reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 1. Department Powers, Bank Reports, Prohibited Interests, and Department Standards. › Sec. 06.05.045. Bank reports to the department.

(a) Each state bank shall make at least four reports of condition each year to the department on days designated by, and on forms prescribed by, the department. The report shall be signed by a duly authorized officer of the bank and shall be signed by at least three directors who certify under penalty of unsworn falsification in the second degree under AS 11.56.210 that they, and each of them, have personal knowledge of the facts stated in the report and that the facts are true. The reports must exhibit in detail and under appropriate heads the resources and liabilities of the bank 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 special reports from a bank whenever in its judgment they are necessary in order to obtain a full knowledge of its condition.
(c) Each state bank shall make at least one report of income and dividends to the department each year. The report shall be submitted to the department within 30 days following the end of the calendar year covered in the report.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 1. Department Powers, Bank Reports, Prohibited Interests, and Department Standards. › Sec. 06.05.050. Publication of reports.

(a) Condensed forms of all reports of condition required by AS 06.05.045(a) shall be immediately posted on the primary Internet website of the state bank and may also be
(1) published by the state bank in a newspaper of general circulation published in the place where the state bank is located; if a newspaper of general circulation is not published in that place, the report may be published in the newspaper of general circulation published nearest to that place; or
(2) posted in the lobby of the principal office and all branches of the state bank.
(b) Notice of the publication or posting of the reports of condition under (a) of this section shall be posted on the primary Internet website of the state bank and may also be posted in the lobby of the principal office and all branches of the state bank. Upon request, a copy of a report of condition shall be supplied to any person at no cost.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 1. Department Powers, Bank Reports, Prohibited Interests, and Department Standards. › Sec. 06.05.065. Financial institution interest of department officers and employees.

(a) A bank examiner of the department who deals with the regulation of financial institutions, a special agent selected by the department to do work relating to financial institutions, the commissioner or deputy commissioner, or the director of banking may not be an officer, employee, director, trustee, attorney, shareholder, or partner of a financial institution, or receive, directly or indirectly, a payment or gratuity from a financial institution. A person subject to this section may not borrow money from a state financial institution, except as provided in this section.
(b) A person subject to this section may
(1) be a depositor in a financial institution;
(2) purchase shares of a savings and loan association on the same terms available to the public;
(3) be a member of an employee credit union;
(4) be indebted to a state financial institution upon an installment debt incurred by the employee in the purchase of goods for personal use only and transferred to the financial institution in the regular course of business, including debts for household goods, mobile homes, motor vehicles, or boats; or
(5) retain a preexisting extension of credit that was incurred before commencement of the employment that subjected the person to this section; any renegotiation of a preexisting extension of credit shall be treated as a new extension of credit that is subject to the prohibitions of this section.
(c) This section does not limit the authority of an officer or employee of the department acting in the person's official capacity in the business of the department.
(d) [Repealed, § 102 ch 26 SLA 1993.]
(e) [Repealed, § 102 ch 26 SLA 1993.]
(f) [Repealed, § 102 ch 26 SLA 1993.]
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 1. Department Powers, Bank Reports, Prohibited Interests, and Department Standards. › Sec. 06.05.075. Standards.

The department, in the exercise of its authority under this chapter, shall act in the interests of promoting and maintaining a sound and competitive banking system, the security of deposits and customers, the liquid position of banks, and the prevention of injurious credit expansions and contractions.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 2. Banking Practices. › Sec. 06.05.090. Certification of checks.

(a) The check of a depositor may not be certified unless the amount of the check actually stands to the credit of the drawer.
(b) Any check certified is a valid obligation against the bank when held by an innocent holder.
(c) [Repealed, § 102 ch 26 SLA 1993.]
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 2. Banking Practices. › Sec. 06.05.095. Payment of items.

