Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 02 - Banking
Article 4 - Liquidation, Dissolution, and Reorganization
3 AAC 02.320 - Consolidation
Universal Citation: 3 AK Admin Code 02.320
Current through February 24, 2025
(a) A proposed bank consolidation of an international, national, or state bank with an Alaska state bank must be accomplished under a consolidation plan filed with and approved by the department.
(b) Each bank shall approve a consolidation plan that sets out
(1) the names of the banks proposing to
consolidate and the name of the bank into which they propose to consolidate,
referred to in this chapter as the new bank;
(2) the terms and conditions of the proposed
consolidation;
(3) the manner and
basis of converting the shares of each bank into shares, other securities, or
obligations of the new bank or of any other bank or corporation, in whole or in
part, into cash or other property;
(4) if the new bank will be an Alaska state
bank, all of the statements with respect to the new bank required to be set out
in articles of incorporation for banks under
AS
06.05.345; and
(5) other information and reports required by
the department.
(c) Repealed 1/10/94.
Authority:AS 06.05.005(a)
AS 06.05.345
AS 06.05.462
AS 06.05.555
Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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