reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 2. Name, Powers, Organization, and Capitalization. › Sec. 06.26.120. Required capital; change in outstanding capital and surplus.

(a) A trust company may not act as a fiduciary unless the trust company has paid-in capital in an amount acceptable to the department, but not less than $400,000, and paid-in surplus equal to 20 percent of paid-in capital. The trust company shall hold its unimpaired capital as security for the faithful discharge of the fiduciary duties undertaken by the trust company and for the claims of creditors.
(b) The department may by order require or permit adjustment to capital for a proposed or existing trust company if the department finds the condition and operations of an existing trust company or the proposed scope or type of operations of a proposed trust company requires adjustment to capital to protect the safety and soundness of the trust company. The safety and soundness factors to be considered by the department in the exercise of its discretion to adjust capital include
(1) the nature and type of business conducted;
(2) the nature and degree of liquidity of the assets held by the trust company other than trust assets;
(3) the amount of fiduciary assets being managed;
(4) the type of fiduciary assets held and the depository of those assets;
(5) the complexity of the fiduciary duties and degree of discretion undertaken;
(6) the competence and experience of management;
(7) the extent and adequacy of internal controls;
(8) the presence or absence of annual unqualified audits by an independent certified public accountant;
(9) the reasonableness of the trust company's plans for retaining or acquiring additional capital; and
(10) the existence and adequacy of insurance held by the trust company to protect its customers, beneficiaries, and grantors.
(c) If the department orders a trust company to increase or adjust its capital, the order must state the date by which the increase or adjustment must be made. An order under this subsection does not prohibit the trust company from later applying to the department to reduce capital requirements for the trust company under (b) of this section.
(d) Subject to (b) of this section, a trust company to which the department issues a certificate of authority shall at all times maintain capital in at least the amount required under (a) of this section, as increased or decreased under (b) of this section.
(e) A trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares, or otherwise without the prior written approval of the department, unless otherwise permitted by this chapter.
(f) Prior approval by the department is not required for a decrease in surplus caused by incurred losses that exceed undivided profits. A decrease to surplus as a result of losses shall be replaced before payment of further dividends.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 2. Name, Powers, Organization, and Capitalization. › Sec. 06.26.130. Capital notes or debentures.

(a) A trust company may, with the written consent of the department, and if authorized by its articles of incorporation or approved by persons owning two-thirds of the stock of the trust company entitled to vote, issue convertible or nonconvertible capital notes or debentures. The principal amount of notes and debentures outstanding at any time may not exceed 33 1/3 percent of the capital stock and surplus fund of the trust company on the date of issuance. The rate and term are subject to the approval of the department, but the term may not exceed 20 years.
(b) A trust company may not retire capital notes or debentures if the retirement creates an impairment of its capital. Capital notes and debentures are subordinated in right of payment in the event of insolvency or liquidation of the trust company to the prior payment of all deposits and all claims of other creditors except the holders of securities on a parity with the capital notes and debentures and the holders of securities expressly subordinated to the capital notes and debentures.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 3. Operation of Offices. › Sec. 06.26.150. Trust company home office.

(a) A trust company shall continuously maintain in this state a home office where the trust company operates and keeps its records. At least one executive officer shall maintain an office at the home office.
(b) Each executive officer at the home office is an agent of the trust company for service of process.
(c) A trust company may change its home office to any of its offices existing at the time of the change within this state by filing a written notice with the department setting out the name of the trust company, the street address of its home office before the change, the street address to which the home office is to be changed, and a copy of a resolution adopted by the trust company's board authorizing the change.
(d) The change of the location of a home office takes effect on the 61st day after the date the department receives the notice under (c) of this section, unless the department establishes a different date or unless, before the 61st day, the department notifies the trust company that the trust company shall establish to the satisfaction of the department that the relocation is consistent with the original determination made under AS 06.26.090 for the establishment of a trust company at that location, in which event the change of home office takes effect when approved by the department.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 3. Operation of Offices. › Sec. 06.26.160. Trust company branch offices.

