SB28 Alabama 2011 Session

Under the Constitution of Alabama of 1901, Article XIII relates to banks and banking. This bill would propose an amendment to the Constitution which would rewrite one section of Article XIII as generally described herein and would repeal certain other sections

This bill would subdivide Section 247 of the Constitution of Alabama of 1901, now appearing as Section 247 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, into four subsections and amend the section by adding language prohibiting any bank from being established except by a general banking law as well as inserting language formerly in Section 251, Section 253, and Section 254 of the Constitution of Alabama of 1901, now appearing as Sections 251, 253, and 254 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, regarding unlimited duration, political subdivisions may not be stockholders or lend credit, and bank examination requirements

This bill would repeal the following Sections of Article XIII of the Constitution of Alabama of 1901; Section 248 of the Constitution of Alabama of 1901, now appearing as Section 248 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to banking laws being general, specie basis, and the authority to issue bills to circulate as money; Section 249 of the Constitution of Alabama of 1901, now appearing as Section 249 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to bills or notes issued as money redeemable in gold or silver and specifying laws may not sanction suspension of the specie payments; Section 251, as amended by Constitutional Amendment 51 of the Constitution of Alabama of 1901, now appearing as Section 251 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to termination of business; Section 252 of the Constitution of Alabama of 1901, now appearing as Section 252 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to maximum rate of interest; Section 253 of the Constitution of Alabama of 1901, now appearing as Section 253 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to state and political subdivisions not to be stockholders in banks or lend credit thereto; and Section 254 of the Constitution of Alabama of 1901, now appearing as Section 254 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to examinations of banks by public officers and semiannual reports by banks. Section 250 of Article XIII was repealed by Constitutional Amendment 5

Section 255, relating to the applicability of the article, would not be changed. Section 255.01, relating to nonresidents making mortgage loans through licensed mortgage loan brokers, would not be changed

Proposing an amendment to the Constitution of Alabama of 1901, to amend Section 247 now appearing as Section 247 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to the general power of the Legislature regarding banks and banking to include in that section existing provisions concerning unlimited duration, political subdivisions may not be stockholders or lend credit, and bank examination requirements; and to repeal the following Sections of Article XIII, relating to banks and banking: Section 248 of the Constitution of Alabama of 1901, now appearing as Section 248 of the Official Recompilation of the Constitution of Alabama of 1901, as amended; Section 249 of the Constitution of Alabama of 1901, now appearing as Section 249 of the Official Recompilation of the Constitution of Alabama of 1901, as amended; Section 251 of the Constitution of Alabama of 1901, as amended by Constitutional Amendment 51, now appearing as Section 251 of the Official Recompilation of the Constitution of Alabama of 1901, as amended; Section 252 of the Constitution of Alabama of 1901, now appearing as Section 252 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to maximum rate of interest; Section 253 of the Constitution of Alabama of 1901, now appearing as Section 253 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to state and political subdivisions not to be stockholders in banks or lend credit thereto; and Section 254 of the Constitution of Alabama of 1901, now appearing as Section 254 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to examinations of banks by public officers and semiannual reports by banks.