reglab/housing_qa huggingface dataset:
AK Stat § 06.26.010 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 1. General Authority.|Sec. 06.26.010. Persons authorized to act as fiduciaries.

(a) Notwithstanding other provisions of law and except as provided in AS 06.26.020, a person may not act as a fiduciary in this state unless the person is (1) a trust company organized under this chapter; (2) a private trust company that has received an exemption under AS 06.26.200; (3) a state financial institution; (4) a national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary; (5) a federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary; (6) an international bank that has a branch bank in this state established or maintained under AS 06.05.550; in this paragraph, “international bank” has the meaning given in AS 06.05.990; (7) an interstate national bank with a branch bank in this state established or maintained under AS 06.05.550; in this paragraph, “interstate national bank” means a national bank whose principal office, as designated in the bank's articles of incorporation, is not located in this state; (8) an entity that (A) is organized under the laws of a state of the United States other than this state; (B) holds a charter, license, certificate, or other type of authorization from this or another state of the United States to engage in banking; and (C) has a branch bank located in this state established or maintained under AS 06.05.550; (9) an interstate state trust company or international trust company with a trust office authorized by the department under AS 06.26.810 - 06.26.895; (10) a trustee of only charitable trusts, does not offer fiduciary services to the general public with regard to noncharitable trusts, and observes the requirements applicable to trustees under AS 13.36.225 - 13.36.290 (Alaska Uniform Prudent Investor Act); or (11) a federally chartered credit union having its principal office in this state and authorized by the National Credit Union Administration to act as a fiduciary. (b) In this section, “branch bank” has the meaning given in AS 06.05.990.
AK Stat § 06.26.030 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 1. General Authority.|Sec. 06.26.030. Location of operation.

(a) A trust company may act as a fiduciary in this state, another state, or a foreign country, subject to complying with applicable laws of the state or foreign country, at an office or branch established and maintained under this chapter. (b) A trust company may conduct any activities at an office outside this state that are permissible for a trust company chartered by the host state, except to the extent those activities are expressly prohibited by the laws of this state or by a regulation or order of the department applicable to the trust company.
AK Stat § 06.26.040 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.040. Name of trust company.

(a) A person may not use the words “trust” or “trust company” or any other words in a manner that could reasonably be expected to convey the impression that the person is acting as a fiduciary unless the person is authorized to act as a fiduciary under AS 06.26.010. (b) This section does not prohibit the use of the words “trust” or “trust company” in the name of a corporation that is in existence as of January 1, 2003 and that is not subject to this chapter if the corporation was originally organized under the laws of this state and has not, since the date of its original organization, amended or restated its articles of incorporation to delete from its name the words “trust” or “trust company.”
AK Stat § 06.26.050 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.050. Powers of trust company.

(a) A trust company may perform any act as a fiduciary that a state financial institution, or a national bank exclusively exercising trust powers, may perform, including (1) acting as trustee under a written agreement; (2) receiving money and other property as trustee for investment in real or personal property; (3) acting as a trustee and performing the fiduciary duties committed or transferred to it by a court; (4) receiving money or other assets under AS 06.35; (5) acting as an executor, an administrator, or a trustee of the estate of a deceased person; (6) acting as a custodian, guardian, conservator, or trustee for a minor or an incapacitated person; (7) acting as a successor fiduciary to a depository; (8) receiving for safekeeping any type of personal property; (9) acting as a custodian, an assignee, a transfer agent, an escrow agent, a registrar, or a receiver; (10) acting as an investment adviser, an agent, or an attorney-in-fact in any agreed upon capacity; (11) exercising additional powers expressly authorized by a regulation adopted under this chapter; and (12) exercising an incidental power that is reasonably necessary to enable it to fully exercise the powers expressly conferred according to commonly accepted fiduciary customs and usage. (b) A trust company may exercise the powers of a business incorporated under the laws of this state that are reasonably necessary to enable the exercise of its specific powers under this chapter. (c) A trust company may contribute to community solicitations, or to charitable, philanthropic, or benevolent instrumentalities that operate to promote public welfare, amounts that its board considers appropriate and in the interests of the trust company. (d) Subject to AS 06.26.370, a trust company may deposit trust money or other assets with itself. (e) Subject to the approval of the department and to being insured by the Federal Deposit Insurance Corporation or its successor, a trust company may accept deposits from the public. (f) A trust company organized under this chapter may apply for a certificate of authority under AS 06.05. (g) A trust company organized under this chapter with a certificate of authority issued under AS 06.05 may exercise all powers granted to it under AS 06.05 to the extent the powers do not conflict with this chapter. A trust company with a certificate of authority issued under AS 06.05 is subject to all of the provisions of AS 06.05. In case of a conflict between the provisions of this chapter and AS 06.05, the provisions of this chapter apply. (h) In (a) of this section, “national bank exclusively exercising trust powers” means a person issued a charter by the United States Comptroller of the Currency if the charter confers only trust powers.
AK Stat § 06.26.060 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.060. Organizers.

