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 02.325 - Conversion
Universal Citation: 3 AK Admin Code 02.325
Current through February 24, 2025
(a) A proposed conversion of a national bank to an Alaska state bank must be accomplished under a conversion plan filed with and approved by the department.
(b) The board of directors of the converting national bank shall, by resolution adopted by the board, approve a conversion plan that sets out
(1) the name of the bank proposing to
convert;
(2) the name of the bank
into which it proposes to convert, referred to in this chapter as the converted
bank;
(3) the terms and conditions
of the proposed conversion;
(4) the
manner and basis of converting the shares of the national bank into shares,
other securities, cash, other property, or obligations, in whole or in part, of
the converted bank or of any other bank or corporation;
(5) a statement of any amendments to the
articles of incorporation of the converted bank caused by the conversion;
and
(6) other information and
reports required by the department.
(c) Repealed 1/10/94.
Authority:AS 06.05.005(a)
AS 06.05.075
AS 06.05.462
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