reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 9. Organic Change. › Sec. 06.26.700. Liquidation of selling trust company.

If a selling trust company is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory agency, the purchasing trust company shall pay to the receiver of the selling trust company the balance of the money or other assets held by the purchasing trust company in trust for the selling trust company and not yet paid to the creditors of the selling trust company. Without further action, the purchasing trust company is then discharged of all responsibilities to the selling trust company and the selling trust company's receiver, creditors, and shareholders.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 9. Organic Change. › Sec. 06.26.710. Payment to creditors.

A purchasing trust company may pay a creditor of the selling trust company the amount to be paid the creditor under the terms of the contract of agency entered into under AS 06.26.690 by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under the terms of the agency contract, and mailing or personally delivering a duplicate of the written evidence of the credit to the creditor at the creditor's address shown in the records of the selling trust company. With regard to the creditor, the purchasing trust company is an agent of the selling trust company only to the extent of the credit reflected by the written evidence of the credit.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 9. Organic Change. › Sec. 06.26.720. Sale of assets.

(a) The board of a trust company, with the department's approval, may cause a trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company for trust assets, without shareholder approval if the department finds
(1) the interests of the trust company's creditors and depositors and other customers are not jeopardized because of an unsafe or unsound condition of the trust company;
(2) the sale is in the best interest of the trust company's creditors and depositors and other customers; and
(3) the Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the trust company are not insured by the Federal Deposit Insurance Corporation or its successor.
(b) A sale under this section must include an assumption and promise by the purchaser to pay or otherwise discharge
(1) all of the trust company's liabilities to customers;
(2) all of the trust company's liabilities for the salaries of the trust company's employees incurred before the date of the sale;
(3) the obligations incurred by the department arising out of the supervision or sale of the trust company; and
(4) the fees and any other payment due to the department under this chapter and assessments due to the department under AS 06.01.010.
(c) This section does not limit the incidental power of a trust company to buy and sell assets in the ordinary course of its operations.
(d) The sale by a trust company of all or substantially all of its assets with shareholder approval is considered a voluntary dissolution and liquidation and is governed by AS 06.26.730 - 06.26.800.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 10. Dissolution and Liquidation. › Sec. 06.26.740. Revocation.

(a) If the department determines that any of the following factors exist, the department may revoke, consistent with AS 06.01.030 and regulations adopted by the department under AS 06.01.030 and this chapter, a trust company's certificate of authority:
(1) the existence of the trust company, or its authority to act as a fiduciary, has been terminated or suspended under the laws of the state or other jurisdiction in which the trust company is organized;
(2) the trust company's authority to act as fiduciary has been terminated or suspended under the laws of the state or other jurisdiction in which the trust company is organized, or its license to act as a fiduciary has been terminated or suspended under the laws of any other jurisdiction in which the trust company had been authorized to act as a fiduciary;
(3) a receiver, liquidator, or conservator has been appointed for the trust company under the laws of the state or other jurisdiction in which the trust company is organized, or for its operation in any other jurisdiction in which the trust company operates;
(4) the trust company is violating or has violated or the department has reasonable cause to believe is about to violate
(A) a law or regulation;
(B) a condition imposed by the department in writing in connection with approving an application or notice under this chapter or granting any other request of the trust company under this chapter;
(C) a written agreement that the trust company entered into with the department;
(D) a cease and desist order issued by the department under AS 06.01.030;
(5) the trust company is engaging in or has engaged in, or the department has reasonable cause to believe the trust company is about to engage in an unsafe or unsound practice;
(6) the trust company has ceased to pay its debts in the ordinary course of business, is incapable of paying its debts as they mature, has liabilities in excess of its assets, or is subject to or has applied for an adjudication in bankruptcy, reorganization, or other relief under any bankruptcy, reorganization, insolvency, or moratorium law;
(7) the trust company has ceased to act as a fiduciary in this state;
(8) the trust company has failed to pay any fees, charges, forfeitures, penalties, or other payment due to the department under this title.
(b) If the department has reasonable cause to believe any of the factors identified in (a) of this section is true, and if the department determines it is necessary to protect the persons and interests in this state for whom the trust company acts as a fiduciary or to protect the property in this state to which the trust company holds title as a fiduciary or in which the trust company holds an interest as a fiduciary, the department may immediately suspend the trust company's certificate of authority.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 10. Dissolution and Liquidation. › Sec. 06.26.750. Authority to take possession.

