reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 4. Organization, Incorporation, Certification, Capital Structure, and General Powers, Limitations, and Requirements. › Sec. 06.05.426. Automated teller machines.

(a) A state bank may establish, maintain, and operate an automated teller machine on the premises of the main office or a branch office of the bank.
(b) A state bank may establish, maintain, and operate an automated teller machine at a location other than bank premises by notifying the department 30 days before the date of establishment. An automated teller machine operated off bank premises shall be made available on a nondiscriminatory basis for use by depositors of other depository institutions authorized to do business in the state, upon the agreement of the other depository institutions to pay a fair and equitable amount for the use of the machine.
(c) The notice required in (b) of this section must include
(1) the location and general description of the surrounding area, including a description of the business establishment, if any, in which the machine will be located;
(2) the manner of operation and the kinds of transactions that the machine will perform;
(3) the names of the other depository institutions that will share the machine's services; and
(4) other information required by the department.
(d) A state bank may invest in a corporation organized to operate machines that perform automated teller services for two or more depository institutions.
(e) A person may not establish or operate an automated teller machine that accepts deposits unless those deposits are insured by the Federal Deposit Insurance Corporation or another agency of the United States that insures deposits.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.435. Directors.

(a) The affairs of every bank incorporated under this chapter shall be managed by not less than five directors, nor more than 25. A majority of the board of directors shall be bona fide residents of the state, and a majority constitutes a quorum for the transaction of business.
(b) [Repealed, § 102 ch 26 SLA 1993.]
(c) Unless otherwise approved by the department, each director of a state bank shall own, in the director's own right or jointly with the director's spouse, free of any encumbrance, common or preferred stock of the state bank or of an entity that controls the state bank that has an aggregate par value of at least $1,000, an aggregate shareholder's equity of at least $1,000, or an aggregate fair market value of at least $1,000.
(d) Each director shall take an oath that the director will faithfully and honestly perform the duties of the office and will not violate or permit to be violated any provisions of this chapter. The oath shall be filed annually in the office of the department.
(e) [Repealed, § 102 ch 26 SLA 1993.]
(f) A bank shall report within 30 days to the department a change in directors, including a statement of the business and professional affiliations of new directors.
(g) The department may issue an order under AS 06.01.030 removing a person from the board of directors or prohibiting a person from being on the board, if the department determines that
(1) due to the competence, experience, character, or integrity of the person, it is not in the best interests of the depositors or the public for the person to be or remain on the board;
(2) the person is dishonest or reckless in managing the affairs of the bank;
(3) the person has persistently violated this title, the regulations adopted under this title, or the orders of the department under this title or under the regulations adopted under this title;
(4) the person has been indicted for a felony or other crime involving moral turpitude or breach of trust; or
(5) the person has filed a petition in bankruptcy either in an individual capacity or in the name of a corporation in which the person owns a majority of the shares.
(h) In the case of an entity that owns more than one bank, a director may use the director's equity interest in the controlling entity to satisfy, in whole or in part, the equity interest requirement for one or all of the controlled banks.
(i) The value of the common or preferred stock held by a director of a state bank or of an entity that controls the state bank is valued as of the date purchased, or as of the date on which the individual became a director, whichever value is greater.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.437. Officers.

(a) The officers of a bank shall be chosen by the board of directors. An officer may not be appointed to serve for a period longer than one year. If a president of a bank or other chief officer responsible for the management of the bank is not a director, the officer must be an ex officio member of the board of directors without the power to vote.
(b) A bank shall report within 30 days to the department any changes among executive officers, including in its report a statement of the business and professional affiliations of new executive officers.
(c) If the department determines that an officer or employee of the bank has been negligent, dishonest, reckless, or incompetent in the performance of official duties, the department may order the board to remove the officer or employee from office, after giving the board and the officer or employee an opportunity for a hearing under AS 06.01.030. If the board neglects or refuses to remove the officer or employee from office and if losses due to the negligence, dishonesty, recklessness, or incompetence of the officer or employee accrue to the bank after the neglect or refusal, the order of the department is conclusive evidence of the negligence of the board under this subsection in an action brought against the board, or a member of the board, for recovery of the losses.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.438. Directors, meetings, and duties.

