Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 06 - Mutual Savings Banks
Article 4 - Reorganization, Liquidation and Dissolution
3 AAC 06.310 - Association's conversion to a bank
Universal Citation: 3 AK Admin Code 06.310
Current through February 24, 2025
(a) Any conversion of an association to a bank under AS 06.15.300 must be accomplished under a conversion plan filed with, as a part of an application for conversion, and approved by the department.
(b) The board of directors of the converting association must by resolution adopt a conversion plan which sets forth
(1) the name
of the association proposing to convert and the name of the resulting bank
after conversion;
(2) the terms and
conditions of the proposed conversion;
(3) a statement of any amendments to the
articles of incorporation of the converting association to become effective at
the time of conversion, including required articles of incorporation for banks
organized under AS 06.15; and
(4)
other provisions as required by the department.
(c) The chairperson shall submit to the division a copy of the resolution immediately after the resolution is adopted under (b) of this section.
Authority:AS 06.15.010
AS 06.15.050
AS 06.15.300
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