If the department revokes a trust company's certificate of authority under AS 06.26.740(a), the department may take possession of the trust company's fiduciary operations in this state and may appoint a receiver for the liquidation of the trust company's fiduciary operations in this state. If the trust company has its principal place of business in this state, the department may take possession of, and appoint a receiver for the liquidation of all the trust company's fiduciary operations wherever they are conducted.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 10. Dissolution and Liquidation. › Sec. 06.26.760. Department in possession.

(a) When the department has taken possession of a trust company, it is vested with the full and exclusive power of management and control, including the power to act as a trustee for trust assets, to continue or discontinue the operation of the trust company, to stop or limit the payment of the trust company's obligations, to employ necessary assistants, to execute an instrument in the name of the trust company, to commence, defend, and conduct in the trust company's name any action or proceeding to which the trust company may be a party, to terminate the possession by restoring the trust company to its board, and to reorganize or liquidate the trust company under this chapter. As soon as practicable after taking possession, the department shall make an inventory of the trust assets and the trust company assets and file a copy of the inventory with the superior court.
(b) When the department has taken possession, the following dates are postponed until six months after the possession begins:
(1) notwithstanding other provisions of law, the date on which any period of limitation fixed by a statute or agreement would otherwise expire on a claim or right of action of the trust company; or
(2) the date on which an appeal must be taken or a pleading or other document must be filed by the trust company in any pending court action or other proceeding.
(c) A judgment, lien, or attachment may not be enforced against trust company assets while the assets are in possession of the department. Upon the election of the department in connection with a liquidation or reorganization,
(1) any lien or attachment, other than an attorney's or mechanic's lien, obtained upon a trust company asset during the department's possession or within four months before beginning that possession may be vacated, except liens created by the department while in possession; and
(2) any transfer of trust company assets made after or in contemplation of the trust company's insolvency or in anticipation of the department's takeover, with intent to effect a preference of one creditor over another creditor or to prevent the distribution of the trust company assets according to law, is void.
(d) The department may borrow money in the name of the trust company in the department's possession and may pledge trust company assets as security for the loan.
(e) All necessary and reasonable expenses resulting from the department's possession of a trust company and of its reorganization or liquidation shall be paid from trust company assets.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 10. Dissolution and Liquidation. › Sec. 06.26.770. Reorganization.

(a) If the department decides to reorganize a trust company, the department, after providing an opportunity for a hearing to all interested parties, shall enter an order proposing a reorganization plan. The department shall send a copy of the plan to each depositor and other customers and to each creditor who will not receive payment of a claim in full under the plan and a notice that, unless within 30 days the plan is disapproved in writing by persons holding one-third or more of the aggregate amount of the claims, the department will reorganize the trust company.
(b) A plan of reorganization may not be established under this chapter unless, in the opinion of the department,
(1) the plan is fair to all classes of depositors, other customers, creditors, and shareholders;
(2) subject to a fair adjustment for new capital that a class will pay under the plan, the face amount of the trust company asset interest provided to a class of depositors, other customers, creditors, or shareholders under the plan does not exceed the value of the assets at liquidation less the full amount of the claims of all prior classes;
(3) the plan provides for the issuance of common stock in an amount that will provide an adequate ratio to deposits;
(4) any exchange of new common stock for obligations or stock of the trust company will be made
(A) in the inverse order of the priorities in liquidation of the classes that will retain an interest in the trust company; and
(B) upon terms that adjust in a fair manner any change in the relative interest of the respective classes that will be produced by the exchange;
(5) the plan assures the removal of a director, an officer, or an employee responsible for a problem identified by the department, including an unsafe, unsound, or unlawful action or the existence of an unsafe or unsound condition;
(6) any merger or consolidation provided by the plan complies with this chapter.
(c) When in the course of reorganization, supervening conditions render a plan of reorganization unfair or its execution impractical, the department may modify the plan or liquidate the trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 10. Dissolution and Liquidation. › Sec. 06.26.780. Involuntary liquidation powers.