(a) The board of directors of each bank shall hold a meeting at least once each calendar quarter of each calendar year.
(b) The board of directors shall elect a secretary who shall keep a correct record of the minutes of each board meeting. The minutes shall state the date of each meeting, the names of the directors present, and the votes taken. The record of the meeting of the board of directors shall be subscribed to by the presiding officer and the secretary. The minutes shall be read and approved at the next succeeding meeting, and the minutes of that meeting shall show that fact. It is the duty of the bank examiner to examine the minutes of the board at the time of the bank's examination and to include in the report of examination any failure of the bank to comply with this section.
(c) The board of directors shall designate at least one officer of the bank to prepare and submit to the board at each board meeting a report of the loans, overdrafts, and investments made by the bank in the preceding month or since the last report. The board of directors shall examine and pass upon the report and make it a part of the record of the meeting by recording the report in full in the minutes.
(d) The board of directors shall appoint annually an examining committee of no less than three directors of which no more than one may be an active officer of the bank. The committee shall examine or cause to be examined the condition of the bank. A copy of the report shall be submitted to the department within 60 days after completion of the examination.
(e) Unless prohibited by the articles or bylaws of the state bank, the board of directors or a committee of the board may validly conduct a meeting by communicating simultaneously with each other by means of conference telephones or similar communications equipment.
(f) The department may require a meeting of the board of directors of a state bank to be held in the manner and at the time and place the department directs when, in the judgment of the department, a violation of this title has occurred or is about to occur. A report of an examination required or allowed by this title, the conclusions drawn from the examination by the department, recommendations made by the department, and other matters concerning the operation and condition of the bank may be presented to the board of directors by the department. If the department presents a report of examination or other information is presented to the board, each member of the board of directors shall furnish to the department a statement, on forms to be supplied by the department, that the member has read and is familiar with the recommendations of the department.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.440. Authority to declare dividends.

The directors of a bank transacting business in the state may declare a dividend out of the net profits, subject to any restrictions under AS 06.05.307(c) and after complying with AS 06.05.441 - 06.05.445.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.441. Conditions precedent to dividend declaration and payment.

(a) Before a bank dividend is declared or the net profits for the period covered by the dividend disposed of, and after the restoration of any undivided profits or surplus under AS 06.05.442, not less than one-fifth of these net profits shall be carried to the bank surplus account until the surplus account equals 100 percent of the paid-in capital of the bank.
(b) The department may require a bank to suspend the payment of any dividends until all orders or requirements of this section and AS 06.05.442 have been complied with.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.442. Excess losses; restoration of surplus; payment of dividends.

A loss sustained by a bank in excess of its undivided profits and any capital contingency reserves shall be charged to its surplus account or, with the approval of the department, carried as negative undivided profits. The bank's undivided profits and surplus account shall thereafter be reimbursed from earnings, and no dividends may be declared or paid by the bank until any negative undivided profits are eliminated and the surplus account is restored to at least the amount from which the surplus was originally reduced.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.445. Net undivided profits and dividends.

(a) A bank may not declare or pay a dividend in an amount greater than its net undivided profits then on hand.
(b) In determining net profits for the purpose of declaring a dividend, a bank may not include in its calculations
(1) loan loss reserves and losses in excess of reserves, including loans or other credits upon which interest for a period of six months is due and unpaid, unless the loan or credit is well secured and in the process of collection;
(2) interest accrued but not collected on loans or other credits upon which the interest due is more than 90 days delinquent;
(3) interest collected but not earned;
(4) assets or depreciation that the department has required to be charged off;
(5) the appreciation of any asset above its actual cost to the bank; and
(6) any accrued expenses, interest or taxes due from the bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.450. Shareholders list.

Each bank shall keep a record of the name and residence of each shareholder of the bank, the class and number of shares held by each, the time when each person became a shareholder, and all transfers of stock, stating the time when made, the number of shares, and by whom transferred. A list of current shareholders shall be available for inspection in the bank office by any shareholder on demand.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 5. Conduct of Corporate Affairs. › Sec. 06.05.462. Conversions, mergers, and consolidations.

(a) A national bank located in the state may convert to a state bank or merge or consolidate with a state bank, and a state bank may merge or consolidate with another state bank, if the merger or consolidation is consistent with federal and state law and approved by the department.
(b) Before merger or consolidation under (a) of this section, banks shall file with the department an application and other information and reports that the department requires.
(c) The department, in the exercise of its power to approve or disapprove applications for merger or consolidation, shall act in the interests of promoting and maintaining a sound banking system, the security of deposits and customers, the preservation of the liquid position of banks, and in the interest of preventing injurious credit expansions and contractions.
(d) A state bank converting to or merging or consolidating with a national bank shall submit a copy of the application for national charter or application to convert, merge, or consolidate to the department at the time those documents are forwarded to the comptroller of the currency.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 6. Dissolution, Reorganization, Liquidation, and Department Possession. › Sec. 06.05.466. Dissolution before commencement of business.

