Corporations formed for the purpose of doing business as a bank may:
(1) Discount bills, notes or other evidences of debt;
(2) Receive and pay out deposits, with or without interest, pay checks, and impose charges for any services;
(3) Receive on special deposit money, bullion or foreign coins or bonds or other securities;
(4) Buy and sell foreign and domestic exchanges, gold and silver bullion or foreign coins, bonds, bills of exchange, notes and other negotiable paper;
(5) Lend money on personal security or upon pledges of bonds, stocks or other negotiable securities;
(6) Take and receive security by mortgage, security agreement or otherwise on property, real and personal;
(7) Become trustees for any purpose and be appointed and act as executors, administrators, guardians, receivers, or fiduciaries upon receiving the prior written approval of the superintendent under Section 5-11A-1;
(8) Lease real and personal property upon specific request of a customer, provided such banks must comply with any applicable Alabama laws regulating leasing real property or improvements thereon to others;
(9) Perform computer, management, and travel agency services for others;
(10) Subscribe to the capital stock and become a member of the Federal Reserve System and comply with rules and regulations thereof;
(11) Accept deposits and payments on loans and other obligations as agent for other banks located in this state that are subsidiaries of the same bank holding company. If banks located in this state are affiliates, they may accept deposits and payments on loans and other obligations as agent for each other. Banks acting as agents for other banks under this subsection shall not be deemed branch offices of the banks for which they act. As used in this subsection, banks are "affiliates" if the same person or persons directly or indirectly own or control either a majority of the voting shares or more than 50 percent of the number of shares entitled to elect the directors of both banks; and
(12) Do any business and exercise any powers incident to the business of banks.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 5A - Organization and Operation of Banks.
Section 5-5A-1 - Procedure for Incorporation - Application for Permit.
Section 5-5A-2 - Procedure for Incorporation - Notice of Intention to Incorporate.
Section 5-5A-9 - Procedure for Incorporation - Judicial Review.
Section 5-5A-10 - Permit to Transact Business - Required.
Section 5-5A-11 - Permit to Transact Business - Examination; Issuance and Recordation of Permit.
Section 5-5A-12 - Membership in Federal Deposit Insurance Corporation, Etc.
Section 5-5A-13 - Filing Fee; Other Fees.
Section 5-5A-14 - Capital - Minimum Amount Required for Incorporation of Bank.
Section 5-5A-15 - Capital - Increase or Decrease.
Section 5-5A-16 - Issuance of Capital Notes and Debentures.
Section 5-5A-18 - Powers of Banks Generally.
Section 5-5A-20 - Branch Banks; Commercial Affiliates.
Section 5-5A-21 - Surplus; Restriction on Dividends.
Section 5-5A-22 - Limits of Indebtedness.
Section 5-5A-23 - Investments and Loans With Respect to Housing.
Section 5-5A-28 - Pledge of Assets.
Section 5-5A-29 - Security Not Required When Deposits Insured.
Section 5-5A-31 - Liability for Transactions on Legal Holidays.
Section 5-5A-32 - Closing of Banks, etc., Permitted on One Business Day of Each Week.
Section 5-5A-33 - Bank to Pay Checks Drawn on It at Par.
Section 5-5A-36 - Notice Upon Maturity of Certificate of Deposit Issued for More Than 90 Days.
Section 5-5A-37 - Rights of Minors.
Section 5-5A-40 - Disposition of Deposit in Trust for Another Upon Death of Trustee.
Section 5-5A-42 - Adverse Claims to Deposits.
Section 5-5A-43 - Disclosure of Customer Financial Records.
Section 5-5A-44 - Acquisition of Majority of Voting Shares of a Bank; Procedure.
Section 5-5A-45 - Initiation of Run on Banks, Etc.
Section 5-5A-46 - False, etc., Statements, etc., Affecting Financial Standing of Bank.
Section 5-5A-47 - Liability of Directors or Officers; Enforcement Powers of Superintendent.