reglab/housing_qa huggingface dataset:
AK Stat § 06.26.180 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 3. Operation of Offices.|Sec. 06.26.180. Offices outside the state.

(a) With the prior written approval of the department, a trust company may establish a branch office or a representative office outside this state. To establish a branch office or representative office outside this state, a trust company shall (1) submit an application to the department specifying the location of the proposed office, the business to be conducted at the proposed office, and the laws of the jurisdiction where the office will be located that permit the office to be established; (2) file with the department a copy of a resolution adopted by the trust company's board authorizing the establishment or acquisition of the office; and (3) pay the filing fee established by the department by regulation. (b) The department may approve an application under (a) of this section for a branch office or representative office if the department finds that (1) the laws of the jurisdiction in which the office is to be located permit the establishment of the office; and (2) the department does not have a significant supervisory or regulatory concern regarding the proposed office. (c) If a trust company submits with the application a certified statement of the governmental regulator for the jurisdiction in which the office is to be located expressly permitting the establishment of the office, the trust company may establish the office by following the procedures under AS 06.26.090, except that the trust company may not establish the office before the 91st day after the date the department receives the notice filed under AS 06.26.160(a) unless the department notifies the trust company that the trust company may establish the office on an earlier date. (d) The department may deny a trust company permission to establish a branch office or representative office outside this state if the department has safety or soundness concerns regarding (1) the market to be served; (2) whether the proposed organizational structure, capital structure, and amount of capitalization are adequate; (3) whether the anticipated volume and nature of the proposed office indicate a reasonable probability of success and profitability based on the market sought to be served; (4) whether, as a group, the officers, directors, and employees have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed office will operate in compliance with law.
AK Stat § 06.26.190 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 3. Operation of Offices.|Sec. 06.26.190. Hours of operation.

(a) A trust company and an interstate state trust company or an international trust company maintaining a trust office under AS 06.26.810 - 06.26.895 may close on the legal holidays described in AS 44.12.010 - 44.12.025. A notice of holiday closings shall be made available to the trust company's customers by mail, by the Internet, or by other means. (b) A trust company and an interstate state trust company or international trust company maintaining a trust office under AS 06.26.810 - 06.26.895 may close on any business day if the trust company (1) notifies the department in advance of the closure; and (2) makes a closure notice available to its customers by mail, by the Internet, or by other means. (c) The hours of operation, and any changes in the hours of operation, of a trust company and an interstate state trust company or international trust company maintaining a trust office under AS 06.26.810 - 06.26.895 must be submitted to the department and must be made available to the trust company's customers by mail, by the Internet, or by other means. (d) Notwithstanding this section, the hours of operation of a trust company with a certificate of authority issued under AS 06.05 are subject to AS 06.05.166.
AK Stat § 06.26.210 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 4. Private Trust Companies.|Sec. 06.26.210. Requirements to apply for and maintain status as a private trust company.

(a) To obtain an exemption under AS 06.26.200, a person shall file an application with the department containing (1) a nonrefundable application fee established by the department by regulation; (2) information that demonstrates that the person qualifies under AS 06.26.200(c); (3) a detailed statement under oath showing the applicant's assets and liabilities as of the end of the month that precedes the date of the filing of the application with the department; (4) a statement under oath of the reason for requesting the exemption; (5) a statement under oath that the applicant currently does not offer fiduciary services to the general public and that the applicant will not offer fiduciary services to the general public without the prior written permission of the department; (6) the current street address of the physical location in this state where the applicant will maintain its records, the applicant's current telephone number at that location, and a statement under oath that the address given is true and correct and not a United States Postal Service post office box or a private commercial mail drop; (7) a list of the specific provisions of this chapter or regulations adopted under this chapter from which the applicant requests an exemption. (b) The department may not approve an exemption under this section unless the application complies with (a) of this section. (c) To maintain its exemption under AS 06.26.200, a private trust company (1) may not offer fiduciary services to the general public; (2) shall continue to qualify under AS 06.26.200(c); and (3) shall file an annual certification on or before December 31 of each year on a form provided by the department that the private trust company is maintaining the conditions and limitations of its exempt status; the annual certification must be accompanied by a fee established by the department by regulation. (d) The annual certification required under (c) of this section is valid only if it bears an acknowledgment stamped by the department. The department has 60 days from the date it receives the annual certification to review the annual certification and return a copy of the acknowledged annual certification to the private trust company. The burden is on the exempt private trust company to notify the department of a failure to return a copy of an acknowledged annual certification within the 60-day period. (e) The department may examine or investigate the private trust company periodically as necessary to verify the annual certification. (f) Notwithstanding having an exemption under AS 06.26.200, a private trust company shall comply with the home office provisions of AS 06.26.150 and shall report to the department any change of address or telephone number within 30 days after the change.
AK Stat § 06.26.220 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 4. Private Trust Companies.|Sec. 06.26.220. Transfer of control.

