Alabama Constitution Section 254 Examination of banks by public officers semiannual reports by banks
Alabama Constitution – Section 254: Examination of Banks by Public Officers; Semiannual Reports by Banks
Text of Section 254:
"The legislature shall provide by law for the examination, by some public officer, of all banks and banking institutions; and for a report by such banks and banking institutions at least twice each year."
Plain-English Summary:
Section 254 requires the Alabama Legislature to ensure that banks in the state are properly regulated and monitored.
✅ Key Requirements:
Bank Examinations by Public Officers:
The Legislature must assign a public official (such as a state banking examiner or regulator) to inspect and examine all banks and financial institutions.
Semiannual Bank Reports:
Banks are required to submit reports at least twice a year to the state.
These reports help track the financial health and activities of the banks.
🏦 Purpose:
To protect depositors and maintain public confidence in the banking system.
To ensure transparency and accountability in the operations of banks.
To detect financial issues early through regular oversight.
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