Title 06, Banks and Financial Institutions

(a) A trust company may perform any act as a fiduciary that a state financial institution, or a national bank exclusively exercising trust powers, may perform, including (1) acting as trustee under a written agreement; (2) receiving money and other property as trustee for investm…

One or more persons may organize a trust company.

(a) A trust company shall be incorporated under AS 10.06. (b) In addition to the items required under AS 10.06.208 to be included in articles of incorporation, the articles of incorporation of a trust company must specify (1) the judicial district where the trust company will be …

(a) A trust company may amend its articles of incorporation or bylaws in a manner consistent with its articles, its bylaws, AS 10.06, and this chapter by a vote of its shareholders representing at least a majority of the capital at a regular meeting or at a special meeting called…

A person may not act as a trust company until a certificate of authority is received from the department.

(a) An application for a certificate of authority shall be made in the form required by the department and must be supported by the information, data, records, and opinions of counsel required by the department. The application must be accompanied by all fees and deposits require…

(a) The department shall notify the organizers of a proposed trust company when the application under AS 06.26.090 is complete and accepted for filing and all required fees and deposits have been paid. Promptly after notification, the organizers shall publish in a form specified …

(a) The department may not deliver a certificate of authority to a person to act as a trust company until the person has (1) received cash or marketable securities in at least the full amount of the capital required under AS 06.26.120 from subscriptions for the issuance of shares…

(a) A trust company may not act as a fiduciary unless the trust company has paid-in capital in an amount acceptable to the department, but not less than $400,000, and paid-in surplus equal to 20 percent of paid-in capital. The trust company shall hold its unimpaired capital as se…

(a) A trust company may, with the written consent of the department, and if authorized by its articles of incorporation or approved by persons owning two-thirds of the stock of the trust company entitled to vote, issue convertible or nonconvertible capital notes or debentures. Th…

Shareholders may not use cumulative voting in the election of directors unless cumulative voting is allowed by the trust company's articles of incorporation.

(a) A trust company shall continuously maintain in this state a home office where the trust company operates and keeps its records. At least one executive officer shall maintain an office at the home office. (b) Each executive officer at the home office is an agent of the trust c…

(a) A trust company may establish branch offices anywhere in the state by (1) filing a written notice with the department setting out the name of the trust company, the street address of the proposed branch office, and a description of the activities proposed to be conducted at t…

(a) A trust company may establish or acquire representative trust offices anywhere in this state. To establish or acquire a representative office, a trust company shall (1) file a written notice with the department that sets out the name of the trust company and the location of t…

(a) With the prior written approval of the department, a trust company may establish a branch office or a representative office outside this state. To establish a branch office or representative office outside this state, a trust company shall (1) submit an application to the dep…

(a) A trust company and an interstate state trust company or an international trust company maintaining a trust office under AS 06.26.810 — 06.26.895 may close on the legal holidays described in AS 44.12.010 — 44.12.025. A notice of holiday closings shall be made available to the…

(a) Unless the department expressly in writing exempts the person under this section from all or some of the provisions of this chapter, a private trust company shall comply with the provisions of this chapter applicable to a trust company. (b) A person may apply in writing for a…

(a) To obtain an exemption under AS 06.26.200, a person shall file an application with the department containing (1) a nonrefundable application fee established by the department by regulation; (2) information that demonstrates that the person qualifies under AS 06.26.200(c); (3)…

Control of an exempt private trust company may not be sold or otherwise transferred with an exemption under AS 06.26.200. In any change of control, the exempt status of the private trust company automatically terminates on the effective date of the transfer, and the person acquir…

(a) The department may revoke an exemption under AS 06.26.200 if the exempt private trust company (1) makes a false statement under oath on any document required to be filed by this chapter; (2) fails to submit to an examination as required by AS 06.26.200; (3) withholds requeste…

(a) A private trust company may not offer fiduciary services to the general public as a trust company until the private trust company satisfies the requirements of this section. (b) The private trust company shall file a notice with the department on a form prescribed by the depa…

The provisions of AS 06.26.200 — 06.26.240 may not be interpreted to prevent a trust company from providing fiduciary services as a private trust company.

The department may adopt regulations to establish limits, requirements, or exemptions for particular classes or categories of investment, or limit or expand investment authority for trust companies for particular classes or categories of securities or other property.

