HB358 Alabama 2012 Session

Summary

Primary Sponsor

Paul DeMarco

Republican

Session

Regular Session 2012

Title

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requirements; Sections 248, 249, 251, 252, 253, 254 (Recompiled Constitution of Alabama of 1901, as amended), repealed upon certain contingency, const. amend.

Description

Under the Constitution of Alabama of 1901, Article XIII relates to banks and banking. This bill would propose an amendment to the Constitution which would rewrite one section of Article XIII as generally described herein and would repeal certain other sections.

This bill, effective January 1, 2014, would subdivide Section 247 of the Constitution of Alabama of 1901, now appearing as Section 247 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, into four subsections and amend the section by adding language prohibiting any bank from being established except by a general banking law as well as inserting language formerly in Section 251, Section 253, and Section 254 of the Constitution of Alabama of 1901, now appearing as Sections 251, 253, and 254 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, regarding unlimited duration, political subdivisions may not be stockholders or lend credit, and bank examination requirements.

This bill would repeal the following Sections of Article XIII of the Constitution of Alabama of 1901; Section 248 of the Constitution of Alabama of 1901, now appearing as Section 248 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to banking laws being general, specie basis, and the authority to issue bills to circulate as money; Section 249 of the Constitution of Alabama of 1901, now appearing as Section 249 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to bills or notes issued as money redeemable in gold or silver and specifying laws may not sanction suspension of the specie payments; Section 251, as amended by Amendment 51 of the Constitution of Alabama of 1901, now appearing as Section 251 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to termination of business; Section 252 of the Constitution of Alabama of 1901, now appearing as Section 252 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to maximum rate of interest; Section 253 of the Constitution of Alabama of 1901, now appearing as Section 253 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to state and political subdivisions not to be stockholders in banks or lend credit thereto; and Section 254 of the Constitution of Alabama of 1901, now appearing as Section 254 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, relating to examinations of banks by public officers and semiannual reports by banks; Amendment 154 of the Constitution of Alabama of 1901, now appearing as Section 255.01 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, would be repealed on the contingency that a new Article XII is adopted as a part of the Alabama Constitution which repeals existing Section 232 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, and that Sections 10A-2-15.01 and 10A-2-15.02, Code of Alabama 1975, are repealed.

Section 255, relating to the applicability of the article, would not be changed.

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Subjects

Constitutional Amendments