If the balance in an account subject to withdrawal by or upon the order of a depositor is insufficient to pay an item presented for payment, a bank may select from the items that in the aggregate exceed the balance the items to be paid in the order convenient to the bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 2. Banking Practices. › Sec. 06.05.100. Deposit of minor or person under disability.

Where a deposit is made in a bank by or on behalf of a minor or a person under disability in the name of the minor or person under disability, the bank may pay the money on check or order of that person as in other cases.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 2. Banking Practices. › Sec. 06.05.145. Adverse claim to bank deposit.

Notice to a bank of an adverse claim to a deposit standing on its books to the credit of a person is ineffective unless the adverse claimant procures a restraining order, injunction or other appropriate process against the bank from a court in a cause where the person to whose credit the deposit stands is made a party or executes to the bank in form and with sureties acceptable to it a bond, indemnifying the bank from any liability, loss, damage, costs and expenses on account of the payment of the adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of the bank. This section does not apply where the person to whose credit the deposit stands is a fiduciary for the adverse claimant, and the facts constituting that relationship and the facts showing a reasonable belief on the part of the claimant that the fiduciary is about to misappropriate the deposit are made to appear by the affidavit of the claimant.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 2. Banking Practices. › Sec. 06.05.166. Legal holidays and closings.

(a) A bank organized under or doing business under the laws of the state or a national bank may remain closed on the legal holidays described in AS 44.12.010 - 44.12.025. The bank shall post a notice of holiday closing in the place of business affected at least seven days in advance.
(b) If a contract by its terms requires the payment of money or the performance of a condition on a holiday allowed under (a) of this section by or at a state or national bank, payment may be made or the condition performed on the next succeeding business day with the same effect as if made or performed in accordance with the terms of the contract.
(c) In an emergency, a bank may elect not to open any of its banking offices on a business or banking day or, having opened, to close any banking office. The bank shall notify the department of the nonopening or the closing before taking the action, if possible, and, in any event, not later than 15 days after the nonopening or closing. Any act relating to the banking office that has been closed for any period of time under this subsection may be performed on the next business day that the office is open for business. No liability or loss of rights of any kind on the part of any person, firm, or corporation or of the bank results from the nonopening or closing, and the rights of all parties are suspended during the nonopening or closing.
(d) In addition to legal holidays, a bank's board of directors may declare a closing of the bank on any other normal business day, if the department authorizes the closure, the bank posts notice of the closing in the place of business affected at least 15 days in advance, and the bank maintains all normal processing and clearing operations on the closed day.
(e) Under (a) or (d) of this section, a bank may not be closed for more than three consecutive days.
(f) A bank may operate a branch bank on a different schedule approved by the department if the department determines that operation on a different schedule will provide better service or otherwise benefit the public.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 2. Banking Practices. › Sec. 06.05.197. Nominees.

(a) A state or national bank or a trust company, when acting in the state as a fiduciary or as a co-fiduciary with others, may with the consent of its co-fiduciary or co-fiduciaries, if any, who are hereby authorized to give such consent, cause any investment it holds as a fiduciary or co-fiduciary to be registered and held in the name of a nominee or nominees of the bank or trust company. The bank or trust company is liable for the acts of its nominee with respect to an investment registered in the nominee's name.
(b) The records of the bank or trust company must at all times show the ownership of the investment registered and held in the name of its nominee. The bank or trust company shall retain possession and control of the investment and keep the investment separate and apart from its assets.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.200. Reserves against deposits.

(a) A bank shall maintain a reserve fund sufficient to maintain liquidity and meet all reasonable demands of depositors, as provided in regulations adopted by the department.
(b) [Repealed, § 102 ch 26 SLA 1993.]
(c) [Repealed, § 102 ch 26 SLA 1993.]
(d) If the reserve fund of a bank falls below the amount required by the department to be maintained under this section, the department may prohibit the bank from making any new loans or other investments or paying any dividends until the bank's reserve fund has been restored to the amount required under this section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.207. Real estate loans.

