Title 06 — Banks and Financial Institutions
16 chapters · 580 sections in this title.
AS 06.05.272 Bank subsidiaries.
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(a) A state bank may purchase or establish, and operate, one or more subsidiaries engaged in any of the following activities, if the subsidiary has the necessary licenses and permits and the operation is not detrimental to the bank's business: (1) real property ownership, develop…
AS 06.05.275 Trade and bank acceptances.
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(a) [Repealed, § 102 ch 26 SLA 1993.] (b) A bank may discount, invest in, negotiate, and issue trade acceptances and bank acceptances if (1) the terms of the draft require presentation for payment within 180 days of issuance, exclusive of days of grace, and it is drawn to finance…
AS 06.05.277 Providing services as agent.
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(a) If a state bank complies with this section and if the department approves the provision of the services under this section, the state bank may agree to provide banking services as an agent for a depository institution. (b) A state bank that proposes to enter into an agency ag…
AS 06.05.280 Fees connected with obtaining mortgage loans.
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Article 4. Organization, Incorporation, Certification, Capital Structure, and General Powers, Limitations, and Requirements. (a) [Repealed, § 102 ch 26 SLA 1993.] (b) [Repealed, § 102 ch 26 SLA 1993.] (c) A director, officer, or employee of a bank may not receive a fee or other c…
AS 06.05.300 General corporate powers. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.301 Applicability of corporations code.
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(a) Except for national banks with a principal place of business in the state, and interstate state banks and international banks with a certificate of authority under AS 06.05.555, a corporation may not engage in the banking business unless the corporation is organized under AS …
AS 06.05.305 Capital structure.
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(a) A corporation may not commence and operate a banking business in the state in a community with a population of 35,000 or more unless the corporation has paid-in capital in an amount acceptable to the department, but not less than $2,000,000, and paid-in surplus equal to 20 pe…
AS 06.05.307 Capital notes or debentures.
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(a) A bank organized under the laws of this state may, with the approval of stockholders owning two-thirds of the stock of the bank entitled to vote or without this approval if authorized by its articles of incorporation, issue convertible or nonconvertible capital notes or deben…
AS 06.05.310 Correction of impairment of capital.
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If the department determines that the order is necessary for the protection of depositors, the department may issue an order under AS 06.01.030 to require a state bank to increase its capital accounts or to reduce its deposits. In making a decision whether to issue an order under…
AS 06.05.315 Double stockholder liability. [Repealed, § 54 ch 169 SLA 1978.]
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[Repealed or reserved.]
AS 06.05.320 Bank purchases of own shares.
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Except in accordance with written approval of the department, a bank may not purchase its own capital stock.
AS 06.05.325 Bank stock as personalty. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.327 Change in outstanding voting shares.
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Before a change may occur in the outstanding voting shares of a state bank that will result in a change in the control of the bank, or before any sales or transfers by or to a person, corporation or other legal entity of the aggregate of 10 percent or more of the voting shares of…
AS 06.05.330 Incorporators. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.335 Notice of intention to incorporate, establish branch bank or relocate. [Repealed, § 54 ch 169 SLA 1978.]
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[Repealed or reserved.]
AS 06.05.340 Certain remuneration prohibited.
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A bank may not pay directly or indirectly a fee, commission, or bonus of any kind for its promotion and organization or for securing a subscription to the original capital or to any increase in capital. However, this section does not prohibit the payment of reasonable compensatio…
AS 06.05.342 Subscriptions for shares.
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(a) Subscription agreements and accompanying prospectuses or offering circulars, whether for a proposed state bank or for an increase in capital of an existing state bank, shall be submitted to the department for approval before their use. The department shall determine whether t…
AS 06.05.344 Application for approval of state bank.
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(a) Before the department issues a certificate of incorporation under AS 10.06.910 for a state bank, the incorporators of a proposed state bank shall obtain the approval of the department. In applying for the approval, the incorporators shall file with the department (1) an appli…
AS 06.05.345 Articles of incorporation.
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(a) In addition to those items required under AS 10.06.208, the articles of incorporation of a state bank must specify (1) the judicial district in which the bank is to be located and the community where the bank is to conduct its principal place of business; (2) the amount of it…
AS 06.05.350 Certificate of authority.
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(a) At any time after receiving a certificate of incorporation, a bank may apply to the department for a certificate of authority to engage in the banking business. Before receiving a certificate of authority, a bank may not perform an act other than to perfect its organization, …
AS 06.05.355 Deposit insurance required.
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(a) The department shall require a state bank, at the time the bank applies for a certificate of authority under AS 06.05.350, to become a member of the Federal Deposit Insurance Corporation. (b) A bank that is a member of the Federal Deposit Insurance Corporation may not volunta…
AS 06.05.360 Foreign persons engaged in banking. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.365 Application for charter. [Repealed, § 54 ch 169 SLA 1978.]
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[Repealed or reserved.]
AS 06.05.367 Banks of foreign nationals engaging in a banking business in the state. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.370 Secs. 06.05.370 — 06.05.375. Charters; subscription calls. [Repealed, § 54 ch 169 SLA 1978.]
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[Repealed or reserved.]
AS 06.05.380 Affidavit of capital paid in. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.385 Organizational meeting; bylaws.
