Title 06 — Banks and Financial Institutions
16 chapters · 580 sections in this title.
AS 06.05.445 Net undivided profits and dividends.
0.8K chars
(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.
0.4K chars
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 [Repealed, § 54 ch 169 SLA 1978.]
0.0K chars
[Repealed or reserved.]
AS 06.05.460 Report upon inactive deposit accounts. [Repealed, § 14 ch 133 SLA 1986.]
0.0K chars
[Repealed or reserved.]
AS 06.05.462 Conversions, mergers, and consolidations.
1.1K chars
(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.]
0.1K chars
Article 6. Dissolution, Reorganization, Liquidation, and Department Possession.
AS 06.05.465 Voluntary liquidation; requirements for approval. [Repealed, § 102 ch 26 SLA 1993.]
0.0K chars
[Repealed or reserved.]
AS 06.05.466 Dissolution before commencement of business.
0.6K chars
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.
2.6K chars
(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.
3.1K chars
(a) [Repealed, § 102 ch 26 SLA 1993.]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.
2.0K chars
(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…
AS 06.05.472 Liquidation.
1.2K chars
(a) In liquidating a state bank, the department may exercise any power incidental to liquidating a bank, but it may not, without the approval of the superior court, (1) sell an asset of the bank having an appraised value in excess of $100,000; (2) compromise or release a claim th…
AS 06.05.473 Claims.
4.9K chars
(a) As soon as practical after beginning the liquidation of a state bank, the department shall (1) mail notice of the liquidation proceedings to the last known post office address of each depositor, creditor, lessee of a safe deposit box, or bailor of property; (2) post notice of…
AS 06.05.474 Federal Deposit Insurance Corporation as receiver or liquidator.
0.9K chars
The department may appoint the Federal Deposit Insurance Corporation as receiver for a state bank that the department has taken possession of, if the deposits of the bank are insured by that corporation. Upon filing with the court a certificate indicating the acceptance of the ap…
AS 06.05.475 Subrogation of rights of depositors. [Repealed, § 54 ch 169 SLA 1978.]
0.0K chars
[Repealed or reserved.]
AS 06.05.480 Secs. 06.05.480 — 06.05.510. Prohibited practices. [Repealed, § 102 ch 26 SLA 1993.]
0.0K chars
[Repealed or reserved.]
AS 06.05.515 Slander and libel of bank. [Repealed, § 21 ch 166 SLA 1978.]
0.0K chars
[Repealed or reserved.]
AS 06.05.520 Secs. 06.05.520 — 06.05.530. Penalty; injunction; effect on existing banks. [Repealed, § 102 ch 26 SLA 1993.]
0.0K chars
[Repealed or reserved.]
AS 06.05.532 [Renumbered as AS 06.05.548.]
0.0K chars
[Repealed or reserved.]
AS 06.05.535 [Renumbered as AS 06.05.910.]
0.0K chars
[Repealed or reserved.]
AS 06.05.537 [Renumbered as AS 06.05.900.]
0.0K chars
[Repealed or reserved.]
AS 06.05.540 [Renumbered as AS 06.05.990.]
0.0K chars
[Repealed or reserved.]
AS 06.05.545 [Renumbered as AS 06.05.995.]
0.2K chars
Article 7. International and Interstate Banks and Out-of-State Bank Holding Companies and Depository Institutions; Relationship with In-State Depository Institutions.
AS 06.05.548 Concentration of deposits.
0.8K chars
(a) Unless expressly otherwise allowed under this title, an acquisition, a merger, or an ownership transaction is not permitted between a depository institution in this state and a depository institution in another state, if upon consummation of the acquisition, merger, or transa…
AS 06.05.550 Authority of international bank, interstate state bank, or interstate national bank to branch.
1.3K chars
(a) An international bank, an interstate state bank, or an interstate national bank whose deposits are insured by the Federal Deposit Insurance Corporation may acquire a branch bank as the result of a merger or consolidation of the international bank, interstate state bank, or in…
AS 06.05.555 Certificate of authority for interstate state bank and international bank branching.
4.4K chars
(a) Before acquiring a branch bank under AS 06.05.550(a) or establishing a branch bank under AS 06.05.550(b), an interstate state bank or international bank shall file an application with the department for and receive a certificate of authority to operate a branch bank. The appl…
AS 06.05.557 Notice filing for interstate national banks.
0.4K chars
An interstate national bank acquiring a branch in this state under AS 06.05.550 shall file a notice of the acquisition with the department along with a copy of the application filed with the agency that primarily regulates the interstate national bank. The notice and copy of the …
AS 06.05.560 Asset requirements for international banks.
1.2K chars
(a) An international bank that operates one or more branch banks in the state shall maintain in the state assets in an amount acceptable to the department, except that the amount may not be less than the amount of deposits payable at or through the branch banks. (b) The departmen…
AS 06.05.565 Applicability of title to interstate state banks, interstate national banks, international banks, and bank holding companies.
