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AL SB28
Bill
AI Summary
SB28 Summary
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Proposes a constitutional amendment to amend Section 247 of the Alabama Constitution to prohibit establishment of banks except under general banking law and consolidate banking provisions into four subsections.
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Adds provisions to Section 247 regarding unlimited corporate duration for banks, prohibition on state and political subdivisions being stockholders or lending credit to banks, and bank examination requirements by public officers with semiannual reporting.
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Repeals Sections 248, 249, 251, 252, 253, and 254 of Article XIII of the Alabama Constitution relating to banking laws, specie basis, currency redemption, business termination, interest rates, and bank examinations.
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Requires approval by majority of qualified electors voting on the amendment in accordance with Sections 284, 285, and 287 of the Alabama Constitution.
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Directs election officials to place the amendment on ballots with specific ballot language describing the changes to banking provisions in the Constitution.
Legislative Description
Banks and banking, Section 247 (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requirements; Sections 248, 249, 251, 252, 253, 254 (Recompiled Constitution of Alabama of 1901, as amended), repealed, const.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
Pending third reading on day 28 Favorable from Financial Services
5/31/2011