(a) A trust company may not pledge or create a lien on any of the assets belonging to the trust company except to secure (1) the repayment of money borrowed; (2) trust deposits as specifically authorized or required by AS 06.26.370 or by regulations adopted under this chapter; or…

(a) A trust company may deposit trust money or other trust assets with itself as an investment if the settlor or the beneficiary authorizes the deposit and if (1) the trust company maintains as security for the deposits a separate fund of securities that may be used for trust inv…

Subject to regulations adopted by the department, a trust company may invest trust assets in common investment funds.

(a) A trust company shall deal at arm's length with a person when arranging the compensation to be paid by the person for the services of the trust company. Any compensation paid to the trust company must be a reasonable amount with respect to the services rendered. (b) When inve…

Before accepting appointment as a trustee, a trust company shall disclose any conflict of interest that may reasonably be expected to arise in the relationship.

A trust company, its representatives, and its appointees shall observe the requirements applicable to trustees under AS 13.36.225 — 13.36.290 (Alaska Uniform Prudent Investor Act).

(a) Except as expressly otherwise permitted under this chapter, a person may not, without the prior written approval of the department, directly or indirectly acquire control of a trust company through a change in a legal or beneficial interest in voting securities of a trust com…

(a) A proposed transferee seeking approval under AS 06.26.450 to acquire control of a trust company shall file with the department (1) an application in the form prescribed by the department; (2) the filing fee established by the department by regulation; and (3) all information …

(a) The department shall approve or deny an application for acquisition of control not later than the 60th day after the date that the notice regarding acquisition of control is published under AS 06.26.460. (b) If the department approves an application filed under AS 06.26.460, …

AS 06.26.450 — 06.26.480 may not be construed to prevent the department from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a trust company if the department considers the transfer to …

(a) Voting securities of a trust company held by the trust company as trust assets under a will or trust, whether registered in the trust company's own name or in the name of its nominee, may not be voted in the election of directors or on a matter affecting the compensation of d…

(a) The board of directors of a trust company shall consist of at least five but not more than 25 directors, and the majority of the directors must be residents of this state. The principal executive officer of the trust company is a member of the board and the board's presiding …

(a) The board of directors of a trust company shall meet at least once every three months. The department or a director may call a special meeting of the board. A majority of the board constitutes a quorum. The board shall keep minutes of each board meeting, including a record of…

(a) The board shall annually appoint the officers of the trust company. The officers serve at the pleasure of the board. (b) The president of the trust company is the principal executive officer primarily responsible for the execution of board policies and operation of the trust …

Unless expressly authorized by a resolution of the board recorded in the minutes of the board, an officer or employee may not create or dispose of a trust company asset or create or incur a liability on behalf of the trust company.

(a) The board may appoint a trust committee to act for the company in matters dealing with the initial and annual reviews of accounts, account acceptance, and investment strategies. A trust committee shall consist solely of directors, officers, or employees of the trust company, …

(a) A director, an officer, an employee, or a shareholder of a trust company may not (1) conceal information or a fact, or remove, destroy, or conceal a book or record of the trust company, for the purpose of concealing information or a fact from the department or an agent of the…

(a) Without the prior approval of a disinterested majority of the board recorded in the minutes, or, if a disinterested majority cannot be obtained, the prior written approval of the department, a trust company may not directly or indirectly (1) sell or lease an asset of the trus…

(a) Except as provided in this chapter, or as authorized under the instrument creating the relationship, a trust company may not invest trust assets in the stock or obligations of, or use trust assets to acquire property from, the trust company or any of the trust company's offic…

A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security that is a trust asset to facilitate compliance with federal and state securities laws. These policies and procedures must include the prohibition in A…

The board of a trust company is responsible for the proper exercise of fiduciary powers by the trust company and for each matter that is related to the exercise of fiduciary powers, including (1) the determination of policies; (2) the investment and disposition of trust assets; a…

A trust company shall keep its trust assets records separate and distinct from other records of the trust company in the manner required by state and federal law. The trust assets records must contain all material information relating to each trust assets account, as appropriate …

(a) The trust company records relating to customers are confidential and may not be made public unless (1) disclosure is compelled by a court or administrative order; (2) disclosure is required by federal or state law; (3) disclosure is authorized in writing by the customer; (4) …