reglab/housing_qa huggingface dataset:
AK Stat § 06.26.510 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.510. Board of directors.

(a) The board of directors of a trust company shall consist of at least five but not more than 25 directors, and the majority of the directors must be residents of this state. The principal executive officer of the trust company is a member of the board and the board's presiding officer unless the board elects a different presiding officer. The presiding officer shall perform the duties designated by the board. (b) Unless the department consents in writing, a person may not serve as a director of a trust company if (1) the trust company incurs an unreimbursed loss attributable to a charged-off obligation of the person or holds a judgment against the person or against another person who was controlled by the person when the loan that gave rise to the judgment or charged-off obligation was funded and went into default; (2) the person has been convicted of a felony, or of another crime involving moral turpitude or breach of trust; or (3) the person, acting as a personal representative, made a loan of trust money or other assets, or a purchase or sale of trust assets, that is voidable under AS 13.16.400 and the person has not corrected the situation. (c) If a trust company does not elect directors before the 61st day after the date of its regular annual meeting, the department may appoint a person to operate the trust company and elect directors. If the appointed person is unable to locate or elect persons willing and able to serve as directors, the department may close the trust company for liquidation. (d) A vacancy on a board that reduces the number of directors to fewer than five shall be filled not later than the 30th day after the date that the vacancy occurs. If the vacancy on the board is not filled within 30 days after the date that the vacancy occurs, the department may appoint a person to operate the trust company and elect a board of at least five persons. If the appointed person is unable to locate or elect five persons willing and able to serve as directors, the department may close the trust company for liquidation. (e) Before beginning each term to which a person is elected to serve as a director of a trust company, the person shall submit an affidavit to be filed with the minutes of the trust company stating that the person, to the extent applicable, (1) accepts the position and is not disqualified from serving in the position; (2) will not violate or knowingly permit a director, an officer, or an employee of the trust company to violate any law applicable to the conduct of business of the trust company; and (3) will diligently perform the duties of the position.
AK Stat § 06.26.520 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.520. Board meetings and review of reports.

(a) The board of directors of a trust company shall meet at least once every three months. The department or a director may call a special meeting of the board. A majority of the board constitutes a quorum. The board shall keep minutes of each board meeting, including a record of attendance and a record of all votes. (b) At least once every three months, the board of directors of a trust company shall review written reports prepared by the president, other officers of the trust company, or a trust committee appointed under AS 06.26.550. The reports must include the accounts that have been opened or closed during the calendar quarter before the meeting and the trust accounts subject to annual review during the calendar quarter before the meeting.
AK Stat § 06.26.530 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.530. Officers.

(a) The board shall annually appoint the officers of the trust company. The officers serve at the pleasure of the board. (b) The president of the trust company is the principal executive officer primarily responsible for the execution of board policies and operation of the trust company. The trust company shall have an officer responsible for the maintenance and storage of all records of the trust company and for required attestation of signatures. These positions may not be held by the same person. The board may appoint other officers of the trust company as the board considers necessary.
AK Stat § 06.26.540 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.540. Prohibition of certain action by officer or employee.

Unless expressly authorized by a resolution of the board recorded in the minutes of the board, an officer or employee may not create or dispose of a trust company asset or create or incur a liability on behalf of the trust company.
AK Stat § 06.26.550 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.550. Trust committee.

(a) The board may appoint a trust committee to act for the company in matters dealing with the initial and annual reviews of accounts, account acceptance, and investment strategies. A trust committee shall consist solely of directors, officers, or employees of the trust company, or any combination of these positions. The trust committee shall keep a record of its actions and shall report in writing to the board on all actions taken by the trust committee since the previous board meeting. The board shall ratify or rescind each action. (b) The trust committee shall meet at least once a month to review existing accounts and to ratify or rescind newly accepted accounts. The trust committee may not ratify a new account unless it is approved by a majority of the members of the trust committee present at the meeting at which the new account is considered. (c) A trust committee may elect one or more officers to accept new accounts, subject to the requirements of (b) of this section.
AK Stat § 06.26.560 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.560. Prohibited acts.