If the department discovers, after it approves the articles of incorporation for a bank but before it issues a certificate of authority to the bank, a reason why a bank should not have been incorporated, or if a certificate of authority is not issued within the later of one year after the issuance of the certificate of incorporation or the time the department allows for satisfaction of conditions precedent to the issuance of a certificate of authority, the bank shall voluntarily dissolve under AS 10.06.605 - 10.06.625 or may be involuntarily dissolved by the department under AS 10.06.633.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 6. Dissolution, Reorganization, Liquidation, and Department Possession. › Sec. 06.05.468. Department takeover.

(a) A state bank may be closed and the department may take possession of the bank if the bank voluntarily places its affairs and assets under the department's control, or if the department finds
(1) the bank has violated an order of the department;
(2) the bank has violated a provision of this chapter or a regulation of the department adopted under this chapter;
(3) the bank's capital is impaired or the bank is otherwise in an unsafe or unsound condition;
(4) the bank's business is being conducted in an unlawful, unsafe, or unsound manner;
(5) the bank is insolvent;
(6) the bank is unable to continue normal operations;
(7) a department examination of the bank is obstructed or impeded;
(8) the bank holding company that controls the bank refuses to permit an examination as provided in AS 06.05.235; or
(9) the bank has lost, or received notice of the termination or suspension of, its membership in the Federal Deposit Insurance Corporation or has relinquished its membership in the Federal Deposit Insurance Corporation without the consent of the department.
(b) Except as provided in (d) of this section, before the department may take possession of a bank the department shall issue a notice to the board of directors of the bank under AS 06.01.030(a) of the problems identified by the department and issue an order to the board under AS 06.01.030(b) to correct the problems. The notice must also specify that failure to comply with the order may result in the department taking possession of the bank.
(c) If a bank fails to comply with an order issued under (b) of this section, the department may take possession of the bank by posting upon the bank premises a notice stating that the department is assuming possession under this chapter. Department possession begins when the notice is posted. The notice shall also be filed in the superior court of the judicial district in which the bank is located. The department shall notify the local federal reserve bank if the bank is a member of the Federal Reserve System.
(d) Notwithstanding the provisions of this section and AS 06.01.030, if, in the opinion of the department, an emergency exists that will result in serious losses to the depositors, the department may take possession of a bank without prior hearing. Within two days after the department takes possession under this subsection, an interested party may file with the department an application for an order vacating the possession. The department shall grant the application if the department finds that the department's action was not authorized under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 6. Dissolution, Reorganization, Liquidation, and Department Possession. › Sec. 06.05.471. Reorganization.

(a) If the department decides to reorganize a state bank, the department, after according 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 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 bank.
(b) A plan of reorganization may not be prescribed under this chapter unless, in the opinion of the department,
(1) the plan is fair to all classes of depositors, 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 interest accorded to a class of depositors, 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 bank will be made
(A) in the inverse order of the priorities in liquidation of the classes that will retain an interest in the bank; 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, officer, or employee responsible for a problem identified by the department under AS 06.05.468(a) - (b), 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 bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 6. Dissolution, Reorganization, Liquidation, and Department Possession. › Sec. 06.05.472. Liquidation.

(a) In liquidating a state bank, the department may exercise any power incidental to liquidating a bank, but it may not, without the approval of the superior court,
(1) sell an asset of the bank 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 06.05.473(d)(3).
(b) Within six months after beginning the liquidation of a bank, the department may terminate an executory contract for services or advertising to which the bank is a party or an obligation of the bank 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 bank, the department shall take the steps necessary to terminate all fiduciary positions held by the bank, to surrender all property held by the bank as a fiduciary, and to settle the fiduciary accounts of the bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 6. Dissolution, Reorganization, Liquidation, and Department Possession. › Sec. 06.05.474. Federal Deposit Insurance Corporation as receiver or liquidator.