(a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured primarily by a first lien on an interest in improved or unimproved real property, including leases, if
(1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the department;
(2) before the loan is made or acquired, the bank secures and maintains in its files, evidence of merchantable title and a determination of the value of the property by a person familiar with the real property values in the vicinity where the real property is located; and
(3) insurance against loss from fire on all buildings on the real property that are included in the value of the property is acquired by the borrower or the bank and is not allowed to lapse.
(b) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a junior lien on real property if
(1) payments on the loan secured by all senior liens are current and the bank retains in its records a written report of the status and balance of the senior liens as of the date the junior lien loan is made or acquired; and
(2) all requirements of (a) of this section are met.
(c) In this section, “real property” includes a manufactured home that has become real property under AS 34.85.010. In this subsection, “manufactured home” has the meaning given in AS 45.29.102.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.209. Credit cards.

(a) A bank is not prohibited from issuing unsolicited credit cards or other similar credit granting devices but the bank may not hold the customer liable for charges made on a credit card or other device before its acceptance by the customer. Before an unsolicited card is considered accepted by the customer, the customer shall execute and furnish to the bank a written statement of acceptance.
(b) A state bank may issue a credit card or other similar credit granting device to a customer for obtaining money, goods, services, or anything else of value, and, notwithstanding AS 45.45.010, the state bank, when credit is extended under this section, may impose a service charge at a monthly rate as agreed upon by contract between the state bank and the customer receiving the credit granting device.
(c) In addition to charges authorized under (b) of this section, a bank may charge an annual fee for the issuance of a credit card or other similar credit granting device.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.210. Loans to directors, officers, and employees.

(a) Subject to the same terms and conditions applicable to other loans and to applicable federal law, a director or executive officer of a state bank may borrow up to $500,000 from the state bank at the discretion of the chief executive or managing officer of the state bank. A loan to a director or executive officer that makes the total amount owed to the state bank by the director or executive officer in excess of the limit in this subsection, or loans of any amount to the chief executive or managing officer of the state bank, shall have the prior approval of the board of directors and shall be reported to the department within 30 days.
(b) [Repealed, § 102 ch 26 SLA 1993.]
(c) Notwithstanding (a) of this section, loans to directors, executive officers, and other officers and employees of a state bank are subject to the lending limits imposed by AS 06.05.205 and the regulations adopted under that section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.211. Loans secured by forest tracts.

(a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a first lien on a forest tract if
(1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the department;
(2) before the loan is made or acquired, the bank secures and maintains in its files evidence of a determination of the value of the property; and
(3) the loan is secured by an amortized mortgage, deed of trust, or assignment of a federal or state timber sale contract.
(b) The aggregate of all loans made or acquired by a bank under this section may not exceed 50 percent of its combined capital, surplus, and undivided profits.
(c) In this section, “forest tract” means a reasonably accessible tract of land primarily covered with marketable or potentially marketable growing timber having a recognized commercial value, which is safeguarded by fire protection, insect, pest, and disease control.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.212. Overdrafts.

(a) A director, officer, or employee of a state bank may not knowingly, wilfully, and persistently overdraw the director's, officer's, or employee's account or permit a customer to do so.
(b) An overdraft of more than 30 days' standing may not be allowed as an asset of the bank.
(c) The provisions of this section do not apply to an approved overdraft created under a check guaranty plan or other similar revolving credit plan.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.215. Liability of directors and officers for certain loans.

A director, executive officer, managing officer, or issuing officer of a state bank who knowingly or with gross negligence approves or permits the funds of the bank to be lent or overdrafts to be made in an unsafe or unsound manner, or in violation of an order of the department, the bank's lending policies, this title, or a regulation adopted under this title, is personally liable to the bank for all the loans and overdrafts. The bank may enforce the liability against the director or officer by an action in a court of competent jurisdiction.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.225. Application of other laws to loans insured under national housing act.

The laws of the state prescribing or limiting interest rates upon loans do not apply to loans insured under 12 U.S.C. 1706c (National Housing Act).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.230. Investment in property and banking premises.