3.7K chars
(a) An interstate state bank or international bank operating a branch bank in the state is subject to the provisions of this title and the regulations adopted and orders issued under this title, except for the residency requirements in AS 06.05.435(a). (b) In meeting the reserve …
AS 06.05.570 Out-of-state bank holding companies.
4.1K chars
Article 8. General Provisions. (a) An out-of-state bank holding company may acquire and own all or a portion of the voting securities or other capital stock of, or all or substantially all of the assets of, one or more state banks, domestic bank holding companies, or national ban…
AS 06.05.900 Copies of records for child support purposes.
0.7K chars
If a copy of a record concerning an individual who owes or is owed child support, including a record concerning assets and liabilities of the individual, prepared or maintained by a bank of this state is requested by the child support services agency established in AS 25.27.010 o…
AS 06.05.910 Construction with subsequent legislation.
0.2K chars
No part of this chapter shall be considered to be impliedly repealed by subsequent legislation not specifically repealing it if that construction can be avoided.
AS 06.05.990 Definitions.
10.3K chars
In this chapter, unless the context otherwise requires, (1) “automated teller machine,” means a staffed or unstaffed electronic device or terminal that permits a bank customer to accomplish various financial transactions, including depositing or withdrawing funds, making loans, a…
AS 06.05.995 Short title.
0.1K chars
This chapter may be cited as the Alaska Banking Code.
AS 06.10.010 Secs. 06.10.010 — 06.10.030. Exemption of foreign banks from laws and taxation, Authorized activities, Filing statement.
0.0K chars
[Repealed or reserved.]
AS 06.10.035 [Renumbered as AS 06.05.367.]
0.0K chars
[Repealed or reserved.]
AS 06.10.040 Secs. 06.10.040 , 06.10.050. Definitions, Short title.
0.0K chars
[Repealed or reserved.]
AS 06.15.010 Declaration of policy.
0.8K chars
In providing authority for the establishment of mutual savings banks it is the intent of the legislature to make available the benefits of mutual savings banking, thereby encouraging the practice of thrift and promoting the accumulation of funds for investment to develop the econ…
AS 06.15.020 Chartering of mutual banks.
0.2K chars
Upon written application by five signatories from among not less than 21 individuals acting in the capacity of qualified corporators named in the application, the department may issue a charter for a mutual bank.
AS 06.15.030 Issuance of charter.
0.3K chars
A charter shall be issued if the department finds that a mutual bank will serve a useful purpose in the community in which it is proposed to be established, that there is reasonable expectation of its financial success, and that its operation will not unduly injure existing banki…
AS 06.15.040 Qualification of corporators.
0.5K chars
(a) Each corporator shall be an individual, not of unsound mind or capacity, whom the department finds to be of financial responsibility and good character. Without in any way limiting, by enactment of this section, the general regulatory power granted the department by this or a…
AS 06.15.050 Corporators.
1.2K chars
At their organizational meeting, the corporators shall adopt rules governing their activities as corporators, and may amend the rules from time to time. The rules shall establish the number of corporators and shall prescribe that any number of corporators not less than one-quarte…
AS 06.15.060 Trustees.
0.3K chars
The corporators shall elect a board of trustees from among their number, consisting of not less than seven nor more than 25, or one-half of all the corporators minus one, whichever is less. A majority of the trustees shall be residents of this state.
AS 06.15.070 Terms of trustees.
0.4K chars
The corporators shall, by a majority vote of those present at their organizational meeting, elect a board of trustees in the following manner: one-third for a term of one year; one-third for a term of two years; and one-third for a term of three years. Thereafter trustees shall b…
AS 06.15.080 Management and control of mutual bank; bylaws.
0.2K chars
The management and control of the affairs of a mutual bank are vested in the board of trustees. The board of trustees may adopt, amend, and repeal bylaws governing the affairs of the mutual bank.
AS 06.15.090 Failure to attend meetings.
0.2K chars
The office of a trustee becomes vacant if the trustee fails to attend regular meetings of the trustees for a period of six months, unless excused during that period by a resolution adopted by the trustees.
AS 06.15.100 Prohibited conduct of trustees.
0.6K chars
A trustee may not (1) receive remuneration as trustee except reasonable fees for attendance at meetings of trustees or for services as a member of a committee of trustees; (2) use the position as trustee, or knowingly allow it to be used, to obtain preferential terms in dealings …
AS 06.15.105 Trustee borrowing.
0.1K chars
A person may borrow money from the mutual bank for which the person is trustee to the same extent that a director may borrow money under AS 06.05.210.
AS 06.15.110 Trustee as officer or attorney.
0.2K chars
Nothing contained in AS 06.15.100 prohibits or limits any right of a trustee who is also an officer or attorney of the mutual bank from receiving compensation for services as an officer or attorney.
AS 06.15.120 Exceptions.
0.3K chars
Upon application by a mutual bank, an exception may be granted to any prohibition contained in AS 06.15.100 following a determination by the department that the exception sought is equitable, is supported by evidence, and is in the best interests of the depositors of the mutual b…