The department may appoint the Federal Deposit Insurance Corporation as receiver for a state bank that the department has taken possession of, if the deposits of the bank are insured by that corporation. Upon filing with the court a certificate indicating the acceptance of the appointment by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business, and property of the bank are transferred to that corporation. The department is then relieved of all responsibility and liability with respect to the reorganization or liquidation of the bank. The Federal Deposit Insurance Corporation may liquidate, reorganize, merge, or consolidate the bank 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 bank under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 7. International and Interstate Banks and Out-of-State Bank Holding Companies and Depository Institutions; Relationship with In-State Depository Institutions. › Sec. 06.05.548. Concentration of deposits.

(a) Unless expressly otherwise allowed under this title, an acquisition, a merger, or an ownership transaction is not permitted between a depository institution in this state and a depository institution in another state, if upon consummation of the acquisition, merger, or transaction the resulting depository institution, whether organized under state or federal law, controls 50 or more percent of the total amount of the deposits held by all depository institutions in this state.
(b) The department may by regulation adopt a procedure that allows the department to waive the restriction in (a) of this section if the department finds that the purposes of this title will be fulfilled and the acquisition, merger, or transaction is in the public interest.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 7. International and Interstate Banks and Out-of-State Bank Holding Companies and Depository Institutions; Relationship with In-State Depository Institutions. › Sec. 06.05.550. Authority of international bank, interstate state bank, or interstate national bank to branch.

(a) An international bank, an interstate state bank, or an interstate national bank whose deposits are insured by the Federal Deposit Insurance Corporation may acquire a branch bank as the result of a merger or consolidation of the international bank, interstate state bank, or interstate national bank with, or the purchase of all or substantially all of the assets of, a state bank, a national bank with its principal office in this state, or a branch of the state bank or national bank, unless the state bank or national bank is a recently formed bank.
(b) An international bank may establish a new branch bank in this state or acquire a recently formed bank if the department approves the establishment or acquisition before the establishment or acquisition occurs. An interstate state bank or interstate national bank may not establish a branch bank in this state unless the establishment occurs through an acquisition under (a) of this section of a bank located in the state. An interstate state bank or interstate national bank may not establish a new branch bank in this state.
(c) An interstate state bank, interstate national bank, or international bank that opens, occupies, or maintains a branch bank in the state has the same powers under the laws of the state as a state or national bank of the same type.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 7. International and Interstate Banks and Out-of-State Bank Holding Companies and Depository Institutions; Relationship with In-State Depository Institutions. › Sec. 06.05.557. Notice filing for interstate national banks.

An interstate national bank acquiring a branch in this state under AS 06.05.550 shall file a notice of the acquisition with the department along with a copy of the application filed with the agency that primarily regulates the interstate national bank. The notice and copy of the application shall be filed with the department at the same time the application is filed with the agency that primarily regulates the interstate national bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 7. International and Interstate Banks and Out-of-State Bank Holding Companies and Depository Institutions; Relationship with In-State Depository Institutions. › Sec. 06.05.560. Asset requirements for international banks.

(a) An international bank that operates one or more branch banks in the state shall maintain in the state assets in an amount acceptable to the department, except that the amount may not be less than the amount of deposits payable at or through the branch banks.
(b) The department shall determine the value of the assets maintained by the international bank for purposes of this section. In making its determination, the department may include as assets currency, bonds, notes, debentures, drafts, bills of exchange, and other evidences of indebtedness owed by persons in the United States and collectible in the United States in United States currency or, with the approval of the department, in currency freely convertible into United States currency, but the department may not include as assets prepaid expenses, customers' liability on prepaid expenses, or amounts due from other offices, branches, or wholly owned subsidiaries of the international bank.
(c) When the department takes possession of a branch bank of an international bank under AS 06.05.468 and 06.05.470, the assets of the international bank in the state shall be turned over to the department and disbursed as provided in AS 06.05.470 - 06.05.473.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 8. General Provisions. › Sec. 06.05.900. Copies of records for child support purposes.

If a copy of a record concerning an individual who owes or is owed child support, including a record concerning assets and liabilities of the individual, prepared or maintained by a bank of this state is requested by the child support services agency established in AS 25.27.010 or the child support enforcement agency of another state, the bank shall provide the requesting agency with a certified copy of the record. If information is prepared or maintained by the bank in an electronic data base, the bank may provide the requesting agency a copy of the electronic record and a statement certifying its contents. The agency receiving information under this section may use the information only for child support purposes authorized under law.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.010. Declaration of policy.