A bank may acquire, purchase, hold, and convey real and personal property for the following purposes only:
(1) that which is necessary for the convenient transaction of, or the promotion of, its business, including buildings containing banking offices, equipment, furniture and fixtures, art work, leasehold improvements, parking lots, and, with the prior approval of the department, real property reasonably anticipated to be necessary for future expansion of the bank, if the book asset value of the purchase or investment does not exceed 60 percent of the capital and surplus of the bank;
(2) the satisfaction of or on account of debts previously contracted in the course of its business;
(3) the purchase at sale under judgment, decree, lien, or mortgage foreclosure, against security held by it;
(4) that which is necessary in connection with a negatively amortizing loan described under AS 45.45.010(f).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.231. Bank service corporations.

(a) A bank may invest not more than 10 percent of its paid-in and unimpaired capital and surplus in a bank service corporation if
(1) the bank submits an application requesting permission to invest in a bank service corporation to the department, accompanied by complete information concerning feasibility, rates, and competitive organizations, and the department consents in writing to the investment before it is made; and
(2) the total investment under this section and AS 06.05.230(1) does not exceed the combined capital, surplus, and undivided profits.
(b) A bank may not employ or use the services of a bank service corporation unless the service corporation provides an adequate bond or insurance against liabilities arising from accounting or other activities performed by the service corporation affecting bank transactions and the bank gives written notice to the department, before any services are rendered, specifying the name and address of the bank service corporation and the nature of the activities to be performed.
(c) The performance of a service for a bank by a bank, person, or organization other than the bank is subject to all laws and regulations governing performance and examination, in the same manner as if the bank were performing the services.
(d) In this section,
(1) “bank service corporation” means a corporation organized to perform bank services for two or more banks, each of which owns part of the capital stock of the corporation;
(2) “bank services” means services for banks such as check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, and any clerical, bookkeeping, accounting, statistical, or similar functions performed by a bank for its customers.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.237. Financial holding companies.

Notwithstanding the provisions of AS 06.05.235 and regulations adopted under that section, a holding company formed under this title may apply to the Federal Reserve System for status as a financial holding company. If the status is granted, the financial holding company has powers as a financial holding company authorized by the Federal Reserve System if
(1) at the time of application, the holding company provides the department with a complete copy of the application;
(2) the holding company provides the department with copies of all correspondence concerning the application;
(3) the holding company provides the department with a copy of the approval by the Federal Reserve System within 10 days after the holding company receives the approval; and
(4) the department does not issue a letter denying financial holding company status within 30 days after the approval by the Federal Reserve System.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.240. Acquisition of property to satisfy or protect previous loan.

A state bank may take property of any kind to satisfy or protect a loan previously made in good faith and in the ordinary course of business. A bank may not take the capital stock of the bank or of the bank's parent holding companies unless it complies with AS 06.05.205(d). The property shall be entered on the books at cost, or fair market value, whichever is less. Property acquired to satisfy or protect previous loans shall be disposed of over periods of time as the department may prescribe by regulation.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.245. Disposition of property.

All investments in real and personal property, regardless of how acquired, not permitted under AS 06.05.230 that come into the possession of a state bank shall be disposed of as soon as possible.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.255. Borrowing.

(a) The aggregate amount of outstanding liabilities of a state bank for money borrowed exclusive of (1) capital notes and debentures issued under AS 06.05.307, (2) obligations incurred in connection with the purchase of bank premises under AS 06.05.230(1), and (3) agreements to repurchase securities, earlier sold by the bank, at the end of a stated period, may not at any time exceed 15 percent of the bank's total assets, or a larger amount if approved by the department.
(b) Nothing in this section prevents a bank from rediscounting in good faith and endorsing any of its negotiable notes.
(c) [Repealed, § 102 ch 26 SLA 1993.]
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.260. Pledge, assignment, and transfer of assets.