(a) A director, an officer, an employee, or a shareholder of a trust company may not (1) conceal information or a fact, or remove, destroy, or conceal a book or record of the trust company, for the purpose of concealing information or a fact from the department or an agent of the department; or (2) for the purpose of concealing, remove or destroy a book or record of the trust company that is material to a pending or anticipated court or administrative proceeding. (b) A director, an officer, or an employee of a trust company may not make a false entry in the records, a report, or a statement of the trust company.
AK Stat § 06.26.570 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.570. Transactions with management and affiliates.

(a) Without the prior approval of a disinterested majority of the board recorded in the minutes, or, if a disinterested majority cannot be obtained, the prior written approval of the department, a trust company may not directly or indirectly (1) sell or lease an asset of the trust company to a director, an officer, a principal shareholder, or an affiliate of the trust company; (2) purchase or lease property in which a director, an officer, a principal shareholder, or an affiliate of the trust company has an interest; or (3) extend credit to a director, an officer, a principal shareholder, or an affiliate of the trust company. (b) In addition to the requirements of (a) of this section, a lease transaction described in (a)(2) of this section involving real property may not be consummated, renewed, or extended by the trust company without the prior written approval of the department. (c) A trust company may not extend credit to a director, an officer, an employee, a principal shareholder, or an affiliate of the trust company unless the extension of credit (1) is made on substantially the same terms, including interest rates and collateral requirements, as the terms prevailing at the time for comparable transactions by the trust company with persons who are not directors, officers, employees, principal shareholders, or affiliates of the trust company; (2) does not involve more than the normal risk of loss or present other unfavorable features; and (3) follows credit underwriting procedures that are as stringent as the underwriting procedures applicable to comparable transactions by the trust company with persons who are not directors, officers, employees, principal shareholders, or affiliates of the trust company. (d) The department may adopt regulations to implement this section, including regulations to establish limits, requirements, or exemptions other than those specified by this section for particular categories of transactions. (e) In this section, “affiliate” does not include a subsidiary of the trust company.
AK Stat § 06.26.580 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.580. Trust asset transactions involving certain securities, assets, or information.

(a) Except as provided in this chapter, or as authorized under the instrument creating the relationship, a trust company may not invest trust assets in the stock or obligations of, or use trust assets to acquire property from, the trust company or any of the trust company's officers, directors, or employees. A trust company may not sell trust assets to the trust company or to any of the trust company's directors, officers, or employees. (b) A trust company may not use material inside information in connection with a decision or recommendation to purchase or sell a security that is a trust asset.
AK Stat § 06.26.585 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.585. Policies and procedures.

A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security that is a trust asset to facilitate compliance with federal and state securities laws. These policies and procedures must include the prohibition in AS 06.26.580(b).
AK Stat § 06.26.590 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.590. Fiduciary responsibility.

The board of a trust company is responsible for the proper exercise of fiduciary powers by the trust company and for each matter that is related to the exercise of fiduciary powers, including (1) the determination of policies; (2) the investment and disposition of trust assets; and (3) the direction and review of the actions of each officer, employee, and committee employed or used by the trust company in the exercise of its fiduciary powers.
AK Stat § 06.26.600 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.600. Trust account record keeping.

A trust company shall keep its trust assets records separate and distinct from other records of the trust company in the manner required by state and federal law. The trust assets records must contain all material information relating to each trust assets account, as appropriate under the circumstances.
AK Stat § 06.26.610 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.610. Customer records confidential.