In providing authority for the establishment of mutual savings banks it is the intent of the legislature to make available the benefits of mutual savings banking, thereby encouraging the practice of thrift and promoting the accumulation of funds for investment to develop the economy. For the accomplishment of these purposes, the legislature intends by this chapter to vest in mutual banks those powers generally possessed by state-chartered mutual savings banks and to grant authority to the Department of Commerce, Community, and Economic Development to define powers and to adopt regulations designed to enable mutual savings banks to perform their functions and to carry out the above purposes, subject to the provisions of AS 06.05 (Alaska Banking Code) that are not inconsistent with this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.020. Chartering of mutual banks.

Upon written application by five signatories from among not less than 21 individuals acting in the capacity of qualified corporators named in the application, the department may issue a charter for a mutual bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.030. Issuance of charter.

A charter shall be issued if the department finds that a mutual bank will serve a useful purpose in the community in which it is proposed to be established, that there is reasonable expectation of its financial success, and that its operation will not unduly injure existing banking institutions.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.040. Qualification of corporators.

(a) Each corporator shall be an individual, not of unsound mind or capacity, whom the department finds to be of financial responsibility and good character. Without in any way limiting, by enactment of this section, the general regulatory power granted the department by this or any other act, the department may regulate the activities of corporators and prescribe standards of conduct for corporators in their dealings with their mutual bank.
(b) At least a majority of the corporators shall be residents of this state.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.050. Corporators.

At their organizational meeting, the corporators shall adopt rules governing their activities as corporators, and may amend the rules from time to time. The rules shall establish the number of corporators and shall prescribe that any number of corporators not less than one-quarter of those at the time in office shall constitute a quorum for the purpose of doing business. At the organizational meeting, or an adjournment thereof, the corporators shall, by majority vote of those present, elect one-third of the total number of corporators to serve for a term of four years, one-third to serve for a term of seven years, and one-third to serve for a term of 10 years. Thereafter each corporator shall be elected for a term of 10 years so that the term of not more than one-third of the corporators will expire in any three-year period. The office of any corporator who becomes of unsound mind and capacity becomes vacant. Successor and additional corporators shall be elected by a majority vote of the corporators present at a duly constituted meeting. A corporator may be removed from office for cause upon the affirmative vote of two-thirds of the total number of corporators.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.060. Trustees.

The corporators shall elect a board of trustees from among their number, consisting of not less than seven nor more than 25, or one-half of all the corporators minus one, whichever is less. A majority of the trustees shall be residents of this state.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.070. Terms of trustees.

The corporators shall, by a majority vote of those present at their organizational meeting, elect a board of trustees in the following manner: one-third for a term of one year; one-third for a term of two years; and one-third for a term of three years. Thereafter trustees shall be elected to serve for a term of three years. The office of any trustee becomes vacant if the trustee ceases to hold office as a corporator.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.080. Management and control of mutual bank; bylaws.

The management and control of the affairs of a mutual bank are vested in the board of trustees. The board of trustees may adopt, amend, and repeal bylaws governing the affairs of the mutual bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.100. Prohibited conduct of trustees.

A trustee may not
(1) receive remuneration as trustee except reasonable fees for attendance at meetings of trustees or for services as a member of a committee of trustees;
(2) use the position as trustee, or knowingly allow it to be used, to obtain preferential terms in dealings with the mutual bank for which the person is trustee;
(3) use the position as trustee, or knowingly allow it to be used, to induce an actual or prospective borrower from the mutual bank for which the person is trustee to purchase goods or services at a direct or indirect profit to the trustee.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.110. Trustee as officer or attorney.

Nothing contained in AS 06.15.100 prohibits or limits any right of a trustee who is also an officer or attorney of the mutual bank from receiving compensation for services as an officer or attorney.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.120. Exceptions.

Upon application by a mutual bank, an exception may be granted to any prohibition contained in AS 06.15.100 following a determination by the department that the exception sought is equitable, is supported by evidence, and is in the best interests of the depositors of the mutual bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.130. Deposit of funds.

A mutual bank may not deposit any of its funds except with a depositary approved by vote of a majority of all the trustees, exclusive of any trustee who is an officer, partner, director or trustee of the depositary.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 1. Formation and Management of Mutual Banks. › Sec. 06.15.140. Commencement of operation.