(a) When liquidating a trust company, the department may exercise any power incidental to liquidating a trust company, but it may not, without the approval of the superior court,
(1) sell trust company assets having an appraised value in excess of $100,000;
(2) compromise or release a claim that exceeds $100,000 exclusive of interest;
(3) make full payment on a claim, other than a claim upon an obligation incurred by the department, before preparing and filing a schedule of the department's determinations under AS 06.26.790(d)(3).
(b) Within six months after beginning the liquidation of a trust company, the department may terminate an executory contract for services or advertising to which the trust company is a party or an obligation of the trust company as a lessee. A lessor who receives 60 days' notice of the department's decision to terminate a lease does not have a claim for rent other than rent accrued to the date of termination or for damages due to the termination.
(c) As soon as practical after beginning the involuntary liquidation of a trust company, the department shall take the steps necessary to terminate all fiduciary positions held by the trust company, to surrender all property held by the trust company as a fiduciary, and to settle the trust accounts of the trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 10. Dissolution and Liquidation. › Sec. 06.26.800. Federal Deposit Insurance Corporation as receiver or liquidator.

The department may appoint the Federal Deposit Insurance Corporation or its successor as receiver for a trust company that the department has taken possession of if the deposits of the trust company are insured by that corporation or its successor. Upon filing with the court a certificate indicating the acceptance of the appointment by the Federal Deposit Insurance Corporation or its successor, the possession of and title to all the assets, business, and property of the trust company are transferred to that corporation. The department is then relieved of all responsibility and liability with respect to the reorganization or liquidation of the trust company. The Federal Deposit Insurance Corporation or its successor may liquidate, reorganize, merge, or consolidate the trust company in the manner permitted by the laws of the United States or by this chapter, and possesses all the rights, powers, duties, and obligations of the department in the liquidation, reorganization, merger, or consolidation of the trust company under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices. › Sec. 06.26.810. Fiduciary operations at a branch or trust office.

(a) An interstate state trust company, interstate national trust company, or international trust company may not act as a fiduciary in this state unless the trust company maintains a trust office in this state as permitted under AS 06.26.810 - 06.26.895.
(b) If an interstate state trust company, interstate national trust company, or international trust company establishes or acquires a trust office in this state under AS 06.26.810 - 06.26.895, the trust company may conduct at the trust office any activity that a trust company may conduct at a trust office under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices. › Sec. 06.26.820. Establishing or acquiring a trust office.

If an interstate state trust company, interstate national trust company, or international trust company that does not operate a trust office in this state meets the requirements of AS 06.26.810 - 06.26.895, the trust company may establish a new trust office in this state or acquire a trust office in this state that is in existence at the time of acquisition.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices. › Sec. 06.26.830. Requirement of notice.

To establish a new trust office or acquire a trust office that is in existence at the time of acquisition in this state under AS 06.26.810 - 06.26.895, an interstate state trust company, interstate national trust company, or international trust company shall provide, or cause its home jurisdiction regulator to provide, written notice of the proposed transaction to the department on or after the date on which the trust company applies to its home jurisdiction regulator for approval to establish or acquire the trust office. The trust company shall file with the notice and maintain a copy of a resolution adopted by the board of the trust company authorizing the establishment or acquisition of the office and shall pay the filing fee established by the department by regulation.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices. › Sec. 06.26.860. Additional trust offices.

If an interstate state trust company or international trust company maintains a trust office in this state under AS 06.26.810 - 06.26.895, the trust company may establish or acquire additional trust offices or representative offices in this state to the same extent and in the same manner that a trust company may establish or acquire branch offices in this state under the procedures for establishing or acquiring branch offices under AS 06.26.160.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices. › Sec. 06.26.870. Examinations; periodic reports; cooperative agreements; assessment of fees.

(a) When the department considers it necessary to protect the public interest, the department or a competent person designated by the department may examine an interstate state trust company or international trust company that has a trust office or a representative office in the state. The trust company shall pay a fee established under AS 06.01.010 for the examination.
(b) The department may require periodic reports from an interstate state trust company or international trust company if the trust company maintains a trust office in this state and from a bank holding company that controls the trust company. The reports shall be made under oath and filed as frequently as required by the department. The reports must contain the information and detail that the department determines to be appropriate as required under regulations adopted by the department.
(c) If an interstate state trust company or international trust company maintains a trust office or a representative office in this state, the trust company may be assessed and, if assessed, shall pay supervisory and examination fees as required by the laws of this state and regulations of the department. Fees may be shared with other governmental regulators or any organization affiliated with or representing governmental regulators under agreements between the department and the regulators or organization.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices. › Sec. 06.26.880. Enforcement.