(a) A bank may not give preference to a depositor or creditor by pledging any of the assets of a bank as collateral security except
(1) to the state to secure state funds, or to a municipal corporation or other public corporation, municipal utility or municipal utility board, or political subdivision of the state to secure its funds, and to the United States as may be required to make the bank a depository for United States funds;
(2) to secure a mortgage or deed of trust in connection with the purchase of banking premises as provided in AS 06.05.230, if the only property pledged is property purchased in the transaction;
(3) to a federal reserve bank or federal home loan bank in the manner required by the applicable laws, regulations, and rules of the federal reserve bank or federal home loan bank, as applicable;
(4) to a federally recognized tribe or a wholly owned subdivision or wholly owned subsidiary of a federally recognized tribe;
(5) to a business enterprise that is wholly owned by a federally recognized tribe;
(6) to an inter-tribal consortium as defined in 25 U.S.C. 3202; or
(7) to a tribal organization as defined in 25 U.S.C. 5304.
(b) [Repealed, § 102 ch 26 SLA 1993.]
(c) A pledge, assignment, or transfer of any of the assets of a bank in violation of this section is null and void against the creditors of the bank.
(d) A bank may pledge the assets of the bank
(1) to a party to an interest rate swap agreement as collateral to secure the party's financial risk arising out of the agreement; the bank may make the pledge on the same terms and conditions applicable to a bank chartered by the United States in a pledge of assets in an interest rate swap agreement;
(2) to allow the bank to enter into an interest rate swap agreement to manage the bank's risk of fluctuating interest rates, but not for a purpose that involves a high risk of loss.
(e) In this section,
(1) “federally recognized tribe” means a tribe that the United States Secretary of the Interior recognizes as an Indian tribe under 25 U.S.C. 5131 (Federally Recognized Indian Tribe List Act of 1994);
(2) “interest rate swap agreement” means an agreement in which one stream of future interest payments is exchanged for another stream of future interest payments.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.262. Assumption of liability.

Except as expressly permitted in this chapter, a state bank may not assume liability as an insurer or as a guarantor or endorser of a security instrument or obligation unless the bank has a property interest in or with respect to the instrument or obligation. This section does not apply to warranty deeds issued by a bank.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.270. Investments and customer securities.

(a) In addition to loans and acquisitions expressly authorized by this chapter, a state 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) [Repealed, § 102 ch 26 SLA 1993.]
(c) A state bank may purchase or sell, without recourse, any security upon the order of a customer and for the customer's account.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.272. Bank subsidiaries.

(a) A state bank may purchase or establish, and operate, one or more subsidiaries engaged in any of the following activities, if the subsidiary has the necessary licenses and permits and the operation is not detrimental to the bank's business:
(1) real property ownership, development, and leasing;
(2) securities brokerage;
(3) other activities authorized in regulations adopted under this section; or
(4) other activities approved by the department.
(b) Under this section, a state bank's total investment in its subsidiaries may not exceed that which is permissible for a federally chartered bank's total investment in all subsidiaries as set out in 12 U.S.C. 24a, as amended. Loans to subsidiaries are considered investments subject to the limitations of this subsection.
(c) A subsidiary of a state bank is subject to examination by the department as part of the examination of the bank under AS 06.01.015.
(d) [Repealed, § 55 ch 75 SLA 2002.]
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.275. Trade and bank acceptances.

(a) [Repealed, § 102 ch 26 SLA 1993.]
(b) A bank may discount, invest in, negotiate, and issue trade acceptances and bank acceptances if
(1) the terms of the draft require presentation for payment within 180 days of issuance, exclusive of days of grace, and it is drawn to finance the purchase of goods with maturity and payment in accordance with the terms of the purchase agreement;
(2) the terms of the draft require presentation for payment within 180 days of issuance, exclusive of days of grace, and it is secured by shipping documents transferring or securing title to goods, or by receipt of a licensed or bonded warehouse securing title to readily marketable goods; or
(3) the draft is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade and its terms require presentation for payment within 90 days of issuance.
(c) [Repealed, § 102 ch 26 SLA 1993.]
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.277. Providing services as agent.

