SB 77

Under existing law, the salary of the Director of the Securities Commission is set by the commission in the salary range payable to attorneys in the Merit System Classification of Attorney IV, as determined and set by the Alabama Securities Commission

This bill would provide that the salary of the Director of the Securities Commission would be fixed by the Securities Commission with the approval of the State Personnel Board

Relating to the Securities Commission; to amend Section 8-6-56, Code of Alabama 1975, to provide that the salary of the director of the commission would be fixed by the commission with the approval of the State Personnel Board.

Section 1

Section 8-6-56 of the Code of Alabama 1975, is amended to read as follows:

§8-6-56.

(a) The Director of the Securities Commission shall be a person of good moral character, at least 30 years of age, a resident of Alabama, a member of the Alabama bar and thoroughly familiar with corporate organization, investment banking, investment trusts, the sale of securities, and the statistical details of the manufacturing industries and commerce of this state. The Securities Commission may also require additional qualifications.

(b) The director, while serving as such, shall not directly or indirectly be financially interested in or associated with any commercial bank, savings bank, trust company, industrial loan or investment company, credit union, building and loan association, or any other person subject to the jurisdiction of the commission or the director thereof.

(c) The salary of the director shall be fixed by the commission in the salary range payable to attorneys in the Merit System classification of Attorney IV, as determined and set by the commission with the approval of the State Personnel Board."

Section 2

This act shall become effective on the first day of the third month following its passage and approval by the Governor, or its otherwise becoming law.