Control of an exempt private trust company may not be sold or otherwise transferred with an exemption under AS 06.26.200. In any change of control, the exempt status of the private trust company automatically terminates on the effective date of the transfer, and the person acquiring control must comply with this chapter. After transfer of control, a separate application for an exemption under AS 06.26.200 must be filed with the department if the acquiring person wishes to obtain or continue an exemption under AS 06.26.200.
AK Stat § 06.26.230 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 4. Private Trust Companies.|Sec. 06.26.230. Revocation of exemption.

(a) The department may revoke an exemption under AS 06.26.200 if the exempt private trust company (1) makes a false statement under oath on any document required to be filed by this chapter; (2) fails to submit to an examination as required by AS 06.26.200; (3) withholds requested information from the department; or (4) violates a provision of this chapter applicable to exempt private trust companies. (b) If the department determines from examination or other credible evidence that an exempt private trust company has violated a requirement of this chapter, the department may by personal delivery or registered or certified mail, return receipt requested, notify the exempt private trust company in writing that the department will revoke the private trust company's exemption as of a stated date, which may not be before the fifth calendar day after the date that the notification is delivered or mailed. The notification must state the grounds for the revocation with reasonable certainty. After a revocation takes effect, the revocation is final, and the private trust company is subject to all of the requirements and provisions of this chapter that are applicable to private trust companies not exempt under AS 06.26.200. (c) A private trust company shall comply with the provisions of this chapter from which it was formerly exempt within five calendar days after the effective date of a revocation of its exemption under this section. However, if the department determines at the time of revocation that the private trust company has been engaging in or attempting to engage in acts intended or designed to deceive or defraud, the department may, in the department's sole discretion, shorten or eliminate the five-calendar-day compliance period. (d) If, within the time allowed under (c) of this section, the private trust company does not comply with all of the provisions of this chapter, including the capitalization requirements that have been determined by the department as necessary to assure the safety and soundness of the private trust company, the department may (1) file a court action or pursue another remedy provided by this chapter; or (2) refer the private trust company to the attorney general for institution of appropriate legal proceedings against the private trust company.
AK Stat § 06.26.240 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 4. Private Trust Companies.|Sec. 06.26.240. Conversion to trust company.

(a) A private trust company may not offer fiduciary services to the general public as a trust company until the private trust company satisfies the requirements of this section. (b) The private trust company shall file a notice with the department on a form prescribed by the department, furnish a copy of a resolution adopted by the board authorizing the private trust company to offer fiduciary services to the general public, pay any filing fee established by the department by regulation, and comply with the requirements of this chapter for trust companies. The notice must provide the name of the private trust company and acknowledge that any exemption granted or otherwise applicable to the private trust company under AS 06.26.200 ceases to apply on the effective date of the notice. (c) The department has 60 days after the department receives the notice under (a) of this section to review the conversion, and a private trust company may begin providing or offering fiduciary services to the general public on the 61st day after the date that the department receives a notice under (a) of this section from the private trust company, unless the department specifies a different date. (d) The department may extend the 60-day period of review provided by (c) of this section if the department determines that the notice raises issues that require additional information or if the department needs additional time for analysis. If the 60-day period of review is extended, the private trust company may offer fiduciary services to the general public only after written approval by the department. (e) The department may deny a private trust company permission to offer fiduciary services to the general public as a trust company if the department finds that the private trust company does not meet the requirements of this chapter for trust companies.
AK Stat § 06.26.245 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 4. Private Trust Companies.|Sec. 06.26.245. Trust company authority.