(a) If a state bank complies with this section and if the department approves the provision of the services under this section, the state bank may agree to provide banking services as an agent for a depository institution.
(b) A state bank that proposes to enter into an agency agreement under this section shall file with the department at least 60 days before the effective date of the agreement a request that the department approve the provision of the banking service. The request must include a
(1) notice of intention to enter into an agency agreement with a depository institution;
(2) description of the services proposed to be provided under the agency agreement; and
(3) copy of the agency agreement
(c) Except as provided by (d) of this section, the commissioner shall decide whether to approve a request submitted under (b) of this section and shall issue a decision within 60 days after receipt of the request. The department may ask for additional information after reviewing a request received under (b) of this section. If the department asks for additional information, the 60 days is calculated from the date the department receives the additional information.
(d) When making its decision under (c) of this section, the department may consider the safety and soundness of the particular state bank and depository institution and whether providing the service is consistent with applicable federal and state law and with safe and sound banking practices.
(e) Before approval under (c) or (f) of this section, the department shall give appropriate notice to the public of each request submitted to the department under (b) of this section.
(f) If the department does not take action on a request submitted under (b) of this section within the time limit established in (c) of this section, the request is considered to have been approved by the department.
(g) Notwithstanding the other provisions of this section, a state bank may not, under an agency agreement, provide by itself through an agent an activity that the state bank may not conduct under applicable state and federal law.
(h) The department may order a state bank or another depository institution subject to this title to cease acting as an agent or principal under an agency agreement subject to this section if the department determines that the activity is inconsistent with safe and sound banking practices.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 05. Alaska Banking Code › Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. › Sec. 06.05.280. Fees connected with obtaining mortgage loans.

(a) [Repealed, § 102 ch 26 SLA 1993.]
(b) [Repealed, § 102 ch 26 SLA 1993.]
(c) A director, officer, or employee of a bank may not receive a fee or other compensation of any kind in connection with obtaining a mortgage loan from a bank, except for services actually rendered as provided in this chapter.
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. 06.05.301. Applicability of corporations code.

(a) Except for national banks with a principal place of business in the state, and interstate state banks and international banks with a certificate of authority under AS 06.05.555, a corporation may not engage in the banking business unless the corporation is organized under AS 10.06 (Alaska Corporations Code) and this title.
(b) The provisions of AS 10.06 (Alaska Corporations Code) apply to state banks, except those provisions inconsistent with this chapter. The provisions inconsistent with this chapter include AS 10.06.010(4) - (8), 10.06.105(a) and (d), 10.06.325, 10.06.356, 10.06.358 - 10.06.360, 10.06.370, 10.06.385 - 10.06.388, 10.06.420(i), 10.06.430, 10.06.453, 10.06.460(b), 10.06.485, 10.06.522 - 10.06.868, 10.06.915, 10.06.960, and 10.06.990(30) and (38).
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. 06.05.305. Capital structure.

(a) A corporation may not commence and operate a banking business in the state in a community with a population of 35,000 or more unless the corporation has paid-in capital in an amount acceptable to the department, but not less than $2,000,000, and paid-in surplus equal to 20 percent of paid-in capital. A corporation may not commence and operate as a bank in the state in a community with a population less than 35,000 unless the corporation has paid-in capital in an amount acceptable to the department, but not less than $1,000,000, and paid-in surplus equal to 20 percent of paid-in capital. A bank may not operate any branches unless it has an aggregate paid-in capital and paid-in surplus in amounts acceptable to the department.
(b) The capital of a state bank may not be reduced to an amount less than is required by the department for capital under (a) of this section. A reduction of capital or the liability of the shareholders is not valid until it is approved by the department.
(c) If a state bank fails to maintain its total capital accounts and loan loss reserves in an amount equal to the assets classified as substandard by the Federal Deposit Insurance Corporation or by the state in the bank's latest report of examination, the department shall consider the failure as endangering the safety of depositors and may direct the bank's directors to increase the capital accounts in an amount sufficient to cover substandard assets.
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. 06.05.307. Capital notes or debentures.

