Before approving proceedings to consolidate one such institution with another, the superintendent shall cause to be made an examination of each such institution to determine whether the interests of the depositors, creditors and stockholders of each are protected and that such consolidation is made for legitimate purposes, and his consent or rejection of such consolidation or transfer shall be based upon such examination and investigation. The expense of such examination shall be paid by such institution. No such consolidation shall be made without the written consent of the superintendent.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 7A - Bank Merger, Consolidation, or Conversion.
Article 1 - Consolidation, Merger or Transfer of State Banks.
Section 5-7A-1 - Banks May Merge or Consolidate; Transfer of Place of Business.
Section 5-7A-2 - Proceedings to Effect Consolidation, Merger or Transfer.
Section 5-7A-3 - Certificate of Proceedings to Be Forwarded to Superintendent of Banks.
Section 5-7A-4 - Issuance of Certificate of Approval by Superintendent.
Section 5-7A-5 - Examinations; Written Consent of Superintendent to Consolidation.
Section 5-7A-6 - Appeals; Applicability of Article to Branch Banks, Etc.