One or more persons may organize a trust company.
AK Stat § 06.26.070 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.070. Incorporation.

(a) A trust company shall be incorporated under AS 10.06. (b) In addition to the items required under AS 10.06.208 to be included in articles of incorporation, the articles of incorporation of a trust company must specify (1) the judicial district where the trust company will be located and the community where the trust company will locate its principal place of business; (2) the amount of the trust company's stock, which must be divided into shares having a par value of not less than $1 each; (3) that there will be at least five but not more than 25 directors; (4) the period for which the trust company is organized, whether limited or perpetual; (5) the name by which the trust company will be known, which must contain the words “trust company” as a part of the name; and (6) a declaration that each incorporator will, if elected, accept the responsibilities and faithfully discharge the duties of a director.
AK Stat § 06.26.080 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.080. Amendment of articles or bylaws.

(a) A trust company may amend its articles of incorporation or bylaws in a manner consistent with its articles, its bylaws, AS 10.06, and this chapter by a vote of its shareholders representing at least a majority of the capital at a regular meeting or at a special meeting called for that purpose. The trust company shall file a written notice of an amendment with the department. (b) The department has 60 days from the date that the department receives a notice under (a) of this section to review the amendment, and the amendment becomes effective on the 61st day after the department receives the notice unless the department specifies a different date. The department may extend the 60-day period of review if the department determines that the notice raises significant issues that require additional information or if the department needs additional time for analysis. If the 60-day period of review is extended, the amendment becomes effective only when the department approves the amendment in writing.
AK Stat § 06.26.085 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.085. Certificate of authority required.

A person may not act as a trust company until a certificate of authority is received from the department.
AK Stat § 06.26.100 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.100. Department notices regarding application.

(a) The department shall notify the organizers of a proposed trust company when the application under AS 06.26.090 is complete and accepted for filing and all required fees and deposits have been paid. Promptly after notification, the organizers shall publish in a form specified by the department notice of the filing of the application 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 organizers shall publish the notice in a newspaper of general circulation near the community. The department may require the organizers to publish the notice at other locations reasonably necessary to solicit the views of potentially affected persons. The notice must include a solicitation of comments and protests. (b) To prove that the publication required by (a) of this section has been accomplished, the organizers shall file with the department an affidavit of publication from the newspaper in which the notice was published.
AK Stat § 06.26.110 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.110. Issuance of certificate of authority; required operation.

(a) The department may not deliver a certificate of authority to a person to act as a trust company until the person has (1) received cash or marketable securities in at least the full amount of the capital required under AS 06.26.120 from subscriptions for the issuance of shares; (2) elected or qualified the initial officers and directors named in the application for the certificate of authority or other officers and directors approved by the department; and (3) complied with all other requirements of this chapter related to the organization of a trust company. (b) A person who receives a certificate of authority, including a certificate of authority with conditions, shall open a home office and begin providing fiduciary services within six months after the date that the person receives the certificate of authority or by the end of any extension of the six-month period allowed by the department. If the person does not open the home office or begin providing fiduciary services within the six months or by the end of any extension, the department shall revoke the certificate of authority.
AK Stat § 06.26.120 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.120. Required capital; change in outstanding capital and surplus.

(a) A trust company may not act as a fiduciary unless the trust company has paid-in capital in an amount acceptable to the department, but not less than $400,000, and paid-in surplus equal to 20 percent of paid-in capital. The trust company shall hold its unimpaired capital as security for the faithful discharge of the fiduciary duties undertaken by the trust company and for the claims of creditors. (b) The department may by order require or permit adjustment to capital for a proposed or existing trust company if the department finds the condition and operations of an existing trust company or the proposed scope or type of operations of a proposed trust company requires adjustment to capital to protect the safety and soundness of the trust company. The safety and soundness factors to be considered by the department in the exercise of its discretion to adjust capital include (1) the nature and type of business conducted; (2) the nature and degree of liquidity of the assets held by the trust company other than trust assets; (3) the amount of fiduciary assets being managed; (4) the type of fiduciary assets held and the depository of those assets; (5) the complexity of the fiduciary duties and degree of discretion undertaken; (6) the competence and experience of management; (7) the extent and adequacy of internal controls; (8) the presence or absence of annual unqualified audits by an independent certified public accountant; (9) the reasonableness of the trust company's plans for retaining or acquiring additional capital; and (10) the existence and adequacy of insurance held by the trust company to protect its customers, beneficiaries, and grantors. (c) If the department orders a trust company to increase or adjust its capital, the order must state the date by which the increase or adjustment must be made. An order under this subsection does not prohibit the trust company from later applying to the department to reduce capital requirements for the trust company under (b) of this section. (d) Subject to (b) of this section, a trust company to which the department issues a certificate of authority shall at all times maintain capital in at least the amount required under (a) of this section, as increased or decreased under (b) of this section. (e) A trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares, or otherwise without the prior written approval of the department, unless otherwise permitted by this chapter. (f) Prior approval by the department is not required for a decrease in surplus caused by incurred losses that exceed undivided profits. A decrease to surplus as a result of losses shall be replaced before payment of further dividends.
AK Stat § 06.26.130 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.130. Capital notes or debentures.