(a) A bank organized under the laws of this state may, with the approval of stockholders owning two-thirds of the stock of the bank entitled to vote or without this approval if authorized by its articles of incorporation, issue convertible or nonconvertible capital notes or debentures with the written consent of the department. The principal amount of notes and debentures outstanding at any time may not exceed 33 1/3 percent of the capital stock and surplus fund of the bank at the date of issue. The rate and term are subject to the approval of the department but in no event may the term be more than 20 years after the date of issue.
(b) A bank may not retire capital notes or debentures if the retirement creates an impairment of its capital. Capital notes and debentures are subordinated in right of payment in the event of insolvency or liquidation of the bank to the prior payment of all deposits and all claims of other creditors except the holders of securities on a parity with the capital notes and debentures and the holders of securities expressly subordinated to the capital notes and debentures.
(c) Bank assets may not be pledged to secure capital notes and debentures, but the bank may, for the security and the protection of the holders of the capital notes and debentures, agree through its board of directors to restrict the payment of dividends.
(d) [Repealed, § 102 ch 26 SLA 1993.]
(e) [Repealed, § 102 ch 26 SLA 1993.]
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. 06.05.310. Correction of impairment of capital.

If the department determines that the order is necessary for the protection of depositors, the department may issue an order under AS 06.01.030 to require a state bank to increase its capital accounts or to reduce its deposits. In making a decision whether to issue an order under this section, the department shall consider the
(1) quality of management;
(2) quality and liquidity of assets;
(3) history of earnings and retention of earnings;
(4) quality and character of ownership;
(5) potential volatility of deposit structure;
(6) quality and cost of bank operations; and
(7) capacity to meet present and future needs of the area served, considering the bank's competition.
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. 06.05.327. Change in outstanding voting shares.

Before a change may occur in the outstanding voting shares of a state bank that will result in a change in the control of the bank, or before any sales or transfers by or to a person, corporation or other legal entity of the aggregate of 10 percent or more of the voting shares of a state bank may be made, the transaction must be approved by the department.
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. 06.05.340. Certain remuneration prohibited.

A bank may not pay directly or indirectly a fee, commission, or bonus of any kind for its promotion and organization or for securing a subscription to the original capital or to any increase in capital. However, this section does not prohibit the payment of reasonable compensation for legal, accounting, and econometric services, or payments to a securities broker-dealer registered under AS 45.56 for services that have been performed in connection with the sale of bank securities.
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. 06.05.342. Subscriptions for shares.

(a) Subscription agreements and accompanying prospectuses or offering circulars, whether for a proposed state bank or for an increase in capital of an existing state bank, shall be submitted to the department for approval before their use. The department shall determine whether the subscription agreements or offering circulars provide full and accurate disclosure of the material terms of the offering. The department may order the incorporators not to accept any stock subscriptions or to cease accepting subscriptions if the department determines that the incorporators are not acting lawfully or in good faith.
(b) In the case of a proposed state bank, the incorporators shall submit a list of subscribers, providing the name, residence address, and occupation of each subscriber and the number of shares for which the person has subscribed.
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. 06.05.345. Articles of incorporation.

