Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 04 - Trust Companies
Article 6 - Organic Change
3 AAC 04.510 - General provisions for conversions
Universal Citation: 3 AK Admin Code 04.510
Current through February 24, 2025
(a) A proposed conversion of a national bank whose main office is located in the state or a state bank whose main office is located in the state to a trust company must be accomplished under a conversion plan filed with and approved by the department.
(b) The board of directors of the converting national bank or state 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 trust
company into which the bank proposes to convert;
(3) the terms and conditions of the proposed
conversion;
(4) the manner and
basis of converting the shares of the national bank or state bank into shares,
other securities, cash, other property, or obligations, in whole or in part, of
the proposed trust company;
(5) a
statement of any amendments to the institution's articles of incorporation
caused by the conversion; and
(6)
any additional information requested by the department, and that the department
considers necessary to make an informed decision on the proposed
conversion.
Authority:AS 06.26.090
AS 06.26.650
AS 06.26.900
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