(a) A mutual bank may not begin operation until the department has given its approval to do so. The department may not grant approval to begin operation until the mutual bank has qualified as an insured bank under the Federal Deposit Insurance Act and complied with the provisions of AS 06.05 (Alaska Banking Code) that are not inconsistent with this chapter. A mutual bank that ceases to be qualified under this subsection shall immediately stop operation.
(b) A mutual bank may not commence operation until it has deposited in cash to its credit as an expense fund such sums as the department may require. The deposit shall be evidenced by transferable deferred payment certificates.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 2. Banking Practices. › Sec. 06.15.180. Borrowing.

The aggregate amount of outstanding liabilities of a mutual bank for money borrowed may not at any time exceed 15 percent of the total assets of the mutual bank unless the department approves a larger percentage of the total assets of the mutual bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 2. Banking Practices. › Sec. 06.15.190. Deposits.

A mutual bank may accept deposits to be held solely and absolutely in its own right by or in trust or other fiduciary capacity for any person, including an adult or minor individual, male or female, single or married, a partnership, nonprofit organization, association, fiduciary, corporation, or political subdivision or public or governmental unit. The bank may issue a passbook or other evidence of its obligation to repay the deposits.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 2. Banking Practices. › Sec. 06.15.210. Right to reject, repay, and classify deposits.

A mutual bank may
(1) reject any sums offered for deposit;
(2) repay any deposit at any time; and
(3) classify and differentiate among deposits on any bases that it may determine.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 2. Banking Practices. › Sec. 06.15.240. Investments authorized.

(a) In addition to loans and acquisitions expressly authorized by this chapter, a mutual bank may deal in, underwrite, and invest in for its own account the obligations that the department by regulation authorizes the bank to deal in, underwrite, or invest in for its own account.
(b) If a mutual bank does not assume responsibility for the risk of nonperformance or nonpayment of a security, the bank may purchase or sell the security upon the order of a customer and for the customer's account.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 2. Banking Practices. › Sec. 06.15.250. Investment in first mortgages.

Subject to the provisions of this chapter and the regulations adopted under this chapter, a mutual bank may invest in first mortgages in the same manner and with the same limitations as a bank organized under AS 06.05.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 2. Banking Practices. › Sec. 06.15.260. Investment in bankers' acceptances.

Subject to the provisions of this chapter and regulations under this chapter a mutual bank may invest in bankers' acceptances that have been accepted by a bank, trust company, national bank, investment company, or banking corporation organized under the laws of the United States or of any state, which is a member of the Federal Reserve System.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 2. Banking Practices. › Sec. 06.15.270. Investment in corporate securities.

(a) Subject to the provisions of this chapter and regulations under this chapter a mutual bank may invest in corporate securities, subject to the exercise of the same degree of care and prudence that persons prompted by self-interest generally exercise in their own affairs, and subject to the following limitations:
(1) a mutual bank may not invest in any corporate obligation, other than under AS 06.15.280, that will mature by its terms within one year from the date of its issuance, or if issued or made in series or repayable in installments, has an average maturity of less than one year;
(2) a mutual bank may not invest in
(A) stocks an amount greater than 10 percent of its assets or 100 percent of its surplus and undivided profits, whichever is less;
(B) common stock an amount greater than six percent of its assets or 60 percent of its surplus and undivided profits, whichever is less;
(C) the common and preferred stocks of one issuer an amount greater than one percent of its assets; or
(D) more than two percent of the total issued and outstanding shares of stock of any one issuer.
(b) The limitations of this section do not apply to a mutual bank's investments in a wholly owned subsidiary corporation that owns or leases real or personal property for the purpose of providing a building and facilities to be used primarily for the conduct of the authorized banking activities of the mutual bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 2. Banking Practices. › Sec. 06.15.280. Investment in promissory notes.

Subject to the provisions of this chapter and regulations under this chapter, a mutual bank may invest in a promissory note, subject to the following limitations:
(1) a promissory note payable to the order of the mutual bank that is
(A) secured by the assignment of one or more mortgages in which a mutual bank may invest if the amount so invested in the note does not exceed 90 percent of the principal sum secured by the mortgages; the assignment of a mortgage taken as security for the note shall be recorded or registered in the office of the proper recording officer of the recording precinct in which the real property described in the mortgage is located;
(B) secured by any of the bonds or other securities in which a mutual bank may invest if the amount invested in the note does not exceed 90 percent of the market value of the bonds or other securities at the time of the investment;
(C) secured by an insurance policy to the extent of the policy's cash surrender value;
(D) made by a savings and loans association that has been incorporated three years or more and has an accumulated capital of at least $50,000;
(2) a promissory note payable to the order of the mutual bank within one year from its date that is secured by the assignment of a deposit in a federally insured thrift institution if the amount of the investment in the note is not in excess of the amount of the deposit.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 3. Branches, Conversion, Merger, and Consolidation. › Sec. 06.15.290. Changes of location; branch banks.