The provisions of AS 06.26.200 - 06.26.240 may not be interpreted to prevent a trust company from providing fiduciary services as a private trust company.
AK Stat § 06.26.250 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 5. Investments, Loans, and Deposits.|Sec. 06.26.250. Regulations on investments.

The department may adopt regulations to establish limits, requirements, or exemptions for particular classes or categories of investment, or limit or expand investment authority for trust companies for particular classes or categories of securities or other property.
AK Stat § 06.26.260 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 5. Investments, Loans, and Deposits.|Sec. 06.26.260. Pledge of assets.

(a) A trust company may not pledge or create a lien on any of the assets belonging to the trust company except to secure (1) the repayment of money borrowed; (2) trust deposits as specifically authorized or required by AS 06.26.370 or by regulations adopted under this chapter; or (3) deposits made by the United States government, the state, or a municipality, or an agency of those governmental bodies. (b) An act, a deed, a conveyance, a pledge, or a contract that violates this section is void.
AK Stat § 06.26.370 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 6. Trust Assets.|Sec. 06.26.370. Deposits of trust assets.

(a) A trust company may deposit trust money or other trust assets with itself as an investment if the settlor or the beneficiary authorizes the deposit and if (1) the trust company maintains as security for the deposits a separate fund of securities that may be used for trust investments and that are under the control of a federal reserve bank or a clearing corporation in this state or elsewhere; in this paragraph, “clearing corporation” has the meaning given in AS 45.08.102; (2) the total market value of the security fund maintained under (1) of this subsection is at all times at least equal to the deposit; (3) the security fund maintained under (1) of this subsection is expressly designated as a security fund; and (4) the security fund maintained under (1) of this subsection is maintained under the control of a person listed in AS 06.26.010(a). (b) A trust company may make periodic withdrawals from or additions to the security fund required by (a) of this section if the trust company maintains the value required by (a) of this section for the security fund. Income from the securities in the security fund belongs to the trust company. (c) Notwithstanding (a) of this section, security under (a) of this section for a deposit is not required to the extent the deposit is insured by the Federal Deposit Insurance Corporation or its successor.
AK Stat § 06.26.380 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 6. Trust Assets.|Sec. 06.26.380. Common investment funds.

Subject to regulations adopted by the department, a trust company may invest trust assets in common investment funds.
AK Stat § 06.26.390 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 6. Trust Assets.|Sec. 06.26.390. Fee determination; investment and management costs.

(a) A trust company shall deal at arm's length with a person when arranging the compensation to be paid by the person for the services of the trust company. Any compensation paid to the trust company must be a reasonable amount with respect to the services rendered. (b) When investing and managing trust assets, a trust company may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trust company.
AK Stat § 06.26.400 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 6. Trust Assets.|Sec. 06.26.400. Disclosure of conflicts of interest.

Before accepting appointment as a trustee, a trust company shall disclose any conflict of interest that may reasonably be expected to arise in the relationship.
AK Stat § 06.26.410 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 6. Trust Assets.|Sec. 06.26.410. Requirements for handling trust assets.

A trust company, its representatives, and its appointees shall observe the requirements applicable to trustees under AS 13.36.225 - 13.36.290 (Alaska Uniform Prudent Investor Act).
AK Stat § 06.26.450 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 7. Ownership.|Sec. 06.26.450. Acquisition of control.

