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AL HB435
Bill
Status
1/26/2010
Primary Sponsor
Gregory Canfield
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AI Summary
HB435 Summary
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Proposes a constitutional amendment to reorganize Article XIII of the Alabama Constitution relating to banks and banking by consolidating multiple sections into an amended Section 247.
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Adds prohibition requiring that no bank shall be established except under a general banking law.
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Consolidates provisions into Section 247 establishing unlimited duration for bank corporations, prohibiting state and political subdivisions from being bank stockholders or lending credit to banks, and requiring legislative oversight through bank examinations and semiannual reporting.
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Repeals Sections 248, 249, 251, 252, 253, and 254 of Article XIII, which addressed obsolete banking requirements including specie basis, gold/silver redemption, interest rate caps, and business termination provisions.
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Amendment becomes effective upon approval by majority of qualified electors voting in accordance with constitutional election procedures.
Legislative Description
Banks and banking, Section 247, (Recompiled Constitution of Alabama of 1901, as amended), am'd. to prohibit establishment of a bank except by general banking law, to provide for unlimited duration, to prohibit political subdivisions from owning stock or lending credit, and to provide for examination requirements; Sections 248, 249, 251, 252, 253, 254 (Recompiled Constitution of Alabama of 1901, as amended), repealed, const. amend.
Constitutional Amendments
Last Action
Indefinitely Postponed
4/14/2010