(a) A credit union
must apply to the department for a certificate of authority to operate a branch
office, including a mobile facility branch, or to change the location of the
principal office or a branch office.
(b) The department may require the following
before it approves an application to operate a branch, including a mobile
facility branch, or change the location of an office:
(1) payment of $1,000 made payable to the
State of Alaska, in a format determined by the department, in partial
prepayment of the investigation expenses incurred by the department under
AS
06.01.010;
(2) a statement of whether the proposed
office will be owned or leased property, and, if leased, a fully executed copy
of all lease documents which must contain a bankruptcy clause;
(3) a statement of whether the credit union
plans to finance any improvements to the property, and, if it intends to lease,
whether the proposed lessor is or will be a borrowing member of the credit
union;
(4) a statement of the
amount of fire and liability insurance coverage that will be carried for the
proposed office location and equipment, who will pay the premium, and, if paid
by the credit union, the amount of payment, and the annual premium for the
coverage;
(5) the total investment
in credit union premises and equipment that will be reflected on the books of
the credit union for the proposed office;
(6) the itemized book value of the credit
union's present investment in land, buildings, leasehold improvements,
furniture, fixtures and equipment, investment in stock of a building
corporation, and investment in other assets and any depreciation reflected on
the books;
(7) a balance sheet and
statement of income and expenses for the credit union as of the last day of the
month immediately before the month in which the application is made;
(8) the amount and type of the credit union's
fidelity bond in force and any excess coverage;
(9) a list of services that will be offered
by the proposed office;
(10) the
name and resume of the proposed branch manager or, if none, a resume of the
individual who will be directly responsible for the management of the proposed
office;
(11) a brief economic
analysis which supports the need for and feasibility of the proposed office;
and
(12) other materials as
requested by the department.
(c) A credit union may not conduct business
through a branch office, including a mobile facility branch, without a
certificate of authority issued by the department which must be prominently and
publicly displayed in that branch.