(a) Consistent with AS 06.01.030 and regulations adopted by the department under AS 06.01.030 or this chapter, the department may determine that
(1) an office maintained by an interstate state trust company or international trust company is being operated in violation of a provision of the laws of this state or in an unsafe and unsound manner; or
(2) an interstate state trust company or international trust company is engaged in an activity that the trust company may not engage in under this chapter.
(b) If either of the conditions in (a) of this section exists, the department may take the enforcement actions it would be empowered to take if the office or the company were a trust company established under this chapter, including issuing an order temporarily or permanently prohibiting the trust company from acting as a fiduciary in this state.
(c) If a matter involves extraordinary circumstances that require immediate action, the department may take any action permitted by this section without providing notice or an opportunity for a hearing before taking the action. The department shall promptly give notice to the home jurisdiction regulator of each enforcement action taken against an interstate state trust company or international trust company and, to the extent practicable, shall consult and cooperate with the home jurisdiction regulator when pursuing and resolving an enforcement action.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices. › Sec. 06.26.890. Notice of subsequent merger, consolidation, or closing.

If an interstate state trust company, interstate national trust company, or international trust company maintains a trust office or a representative office in this state under this chapter, the trust company shall give at least 60 days' prior written notice, or, in the case of an emergency transaction, shorter notice that is consistent with applicable state and federal law, to the department of
(1) a merger, consolidation, or other transaction that would cause a change of control with respect to the trust company or any bank holding company that controls the trust company if an application would be required to be filed under 12 U.S.C. 1817(j) (Change in Bank Control Act of 1978) or 12 U.S.C. 1841 - 1850 (Bank Holding Company Act of 1956);
(2) a transfer of all or substantially all of the trust accounts or trust assets of the trust company to another person;
(3) the closing or other disposition of any trust office of the trust company in this state.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices. › Sec. 06.26.895. Definitions.

In AS 06.26.810 - 06.26.895,
(1) “international trust company” means an international trust company whose home office is not located in this state;
(2) “interstate national trust company” means an interstate national trust company whose home office is not located in this state;
(3) “interstate state trust company” means an interstate state trust company whose home office is not located in this state.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 12. Miscellaneous Provisions. › Sec. 06.26.905. Cooperative agreements.

(a) The department may enter into cooperative, coordinating, or information-sharing agreements with other governmental regulators or with an organization affiliated with or representing governmental regulators to handle the periodic examination or other supervision of a trust office that is located in this state and owned by an interstate state trust company or of a trust office that is located in a host state and owned by a trust company. Under the agreements, the department may accept reports of examination and reports of investigation instead of conducting the department's own examinations or investigations.
(b) The department may enter into joint enforcement action agreements with other governmental regulators having concurrent jurisdiction over a trust company that is located in this state and owned by an interstate state trust company organized in another state or over a trust office that is located in a host state and owned by a trust company.
(c) Notwithstanding the existence of an agreement under this section, the department may at any time make an examination or take independent supervisory or enforcement action if the department determines that the examination or action is necessary or appropriate to carry out the department's responsibilities under this chapter or to ensure compliance with the laws of this state.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 12. Miscellaneous Provisions. › Sec. 06.26.910. Appeals.

(a) A person may appeal to the department
(1) a denial of an application under AS 06.26.090(e);
(2) an order under AS 06.26.120 to increase or adjust capital;
(3) a denial under AS 06.26.150 of a change of the location of a home office under AS 06.26.150;
(4) a denial under AS 06.26.160 of permission for a trust company to establish a branch office;
(5) a denial under AS 06.26.170 of permission to establish or acquire a representative office;
(6) a denial under AS 06.26.180(d) of permission to establish an office outside this state;
(7) a denial of a private trust company exemption under AS 06.26.200 and 06.26.210;
(8) the conditions or limitations established for an exemption under AS 06.26.200(e);
(9) the revocation of an exemption under AS 06.26.230;
(10) a denial of permission for a private trust company to convert to a trust company under AS 06.26.240;
(11) a denial under AS 06.26.470 of an application to acquire control of a trust company;
(12) the disapproval under AS 06.26.650 of a conversion, merger, or consolidation;
(13) a denial under AS 06.26.840(d) of permission to establish or acquire a trust office in this state;
(14) a denial under AS 06.26.850(g) of permission to establish or acquire a representative office in this state; and
(15) a denial under AS 06.26.860 of permission for additional trust offices or representative offices.
(b) The department shall adopt regulations, consistent with the provisions of this chapter, establishing the procedures for appeals allowed under (a) of this section.
(c) The provisions of AS 44.62 (Administrative Procedure Act), including judicial review under AS 44.62.560, apply to an appeal under this chapter to the extent the provisions of AS 44.62 do not conflict with the procedures established under (b) of this section or other provisions of this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 12. Miscellaneous Provisions. › Sec. 06.26.930. Trust company reports to the department; publication of reports.