(a) The trust company records relating to customers are confidential and may not be made public unless (1) disclosure is compelled by a court or administrative order; (2) disclosure is required by federal or state law; (3) disclosure is authorized in writing by the customer; (4) disclosure is made to the holder of a negotiable instrument drawn on the trust company as to whether the drawer has sufficient money or other assets in the financial institution to cover the instrument; or (5) an inquiry has been made by a state financial institution, or by a credit-reporting agency regulated under 15 U.S.C. 1681 - 1681v (Fair Credit Reporting Act) solely for the express purpose of determining the credit worthiness of the customer as an applicant for credit, and the information disclosed by the trust company, state financial institution, or credit-reporting agency relates only to the payment habits of the customer in connection with loans or other credit accommodations and does not pertain to records concerning deposit balances in savings or checking accounts. (b) When disclosure of trust company records is required or allowed under (a)(1) or (2) of this section, the trust company shall notify the customer of the disclosure. If notification before disclosure is not possible, the trust company shall immediately notify the customer of the disclosure or inquiry. However, the trust company may not notify the customer if disclosure is made under a search warrant or under a court order issued at the request of a grand jury. (c) When disclosure of trust company records is compelled by a court order under (a)(1) of this section, the court may provide in the order for the reimbursement of the trust company for the costs allowed by the rules of court and incurred by the trust company to comply with the order.
AK Stat § 06.26.620 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.620. Insurance; bonds.

(a) The board of directors of a trust company shall maintain bonding and other insurance for the trust company against dishonesty, fraud, defalcation, forgery, theft, embezzlement, burglary, robbery, and other similar insurable losses and hazards as required by the department by regulation. The board shall obtain the bonding and other insurance from a person authorized under AS 21 to act as an insurer or a surety insurer in this state. (b) The board of directors shall procure errors and omissions insurance in the amount of at least $500,000. (c) At least once each year, the board of directors shall review the bonding and other insurance required by this section to determine whether the coverage is adequate in relation to the exposure of the trust company. The minimum amount of insurance required by this section does not automatically represent adequate bonding and insurance coverage in relation to the exposure. Immediately after procuring the bonding and other insurance, the board shall file copies of the documents representing the bonding and other insurance with the department.
AK Stat § 06.26.630 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.630. Reports of apparent crime.

(a) A trust company that is the victim of a robbery, that has a shortage of money or other assets in excess of $5,000, or that is the victim of an apparent or suspected misapplication of its money or other assets in any amount by a director, an officer, or an employee shall report the robbery, shortage, or apparent or suspected misapplication to the department within 48 hours after it is discovered. The initial report may be oral if the trust company promptly confirms the report in writing to the department. The trust company or a director, an officer, an employee, or an agent of the trust company is not liable for defamation to or subject to any another cause of action based on supplying the information in the report. (b) A trust company may satisfy the requirements of (a) of this section by filing with the department a copy of a written report filed with the appropriate law enforcement agency.
AK Stat § 06.26.650 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 9. Organic Change.|Sec. 06.26.650. General provisions for conversions, mergers, and consolidations.

(a) A national bank whose main office is located in the state or a state bank whose main office is located in the state may convert to a trust company or merge or consolidate with a trust company, and a trust company may merge or consolidate with another trust company, if the conversion, merger, or consolidation is consistent with federal and state law and approved by the department. The requirements of AS 06.26.650 - 06.26.670 are in addition to the merger and consolidation requirements of AS 10.06. (b) Before merger or consolidation under (a) of this section, a trust company shall file with the department a merger or consolidation application and other information and reports that the department requires under AS 06.26.660. (c) The department, in the exercise of its power to approve or disapprove applications for merger or consolidation under (a) of this section, shall act in the interests of promoting and maintaining a sound trust company system, promoting the security of deposits and customers, preserving of the liquid position of trust companies, and preventing injurious credit expansions and contractions. (d) A trust company converting to or merging or consolidating with a national bank shall submit to the department a copy of any application to the United States Comptroller of the Currency for a national bank charter or any other application to the United States Comptroller of the Currency to convert, merge, or consolidate when the applications are forwarded to the United States Comptroller of the Currency.
AK Stat § 06.26.660 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 9. Organic Change.|Sec. 06.26.660. Merger or consolidation.

