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 04.560 - Sale of assets
Universal Citation: 3 AK Admin Code 04.560
Current through February 24, 2025
(a) The board of a trust company that sells all or substantially all of the trust company's assets, with or without shareholder approval, must
(1) document that
sale with a contract that specifies
(A) the
items sold and liabilities assumed;
(B) the monetary consideration; and
(C) all other terms and conditions of the
transaction; and
(2)
require notice of the sale to all customers of the selling trust
company.
(b) A trust company must file with the department a letter of application to sell all or substantially all of its assets and must include
(1) a summary of the transaction;
(2) a copy of the contract to sell the
assets; and
(3) copies of all other
required regulatory notices or filings submitted to other state or federal
regulatory agencies concerning the transaction.
Authority:AS 06.26.720
AS 06.26.900
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