(a) A trust company shall make at least four reports of its condition each year to the department as required by and on forms prescribed by the department. Each report shall be signed by a duly authorized officer of the trust company verified by at least one independent director, and each verifying director shall certify under oath that the director has personal knowledge of the facts stated in the report and that the facts are true. Each report must exhibit in detail and under appropriate headings the resources and liabilities of the trust company and must be received by the department within 30 calendar days after the end of the period covered by the report.
(b) The department may require that a trust company submit special reports whenever the department considers a report necessary in order to obtain full knowledge of the trust company's condition.
(c) In addition to the other reports required by this section, a trust company shall make at least one report of income and dividends to the department each year. The trust company shall submit the report to the department within 30 calendar days after the end of the calendar or fiscal year covered by the report.
(d) All of the reports of condition required by this section shall be made available to all customers on request and at no charge to the customer.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 12. Miscellaneous Provisions. › Sec. 06.26.940. Remedy of person damaged by violation.

In addition to any other remedies available under law to the person, a person who suffers damages as a result of a violation of this chapter by a person subject to this chapter may bring an action in court against the person violating this chapter to recover the damages. In this section, “person subject to this chapter” means a trust company, a private trust company, an exempt private trust company, a person who is required to obtain a certificate of authority under AS 06.26.090, and an interstate state trust company or international trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 13. General Provisions. › Sec. 06.26.960. Application of laws relating to general business corporations.

(a) Unless expressly authorized by this chapter, a trust company may not take an action that is authorized by AS 10.06 regarding its corporate status, capital structure, or a matter of corporate governance and for which AS 10.06 requires a filing with the department unless the trust company first makes the required filing with the department and receives the department's approval.
(b) The department may adopt regulations to alter or supplement the procedures and requirements of AS 10.06 applicable to an act taken under this chapter by a trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 35. Uniform Common Trust Fund Act › Sec. 06.35.010. Common trust funds.

(a) A bank or trust company that is qualified to act as a fiduciary in this state, or in another state if affiliated with a bank or trust company that is qualified to act as a fiduciary in this state, may establish common trust funds for the purpose of furnishing investments to
(1) itself as fiduciary;
(2) itself and others as cofiduciaries; or
(3) its affiliated bank or trust company as fiduciary.
(b) A bank or trust company may invest, as fiduciary or cofiduciary, in the common trust funds it establishes under (a) of this section, the funds that the bank or trust company lawfully holds for investment, if the investment is not prohibited by the instrument, court judgment, court decree, or court order creating the fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciary or cofiduciaries to the investment.
(c) Notwithstanding (a) and (b) of this section, a bank or trust company that is qualified to act as a fiduciary in the state where the bank or trust company is organized or otherwise formed and that is not a member of the Federal Reserve System shall in the establishment of or investment in a common trust fund under (a) - (b) of this section comply with the law regulating financial institutions in the state where the bank or trust company is organized or otherwise formed.
(d) The Department of Commerce, Community, and Economic Development may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this section.
(e) In this section,
(1) “affiliated” means two or more banks or trust companies in which
(A) 25 percent or more of the voting shares, excluding shares owned by the United States or by a corporation or other entity wholly owned by the United States, is directly or indirectly owned or controlled by a holding company; or
(B) the election of a majority of the directors is controlled in any manner by a holding company;
(2) “bank” means an organization that is authorized by the United States Comptroller of the Currency, or by the director of banking or the equivalent position in the state of organization, to accept deposits and to make commercial loans, and whose deposits are insured by the Federal Deposit Insurance Corporation;
(3) “trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers, but does not include a natural person.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 35. Uniform Common Trust Fund Act › Sec. 06.35.020. Accounting to court.

Unless ordered by a court of competent jurisdiction, a bank or trust company operating a common trust fund is not required to render a court accounting with regard to the fund. A bank or trust company may, by application to the superior court, secure approval of an accounting it makes with regard to a common trust fund on the conditions the court establishes.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 35. Uniform Common Trust Fund Act › Sec. 06.35.030. Procedure for accounting to court.