(a) To merge or consolidate under AS 06.26.650, the merging persons shall file with the department the original articles of merger or consolidation, a number of copies of the articles of merger or consolidation equal to the number of trust companies involved in the merger or consolidation, and an application in the form required by the department. The department may require the submission of additional information it considers necessary to make an informed decision. (b) The department may approve a merger or a consolidation if (1) the surviving or new trust company will be solvent and have adequate capitalization for its operations and location; (2) the surviving or new trust company has in all respects complied with the statutes and regulations governing the organization of a trust company in this state; (3) all obligations and liabilities of each trust company that is a party to the merger or consolidation have been properly discharged or otherwise lawfully assumed or retained by a trust company or other fiduciary; (4) a surviving or new trust company is not authorized to act as a fiduciary under this chapter, will not act as a fiduciary, and has otherwise complied with the laws of this state; (5) the surviving or new trust company satisfies the provisions in AS 06.26.090 that the department determines apply to the trust company; and (6) all conditions imposed by the department have been satisfied. (c) If the department approves the merger or consolidation and finds that all investigative expenses incurred by the department and all required filing fees have been paid, the department shall issue a certificate of merger or consolidation.
AK Stat § 06.26.670 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 9. Organic Change.|Sec. 06.26.670. Rights of dissenters.

In addition to the dissenter's rights under AS 10.06 for a merger or consolidation, if a shareholder of a trust company objects to a conversion of the trust company, the dissenting shareholder's rights shall be exercised under and governed by AS 10.06.574 - 10.06.582 as if the conversion were a merger.
AK Stat § 06.26.680 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 9. Organic Change.|Sec. 06.26.680. Authority to purchase assets of another trust company.

(a) A trust company with the prior written approval of the department may purchase all or substantially all of the assets of another trust company, including the right to control accounts established with the trust accounts. Except as otherwise expressly provided by another statute, the purchase by a trust company of all or part of the assets of another trust company does not make the purchasing trust company responsible for a liability or obligation of the selling trust company that the purchasing trust company does not expressly assume. Except as otherwise provided by statute, AS 06.26.450 - 06.26.480 do not govern or prohibit the purchase by a trust company of all or part of the assets of a person who is not a trust company or an exempt private trust company. (b) To purchase assets under (a) of this section, a trust company shall file with the department an application in the form required by the department. The department shall investigate the condition of the purchaser and seller and may require the submission of additional information it considers necessary to make an informed decision. The department shall approve the purchase if (1) the purchasing trust company will be solvent after the purchase and have sufficient capitalization for its operations and location; (2) the purchasing trust company has complied with all applicable statutes and regulations in this state; (3) all fiduciary obligations and liabilities of the purchasing trust company and selling trust company have been properly discharged or otherwise lawfully assumed by the purchasing trust company; (4) all conditions imposed by the department have been satisfied or otherwise resolved; and (5) all expenses incurred by the department and all required fees have been paid. (c) A purchase under this section is effective on the date the department approves the purchase unless the purchase agreement provides for, and the department consents to, a different effective date.
AK Stat § 06.26.690 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 9. Organic Change.|Sec. 06.26.690. Authority to act as disbursing agent.

A purchasing trust company may hold the purchase price and any additional money or other assets delivered to it by the selling trust company in trust for the selling trust company and may act as an agent of the selling trust company in disbursing the money or other assets by paying the creditors of the selling trust company. If the purchasing trust company acts under a written contract of agency approved by the department that specifically names each creditor and the amount to be paid each creditor, and if the agency is limited to the purely ministerial act of paying creditors the amounts due them as determined by the selling trust company and reflected in the contract of agency and does not involve discretionary duties or authority other than the identification of the creditors named, the purchasing trust company (1) may rely on the contract of agency and the instructions included in it; and (2) is not responsible for (A) an error made by the selling trust company when determining its liabilities, the creditors to whom the liabilities are due, or the amounts due to the creditors; or (B) a preference that results from the payments made under the contract of agency and the instructions included in the contract.