A mutual bank may apply for and establish a branch bank, request a change of the location of the bank's principal office, or request a change of the location of a branch bank as allowed under regulations adopted by the department under this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 3. Branches, Conversion, Merger, and Consolidation. › Sec. 06.15.300. Conversion of thrift institution to mutual bank.

Any thrift institution other than a mutual bank may, with the approval of the department, convert itself into a mutual bank upon the affirmative vote of not less than a majority of the votes cast by those entitled to vote upon its affairs at a duly called and held meeting and shall thereupon possess the powers of and be subject to the duties imposed upon mutual banks under the provisions of this chapter. Before approving a conversion, the department shall determine that the thrift institution seeking conversion has the ability to discharge the duties and conform to the restrictions upon mutual banks and has previously so conformed to the extent required by the department. However, the institution may retain and service all accounts lawfully held by it on the date of its conversion.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 3. Branches, Conversion, Merger, and Consolidation. › Sec. 06.15.310. Conversion of mutual bank to thrift institution.

A mutual bank may, with the approval of the regulatory authority having jurisdiction over the creation of the thrift institution and upon the affirmative vote of a majority of its corporators, convert itself into a thrift institution organized under federal law or the laws of this state.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 3. Branches, Conversion, Merger, and Consolidation. › Sec. 06.15.320. Merger and consolidation of mutual banks.

Two or more mutual banks may, with the approval of the department, and upon the affirmative vote of not less than two-thirds of the corporators of each such mutual bank, enter into an agreement of merger or consolidation. Thereafter the merger or consolidation shall be effective under the terms of the agreement.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 3. Branches, Conversion, Merger, and Consolidation. › Sec. 06.15.330. Condition of department approval.

Before approving a merger or consolidation the department shall give consideration to the purposes of this chapter and the prospects of the surviving or consolidated mutual bank for financial success and its ability to discharge the duties and conform to the restrictions imposed upon a mutual bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 3. Branches, Conversion, Merger, and Consolidation. › Sec. 06.15.340. Transfer and exercise of rights.

All rights, franchises, and property interests of the merged or consolidating mutual banks are transferred to and vested in the surviving or consolidated mutual bank by virtue of the merger or consolidation without the requirement under this chapter of a deed or other instrument of transfer. The surviving or consolidated mutual bank may exercise all rights and privileges of the merged or consolidating mutual banks in accordance with the terms of the merger or consolidation agreement. The surviving or consolidated mutual bank is responsible for all debts and obligations of the merged or consolidating mutual bank under the terms of the merger or consolidation agreement.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 4. General Powers of Mutual Banks. › Sec. 06.15.350. General powers.

A mutual bank
(1) shall have indefinite succession;
(2) may adopt and use a seal;
(3) may sue and be sued;
(4) may adopt, amend, and repeal rules and regulations governing the manner in which its business may be conducted and the manner in which the powers vested in it may be exercised;
(5) may make and carry out contracts and agreements, provide benefits to its personnel, and take other action, as it considers necessary or desirable in the conduct of its business;
(6) may appoint and fix the compensation of officers, attorneys, and employees desirable for the conduct of its business, define their authority and duties, delegate to them the powers the trustees determine, require bonds of them as the trustees designate and fix their penalties and pay the premiums on the bonds;
(7) may acquire by purchase or lease real property or interest therein as the trustees consider necessary or desirable for the conduct of its business, and sell, lease, or otherwise dispose of real property or interest therein;
(8) may exercise the powers of a bank granted under AS 06.05 (Alaska Banking Code); and
(9) may convert from a mutual bank to a capital stock bank under a plan approved by the department.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 15. Mutual Savings Bank Act › Article 4. General Powers of Mutual Banks. › Sec. 06.15.360. Additional powers.

The enumeration of powers in AS 06.15.350 does not exclude other powers appropriate for the achievement of the objects and purposes of a mutual bank under this chapter. With the approval of the department, a mutual bank may provide for the exercise of other powers in its bylaws, rules, or regulations.