Section 5-2A-100 Created; appointment of supervisor and other employees; supervisor's oath and bond; investigations; records, reports, etc., open to public.
Section 5-2A-100
Created; appointment of supervisor and other employees; supervisor's oath and bond; investigations; records, reports, etc., open to public.
(a) To administer, supervise and enforce the laws pertaining to credit unions in this state and in particular this article and Chapter 17 of this title, there is hereby created in the State Banking Department the Bureau of Credit Unions.
(b) The Superintendent of Banks shall, with the approval of the Governor and subject to the provisions of the merit system, appoint a Supervisor of the Bureau of Credit Unions, who shall, subject to the provisions of Section 5-2A-3, be the chief of the Bureau of Credit Unions, and such other employees of said bureau as may be necessary. The Supervisor of the Bureau of Credit Unions and all of its other employees shall be used exclusively in administering and enforcing the provisions of this article and Chapter 17 of this title. The Supervisor of the Bureau of Credit Unions shall take and file with the Secretary of State the official oath and shall give bond in the penal sum of $10,000.00 for the faithful performance of the duties of his office.
(c) The Supervisor of the Bureau of Credit Unions, for the purposes of administering, supervising and enforcing this article and Chapter 17 of this title and other laws pertaining to credit unions in this state, may investigate the loans and business of every credit union in Alabama.
(d) All records, reports and other data submitted by any credit union to the Bureau of Credit Unions and the reporting of all examinations and investigations and action taken shall be open to public inspection.
(Acts 1971, No. 2293, p. 3694, §1; Code 1975, §5-2-100.)