When an accounting of a common trust fund is presented to the superior court under AS 06.35.020 for approval, the court shall assign a time and place for hearing and order notice of the hearing by
(1) publication once a week for three weeks, the first publication to be not less than 20 days before the date of the hearing, of a notice in a newspaper having a circulation in the judicial district in which the bank or trust company or branch thereof operating the common trust fund is located;
(2) mailing not less than 14 days before the date of the hearing a copy of the notice to all beneficiaries of the trust participating in the common trust fund whose names are known to the bank or trust company from the records kept by it in the regular course of business in the administration of the participating trusts, directed to them at the addresses shown by the records; and
(3) such further notice as the court may order.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 1. Licensing. › Sec. 06.40.010. License required.

Except as provided in AS 06.40.020, a person may not engage in the business of entering into premium finance agreements on insurance sold in this state or risks located in this state, either directly or indirectly, or otherwise act as a premium finance company in this state without being licensed by the department.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 1. Licensing. › Sec. 06.40.020. Applicability.

This chapter does not apply to
(1) an insurer authorized to transact business in this state with respect to premiums on policies that the insurer issues;
(2) a bank, trust company, savings association, or other financial institution subject to the other chapters of this title and authorized to transact business in this state that does not possess or acquire any right, title, or interest with respect to the insurance policy for which the premiums are financed other than in the proceeds of it in the event of loss;
(3) the inclusion of a charge for insurance in connection with an installment sale under AS 45.10; and
(4) persons licensed under AS 21.27 financing only their own accounts if they are in compliance with AS 21.36.490.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 1. Licensing. › Sec. 06.40.030. Bond.

(a) The applicant shall file with the application a bond to be approved by the department in which the applicant is the obligor, in the sum of $5,000 with one or more sureties. The bond shall be for the use of the state and any person who may have a cause of action against the obligor under this chapter. The bond must state that the obligor will faithfully conform to and abide by the provisions of this chapter and of all regulations lawfully adopted by the department, and will pay to the state and to any person all money that may become due or owing to the state or to the person from the applicant under this chapter. The aggregate liability of the surety for all breaches of the bond condition may not exceed the penal sum of the bond, and the bond may be cancelled by the surety on 30 days notice to the commissioner.
(b) If at any time the commissioner finds that the bond is unsatisfactory for any reason, the commissioner may require the licensee to file, within 10 days after the receipt of a written demand for it, an additional bond complying with the provisions of (a) of this section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 1. Licensing. › Sec. 06.40.040. Annual license fee.

On or before December 20 of each year, each licensee shall pay a fee of $200 to the department as an annual license fee for the next succeeding calendar year. At that same time the licensee shall file with the department a new bond that complies with AS 06.40.030.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 1. Licensing. › Sec. 06.40.050. Application for license; fee; disclosure for child support purposes; interrogatories; refusal to issue or continue license.

(a) Application for a license under this chapter shall be in writing and in the form prescribed by the department. If the applicant is a natural person, the application form must require submission of the applicant's social security number.
(b) All reasonable investigation expenses incurred by the department in processing an application for approval of a proposed premium finance company shall be charged to and paid by the applicant in accordance with AS 06.01.010. At the time of submitting the application to the department, the applicant shall pay to the department $500 in partial payment of the investigation expenses incurred by the department. If the investigation expenses incurred by the department do not exceed $500, the remainder shall be promptly refunded to the applicant.
(c) The person to whom the license may be or is issued shall file sworn answers to interrogatories required by the commissioner. The commissioner shall have authority, at any time, to require the licensee fully to disclose the identity of all directors, partners, officers, and managerial employees. The commissioner may refuse to issue or continue a license in the name of any firm or corporation if the commissioner determines that any officer, employee, stockholder, or partner of the firm or corporation who may materially influence the licensee's conduct does not meet the requirements of this chapter.
(d) All premium finance licenses shall continue in force until suspended or revoked, subject to the payment by the licensee of the annual license fee and to the licensee being in compliance with other provisions of this chapter.
(e) Upon request, the department shall provide a social security number submitted under (a) of this section to the child support services agency created in AS 25.27.010, or the child support agency of another state, for child support purposes authorized under law.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 1. Licensing. › Sec. 06.40.060. Place of business.

(a) A licensee may maintain only one place of business under a license. The department may issue more than one license to the same licensee upon application and compliance by the licensee with the provisions of this chapter governing the original issuance of a license.
(b) If a licensee changes the place of business to another location, the licensee shall give written notice to the department. The department shall attach the written notice of the change to the license together with the date. Thereafter, the licensee may operate the business under the license at the new location.