Alabama Code 5-11A-2. Written approval of superintendent to conduct trust business
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Terms Used In Alabama Code 5-11A-2
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
No bank shall have the right to operate or conduct a trust department or become a trustee or a fiduciary without having received the prior written approval of the superintendent and otherwise complied with Section 5-11A-1, even though the certificate of incorporation of the bank might contain language covering such authority.