AL SB77

Amends Section 8-6-56 of the Code of Alabama 1975 regarding the Director of the Securities Commission's salary.

Changes salary-setting authority so that the Securities Commission fixes the director's salary with the approval of the State Personnel Board, rather than unilaterally by the commission alone.

Director's salary remains within the Merit System classification range payable to attorneys classified as Attorney IV.

Retains existing requirements that the director be of good moral character, at least 30 years old, an Alabama resident, Alabama bar member, and knowledgeable about corporate organization, investment banking, and securities sales.

Becomes effective on the first day of the third month following passage and governor approval.