Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 04 - Trust Companies
Article 2 - Name, Powers, Organization, and Capitalization
3 AAC 04.120 - Application for a certificate of authority
Universal Citation: 3 AK Admin Code 04.120
Current through February 24, 2025
(a) An application for a certificate of authority to act as a trust company may be filed with the application for incorporation required under AS 10 or afterwards. An applicant must submit
(1) the proposed name and location
of the trust company;
(2) a
statement whether the applicant will operate on owned or leased
property;
(3) a statement whether
the applicant plans to finance any improvements to the property, and if the
property is leased, whether the proposed lessor will be a customer of the
applicant;
(4) a statement of the
amount of fire and liability insurance coverage to be carried for the
applicant's premises and equipment, identification of the person who will pay
the premium for the insurance coverage, and, if the applicant will pay the
premium, the
(A) amount of payment;
and
(B) annual premium for the
coverage at the time of the application;
(5) a statement of the total investment in
the applicant's premises and equipment to be reflected on the books of the
applicant, including
(A) the applicant's
investment in land, buildings, leasehold improvements, furniture, fixtures and
equipment, and other assets indirectly representing trust company premises;
and
(B) any proposed amount and
method of depreciation;
(6) a statement of the amount and type of the
applicant's fidelity bond and any excess coverage bond to be in force at the
time of opening of the proposed trust company;
(7) an organization chart of the applicant
showing the line of authority to be used by the applicant in providing its
services;
(8) copies, certified by
the applicant's chief executive officer, of
(A) the certification that the capital and
surplus required by the department have been paid in full;
(B) a list of all shareholders, giving the
name, address, and number of shares held or to be held by each;
(C) resumes of each
(i) director;
(ii) executive officer;
(iii) trust officer; and
(iv) shareholder or subscriber who will own
or hold with the power to vote 10 percent or more of the voting securities or
other capital stock;
(D)
a statement of each market to be served, and the type and nature of services to
be offered;
(E) an economic
analysis to support the need for and feasibility of the proposed trust
company;
(F) a pro forma statement
of operations and results for the first 12 months of operations;
(G) a three-year projection of the
applicant's capital accounts;
(H) a
statement of all internal controls for the protection of trust assets for which
the applicant will act as a fiduciary;
(I) the location of the home office, the name
of the executive in charge of the home office, the location of each proposed
branch office, and the name of the executive in charge of each proposed branch
office;
(J) bylaws of the
corporation; and
(K) evidence
satisfactory to the department that the applicant has complied with each
requirement and condition imposed by the department and has advised the
department in writing of any change that has occurred in the facts reflected in
material filed under AS 06.26;
(9) a statement of the total proposed
investment in each proposed trust company subsidiary; and
(10) additional information requested by the
department to ascertain compliance with AS 06.26 and this chapter.
(b) An applicant for a certificate of authority under AS 06.05 or AS 06.26 may apply to the department to have designated portions of the applications treated as confidential and not subject to public disclosure to protect business trade secrets or information the disclosure of which would adversely and materially affect the applicant's ability to compete in its intended markets.
Authority:AS 06.01.025
AS 06.26.090
AS 06.26.620
AS 06.26.900
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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