Notwithstanding any other provision of the laws and regulations of this state, the citizenship and residency requirements otherwise applicable to members of the board of directors of any Alabama bank may, in the case of an Alabama bank which is a subsidiary or affiliate of a foreign bank, be waived by the superintendent in his or her discretion upon application by the controlling shareholder of the Alabama bank; provided that at least a majority of the directors shall be citizens of the United States and at least 25 percent of the directors shall be residents of this state.
Ala. Code § 5-13B-62
Citizenship and Residency Requirements for Directors of State Banks.
Known as the Alabama Interstate and International Banking Act
The act spans §§ 5-13B-1 to 5-13B-99 (65 sections).
(Acts 1995, No. 95-115, p. 134, §27.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.