AL SB169

Amends Section 8-6-56, Code of Alabama 1975, to require State Personnel Board approval when the Securities Commission fixes the Director's salary.

Director salary must remain within the Merit System classification range for Attorney IV positions.

Director must be a member of the Alabama bar, at least 30 years old, a resident of Alabama, and have expertise in corporate organization, investment banking, and securities sales.

Director is prohibited from having direct or indirect financial interests in commercial banks, savings banks, trust companies, credit unions, or other entities under the commission's jurisdiction.

Effective date is the first day of the third month following passage and gubernatorial approval.