(a) In addition to those items required under AS 10.06.208, the articles of incorporation of a state bank must specify
(1) the judicial district in which the bank is to be located and the community where the bank is to conduct its principal place of business;
(2) the amount of its capital stock, which shall be divided into shares having a par value of not less than $1 each;
(3) that there will be at least five but no more than 25 directors; and
(4) the period for which the bank is organized, if limited.
(b) [Repealed, § 102 ch 26 SLA 1993.]
(c) [Repealed, § 102 ch 26 SLA 1993.]
(d) [Repealed, § 102 ch 26 SLA 1993.]
(e) [Repealed, § 102 ch 26 SLA 1993.]
(f) [Repealed, § 102 ch 26 SLA 1993.]
(g) [Repealed, § 102 ch 26 SLA 1993.]
(h) [Repealed, § 102 ch 26 SLA 1993.]
(i) [Repealed, § 102 ch 26 SLA 1993.]
(j) [Repealed, § 102 ch 26 SLA 1993.]
(k) [Repealed, § 102 ch 26 SLA 1993.]
(l) A bank may amend its articles of incorporation in a manner consistent with its articles and bylaws, AS 10.06, and this chapter by a vote of its shareholders representing at least a majority of the capital at a regular meeting or at a special meeting called for the purpose.
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. 06.05.350. Certificate of authority.

(a) At any time after receiving a certificate of incorporation, a bank may apply to the department for a certificate of authority to engage in the banking business. Before receiving a certificate of authority, a bank may not perform an act other than to perfect its organization, obtain and equip a place of business, obtain subscriptions and payment for its shares, and otherwise prepare to do business. If a bank violates this subsection by transacting business before it receives a certificate of authority, the directors and officers who wilfully authorized or participated in the action are personally, jointly, and severally liable for the debts and liabilities of the bank incurred before the certificate of authority is issued.
(b) The department shall issue a certificate of authority to engage in the banking business to a proposed state bank if, upon review of the information required by this chapter, including the following, it approves the application:
(1) certification by an officer by affidavit that the capital and surplus required by the department have been fully paid in cash;
(2) a list of all shareholders, giving the name, address, and number of shares held by each;
(3) bylaws of the corporation;
(4) evidence satisfactory to the department that the bank has complied with all the requirements of this chapter and any conditions imposed by the department and has advised the department in writing of any changes that have occurred in the facts reflected in the material it filed under AS 06.05.344.
(c) If the rights conferred by a certificate of authority are not exercised within one year from the date of its issuance, the certificate lapses.
(d) Except as authorized under this section, a person may not
(1) engage in the business of receiving deposits, discounting evidences of indebtedness, or receiving money for transmission;
(2) represent that the person is a bank; or
(3) use any form of the word “bank” in the person's name unless the person is a state bank formed under this title or a bank formed under the authority of another state or an agency of the federal government, or unless it is clear that the use does not represent that the person is a bank; the prohibition in this paragraph does not apply to a food bank, blood bank, or similar organization that cannot readily be confused with a bank.
(e) A person prohibited by (d)(3) of this section from using any form of the word “bank” in its name may apply to the commissioner for authority to use a form of the word “bank” in its name.
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. 06.05.355. Deposit insurance required.

(a) The department shall require a state bank, at the time the bank applies for a certificate of authority under AS 06.05.350, to become a member of the Federal Deposit Insurance Corporation.
(b) A bank that is a member of the Federal Deposit Insurance Corporation may not voluntarily relinquish membership without the consent of the department. Request for the consent must be made at least 180 days before the proposed date of relinquishment.
(c) Relinquishment of membership without giving notice and obtaining the department's consent, involuntary loss of membership, or failure to become a member after the department directs the bank to become a member constitutes cause for the department to take possession of the bank in the manner provided by this chapter.
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. 06.05.385. Organizational meeting; bylaws.

(a) A state bank may not call an organizational meeting under AS 10.06.223 until all capital and surplus have been fully paid.
(b) Bylaws shall be adopted and may be amended by a vote of the holders of a majority of the outstanding voting shares voted at a meeting of the shareholders. If not provided in the articles of incorporation, the bylaws must indicate the organizational structure of the bank and specifically designate the offices that will be held by the executive or managing officers of the bank. The bank shall file with the department copies of the original bylaws of the bank and any amendments adopted for the bylaws.
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. 06.05.399. Changes of location; branch banks.

A state 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.