Ala. Admin. Code r. 80-8-3-.04
Current through Register Vol. 43, No. 1, October 31, 2024
When a person required to be bonded under Code of Ala. 1975, § 2-10-23, has the bond cancelled, or in any other manner is not covered under the bond, the association shall then immediately, as provided by law, remove such person from any position with the association that is in control of, or handling the money or property of, the association. Failure of the association to take these steps will be considered grounds for revocation of its permit.
Author: Charles H. Barnes
Ala. Admin. Code r. 80-8-3-.04
Statutory Authority:Code of Ala. 1975, §§ 2-3-4, 2-10-23.