(a) Except as expressly otherwise permitted under this chapter, a person may not, without the prior written approval of the department, directly or indirectly acquire control of a trust company through a change in a legal or beneficial interest in voting securities of a trust company or a corporation or other person who owns voting securities of a trust company. (b) This section does not apply to (1) the acquisition of securities in connection with the exercise of a security or other interest in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired; (2) the acquisition of voting securities in any class or series by a person in control who has previously complied with and received approval to acquire control under AS 06.26.450 - 06.26.480 or who was identified as a person in control in an earlier application filed with and approved by the department; (3) an acquisition or transfer by operation of law, a will, or intestate succession if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired; or (4) a transaction exempted by the department by regulation or order because the transaction is not within the purposes of AS 06.26.450 - 06.26.480.
AK Stat § 06.26.460 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 7. Ownership.|Sec. 06.26.460. Application for acquisition of control.

(a) A proposed transferee seeking approval under AS 06.26.450 to acquire control of a trust company shall file with the department (1) an application in the form prescribed by the department; (2) the filing fee established by the department by regulation; and (3) all information required by regulation or that the department requires for a particular application in order to make an informed decision to approve or reject the proposed acquisition. (b) If the proposed transferee under (a) of this section includes a group of persons acting together, the department may require each member of the group to provide information to the department. (c) If the proposed transferee is not a resident of the state, a corporation organized under AS 10.06, or a foreign corporation qualified under AS 10.06 to transact business in this state, the proposed transferee shall file with the department a written consent to service of process on a resident of this state for any court action arising out of or connected with the proposed acquisition of control. (d) Promptly after the department accepts the application as complete, the proposed transferee shall publish notice of the application, the date of filing the application, and the identity of each participant in the acquisition of control in the form specified by the department in a newspaper of general circulation published in the community proposed as the trust company's principal place of business. If a newspaper of general circulation is not published in the community, the notice shall be published in a newspaper of general circulation near the community. Publication of notice of an application may be deferred for up to 31 days after the date the application is filed if (1) the proposed transferee requests confidential treatment and represents that a public announcement of the tender offer and the filing of appropriate forms with the United States Securities and Exchange Commission or the appropriate federal banking agency, as applicable, will occur within the period of deferral; and (2) the department determines that public interest will not be harmed by the requested confidential treatment. (e) The department may waive the requirement that a notice be published or permit delayed publication of the notice if the department makes a written determination that waiver or delay is in the public interest.
AK Stat § 06.26.470 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 7. Ownership.|Sec. 06.26.470. Decision on application for acquisition of control.

(a) The department shall approve or deny an application for acquisition of control not later than the 60th day after the date that the notice regarding acquisition of control is published under AS 06.26.460. (b) If the department approves an application filed under AS 06.26.460, the applicant may acquire control. Any written commitment from the proposed transferee offered to and accepted by the department as a condition for approval of the application is enforceable against the trust company and the transferee.
AK Stat § 06.26.480 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 7. Ownership.|Sec. 06.26.480. Objection to other transfer.

AS 06.26.450 - 06.26.480 may not be construed to prevent the department from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a trust company if the department considers the transfer to be against the public interest.
AK Stat § 06.26.500 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 8. Governance.|Sec. 06.26.500. Voting securities held as trust assets.

(a) Voting securities of a trust company held by the trust company as trust assets under a will or trust, whether registered in the trust company's own name or in the name of its nominee, may not be voted in the election of directors or on a matter affecting the compensation of directors, officers, or employees of the trust company unless (1) under the terms of the will or trust, the manner in which the voting securities are to be voted may be determined by a donor or beneficiary of the will or trust and the donor or beneficiary actually makes the determination in the matter at issue; (2) the terms of the will or trust expressly direct the manner in which the securities must be voted to the extent that no discretion is vested in the trust company as fiduciary; or (3) the securities are voted solely by a person who is a joint fiduciary, but who is not a person who is affiliated with the trust company, as if the joint fiduciary were the sole fiduciary. (b) Voting securities of a trust company that may not be voted under this section are considered to be authorized but unissued for the purpose of determining the procedures for and results of the vote under this section.