(a) A trust company may, with the written consent of the department, and if authorized by its articles of incorporation or approved by persons owning two-thirds of the stock of the trust company entitled to vote, issue convertible or nonconvertible capital notes or debentures. The principal amount of notes and debentures outstanding at any time may not exceed 33 1/3 percent of the capital stock and surplus fund of the trust company on the date of issuance. The rate and term are subject to the approval of the department, but the term may not exceed 20 years. (b) A trust company may not retire capital notes or debentures if the retirement creates an impairment of its capital. Capital notes and debentures are subordinated in right of payment in the event of insolvency or liquidation of the trust company to the prior payment of all deposits and all claims of other creditors except the holders of securities on a parity with the capital notes and debentures and the holders of securities expressly subordinated to the capital notes and debentures.
AK Stat § 06.26.140 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 2. Name, Powers, Organization, and Capitalization.|Sec. 06.26.140. Cumulative voting.

Shareholders may not use cumulative voting in the election of directors unless cumulative voting is allowed by the trust company's articles of incorporation.
AK Stat § 06.26.150 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 3. Operation of Offices.|Sec. 06.26.150. Trust company home office.

(a) A trust company shall continuously maintain in this state a home office where the trust company operates and keeps its records. At least one executive officer shall maintain an office at the home office. (b) Each executive officer at the home office is an agent of the trust company for service of process. (c) A trust company may change its home office to any of its offices existing at the time of the change within this state by filing a written notice with the department setting out the name of the trust company, the street address of its home office before the change, the street address to which the home office is to be changed, and a copy of a resolution adopted by the trust company's board authorizing the change. (d) The change of the location of a home office takes effect on the 61st day after the date the department receives the notice under (c) of this section, unless the department establishes a different date or unless, before the 61st day, the department notifies the trust company that the trust company shall establish to the satisfaction of the department that the relocation is consistent with the original determination made under AS 06.26.090 for the establishment of a trust company at that location, in which event the change of home office takes effect when approved by the department.
AK Stat § 06.26.160 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 3. Operation of Offices.|Sec. 06.26.160. Trust company branch offices.

(a) A trust company may establish branch offices anywhere in the state by (1) filing a written notice with the department setting out the name of the trust company, the street address of the proposed branch office, and a description of the activities proposed to be conducted at the branch office; (2) filing with the department a copy of a resolution adopted by the trust company's board authorizing the establishment or acquisition of the branch office; and (3) paying the filing fee established by the department by regulation. (b) The department has 60 days from the date the department receives the notice under (a) of this section to review the proposal for the branch office, and the trust company may begin operating the branch office on the 61st day after the date the department receives the notice, unless the department specifies a different date. (c) The department may extend the 60-day period of review provided by (b) of this section if the department determines that the proposed branch office 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 trust company may establish the branch office only after the department approves the branch office in writing. The department may deny the trust company permission to establish a branch office if the department has safety or soundness concerns.
AK Stat § 06.26.170 (2021)
2021 Alaska Statutes|Title 6. Banks and Financial Institutions|Chapter 26. Revised Alaska Trust Company Act|Article 3. Operation of Offices.|Sec. 06.26.170. Trust company representative offices.

(a) A trust company may establish or acquire representative trust offices anywhere in this state. To establish or acquire a representative office, a trust company shall (1) file a written notice with the department that sets out the name of the trust company and the location of the proposed representative office; (2) file with the department a copy of a resolution adopted by the trust company's board authorizing the establishment or acquisition of the representative office; and (3) pay the filing fee established by the department by regulation. (b) The department has 60 days from the date the department receives the notice filed under (a) of this section to review the establishment or acquisition of a representative office, and the trust company may begin operating the representative office on the 61st day after the date the department receives the notice, unless the department specifies a different date. (c) The department may extend the 60-day period of review provided by (b) of this section if the department determines that the written 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 trust company may establish the representative office only after the department approves the office in writing. The department may deny permission to establish or acquire a representative office of the trust company if the department has safety or soundness concerns.