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(a) A state bank may not call an organizational meeting under AS 10.06.223 until all capital and surplus have been fully paid. (b) Bylaws shall be adopted and may be amended by a vote of the holders of a majority of the outstanding voting shares voted at a meeting of the sharehol…
AS 06.05.390 Secs. 06.05.390 , 06.05.395. Reimbursement of officer, director or employee for expenses in defending suits; certificate of authority required. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.399 Changes of location; branch banks.
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A state bank may apply for and establish a branch bank, request a change of the location of the bank's principal office, or request a change of the location of a branch bank as allowed under regulations adopted by the department under this chapter.
AS 06.05.400 Secs. 06.05.400 — 06.05.425. Certificate of authority. [Repealed, § 54 ch 169 SLA 1978. For current law, see AS 06.05.350, 06.05.399, and 06.05.466.]
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[Repealed or reserved.]
AS 06.05.426 Automated teller machines.
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Article 5. Conduct of Corporate Affairs. (a) A state bank may establish, maintain, and operate an automated teller machine on the premises of the main office or a branch office of the bank. (b) A state bank may establish, maintain, and operate an automated teller machine at a loc…
AS 06.05.430 Meetings of stockholders. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.435 Directors.
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(a) The affairs of every bank incorporated under this chapter shall be managed by not less than five directors, nor more than 25. A majority of the board of directors shall be bona fide residents of the state, and a majority constitutes a quorum for the transaction of business. (…
AS 06.05.437 Officers.
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(a) The officers of a bank shall be chosen by the board of directors. An officer may not be appointed to serve for a period longer than one year. If a president of a bank or other chief officer responsible for the management of the bank is not a director, the officer must be an e…
AS 06.05.438 Directors, meetings, and duties.
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(a) The board of directors of each bank shall hold a meeting at least once each calendar quarter of each calendar year. (b) The board of directors shall elect a secretary who shall keep a correct record of the minutes of each board meeting. The minutes shall state the date of eac…
AS 06.05.440 Authority to declare dividends.
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The directors of a bank transacting business in the state may declare a dividend out of the net profits, subject to any restrictions under AS 06.05.307(c) and after complying with AS 06.05.441 — 06.05.445.
AS 06.05.441 Conditions precedent to dividend declaration and payment.
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(a) Before a bank dividend is declared or the net profits for the period covered by the dividend disposed of, and after the restoration of any undivided profits or surplus under AS 06.05.442, not less than one-fifth of these net profits shall be carried to the bank surplus accoun…
AS 06.05.442 Excess losses; restoration of surplus; payment of dividends.
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A loss sustained by a bank in excess of its undivided profits and any capital contingency reserves shall be charged to its surplus account or, with the approval of the department, carried as negative undivided profits. The bank's undivided profits and surplus account shall therea…
AS 06.05.443 Limitation on dividends. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.445 Net undivided profits and dividends.
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(a) A bank may not declare or pay a dividend in an amount greater than its net undivided profits then on hand. (b) In determining net profits for the purpose of declaring a dividend, a bank may not include in its calculations (1) loan loss reserves and losses in excess of reserve…
AS 06.05.450 Shareholders list.
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Each bank shall keep a record of the name and residence of each shareholder of the bank, the class and number of shares held by each, the time when each person became a shareholder, and all transfers of stock, stating the time when made, the number of shares, and by whom transfer…
AS 06.05.455 Deposit insurance. [Repealed, § 54 ch 169 SLA 1978.]
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[Repealed or reserved.]
AS 06.05.460 Report upon inactive deposit accounts. [Repealed, § 14 ch 133 SLA 1986.]
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[Repealed or reserved.]
AS 06.05.462 Conversions, mergers, and consolidations.
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(a) A national bank located in the state may convert to a state bank or merge or consolidate with a state bank, and a state bank may merge or consolidate with another state bank, if the merger or consolidation is consistent with federal and state law and approved by the departmen…
AS 06.05.463 [Renumbered as AS 06.05.120.]
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Article 6. Dissolution, Reorganization, Liquidation, and Department Possession.
AS 06.05.465 Voluntary liquidation; requirements for approval. [Repealed, § 102 ch 26 SLA 1993.]
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[Repealed or reserved.]
AS 06.05.466 Dissolution before commencement of business.
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If the department discovers, after it approves the articles of incorporation for a bank but before it issues a certificate of authority to the bank, a reason why a bank should not have been incorporated, or if a certificate of authority is not issued within the later of one year …
AS 06.05.468 Department takeover.
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(a) A state bank may be closed and the department may take possession of the bank if the bank voluntarily places its affairs and assets under the department's control, or if the department finds (1) the bank has violated an order of the department; (2) the bank has violated a pro…
AS 06.05.470 Department in possession.
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(a) [Repealed, § 102 ch 26 SLA 1993.] (b) When the department has taken possession of a state bank, it is vested with the full and exclusive power of management and control, including the power to continue or discontinue the business, to stop or limit the payment of the bank's ob…
AS 06.05.471 Reorganization.
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(a) If the department decides to reorganize a state bank, the department, after according a hearing to all interested parties, shall enter an order proposing a reorganization plan. The department shall send a copy of the plan to each depositor and creditor who will not receive pa…