impairment of capital in a manner approved by the superintendent.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 2A - State Banking Department.
Article 1 - General Provisions.
Section 5-2A-1 - Creation of Department; Duties Generally.
Section 5-2A-2 - Offices, Venue.
Section 5-2A-4 - Superintendent - Oath and Bond.
Section 5-2A-5 - Superintendent - Seal of Office; Recordation of Executed Papers.
Section 5-2A-6 - Superintendent - Removal; Removal of Member of Banking Board.
Section 5-2A-7 - Superintendent - Expansion of Banking Powers; Rules and Regulations.
Section 5-2A-8 - Superintendent - Promulgation and Interpretation of Regulations.
Section 5-2A-10 - Superintendent - Make Good Any Impairment of Capital.
Section 5-2A-11 - Superintendent - Losses; Bank to Correct Impairment of Capital.
Section 5-2A-13 - Superintendent - Annual Report to Governor; Publication and Distribution, Etc.
Section 5-2A-14 - Superintendent - Reports of Criminal Violations to Grand Juries.
Section 5-2A-16 - Limitation of Liability of Superintendent, Members of Banking Board, or Employees.
Section 5-2A-17 - Bank Examiners - Oath; Duties Generally.
Section 5-2A-18 - Bank Examiners - Commission.
Section 5-2A-19 - Bond of Examiners and Office Assistants.
Section 5-2A-20 - Assessment of Banks - When Payable; Amount; Disposition of Revenue.
Section 5-2A-23 - Legal Counsel.
Section 5-2A-24 - Examination of Small Loan Companies; Fees.