Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 04 - Trust Companies
Article 4 - Ownership
3 AAC 04.320 - Application for acquisition of control
Universal Citation: 3 AK Admin Code 04.320
Current through February 24, 2025
(a) An application for acquisition of control required by AS 06.26.460 must contain
(1) the identity, trust experience, and
business experience of each person by whom or on whose behalf acquisition is to
be made;
(2) the terms and
conditions of any proposed acquisition and the manner in which the acquisition
is to be made;
(3) the source and
amount of the money or other consideration used or to be used in making the
acquisition, and, if any part of that money or other consideration
(A) has been or is to be borrowed or
otherwise obtained for the purpose of making the acquisition, a description of
the transaction and the names of the parties; or
(B) will be the issuance of the trust company
capital stock, a list of the names of shareholders and number of shares held by
shareholders;
(4)
resumes of all
(A) new directors;
(B) new executive and trust officers;
and
(C) shareholders or subscribers
who own or hold with the power to vote, or will own or hold with the power to
vote, 10 percent or more of the voting securities or other capital stock;
and
(5) any additional
information that the department requires for the protection of trust
depositors, trust settlors, trust beneficiaries, shareholders, and the public
interest.
Authority:AS 06.26.460
AS 06.26.900
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