(a) A trust company may establish branch offices anywhere in the state by
(1) filing a written notice with the department setting out the name of the trust company, the street address of the proposed branch office, and a description of the activities proposed to be conducted at the branch office;
(2) filing with the department a copy of a resolution adopted by the trust company's board authorizing the establishment or acquisition of the branch office; and
(3) paying the filing fee established by the department by regulation.
(b) The department has 60 days from the date the department receives the notice under (a) of this section to review the proposal for the branch office, and the trust company may begin operating the branch office on the 61st day after the date the department receives the notice, unless the department specifies a different date.
(c) The department may extend the 60-day period of review provided by (b) of this section if the department determines that the proposed branch office raises issues that require additional information or if the department needs additional time for analysis. If the 60-day period of review is extended, the trust company may establish the branch office only after the department approves the branch office in writing. The department may deny the trust company permission to establish a branch office if the department has safety or soundness concerns.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 3. Operation of Offices. › Sec. 06.26.170. Trust company representative offices.

(a) A trust company may establish or acquire representative trust offices anywhere in this state. To establish or acquire a representative office, a trust company shall
(1) file a written notice with the department that sets out the name of the trust company and the location of the proposed representative office;
(2) file with the department a copy of a resolution adopted by the trust company's board authorizing the establishment or acquisition of the representative office; and
(3) pay the filing fee established by the department by regulation.
(b) The department has 60 days from the date the department receives the notice filed under (a) of this section to review the establishment or acquisition of a representative office, and the trust company may begin operating the representative office on the 61st day after the date the department receives the notice, unless the department specifies a different date.
(c) The department may extend the 60-day period of review provided by (b) of this section if the department determines that the written notice raises issues that require additional information or if the department needs additional time for analysis. If the 60-day period of review is extended, the trust company may establish the representative office only after the department approves the office in writing. The department may deny permission to establish or acquire a representative office of the trust company if the department has safety or soundness concerns.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 3. Operation of Offices. › Sec. 06.26.180. Offices outside the state.

(a) With the prior written approval of the department, a trust company may establish a branch office or a representative office outside this state. To establish a branch office or representative office outside this state, a trust company shall
(1) submit an application to the department specifying the location of the proposed office, the business to be conducted at the proposed office, and the laws of the jurisdiction where the office will be located that permit the office to be established;
(2) file with the department a copy of a resolution adopted by the trust company's board authorizing the establishment or acquisition of the office; and
(3) pay the filing fee established by the department by regulation.
(b) The department may approve an application under (a) of this section for a branch office or representative office if the department finds that
(1) the laws of the jurisdiction in which the office is to be located permit the establishment of the office; and
(2) the department does not have a significant supervisory or regulatory concern regarding the proposed office.
(c) If a trust company submits with the application a certified statement of the governmental regulator for the jurisdiction in which the office is to be located expressly permitting the establishment of the office, the trust company may establish the office by following the procedures under AS 06.26.090, except that the trust company may not establish the office before the 91st day after the date the department receives the notice filed under AS 06.26.160(a) unless the department notifies the trust company that the trust company may establish the office on an earlier date.
(d) The department may deny a trust company permission to establish a branch office or representative office outside this state if the department has safety or soundness concerns regarding
(1) the market to be served;
(2) whether the proposed organizational structure, capital structure, and amount of capitalization are adequate;
(3) whether the anticipated volume and nature of the proposed office indicate a reasonable probability of success and profitability based on the market sought to be served;
(4) whether, as a group, the officers, directors, and employees have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed office will operate in compliance with law.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 3. Operation of Offices. › Sec. 06.26.190. Hours of operation.

(a) A trust company and an interstate state trust company or an international trust company maintaining a trust office under AS 06.26.810 - 06.26.895 may close on the legal holidays described in AS 44.12.010 - 44.12.025. A notice of holiday closings shall be made available to the trust company's customers by mail, by the Internet, or by other means.
(b) A trust company and an interstate state trust company or international trust company maintaining a trust office under AS 06.26.810 - 06.26.895 may close on any business day if the trust company
(1) notifies the department in advance of the closure; and
(2) makes a closure notice available to its customers by mail, by the Internet, or by other means.
(c) The hours of operation, and any changes in the hours of operation, of a trust company and an interstate state trust company or international trust company maintaining a trust office under AS 06.26.810 - 06.26.895 must be submitted to the department and must be made available to the trust company's customers by mail, by the Internet, or by other means.
(d) Notwithstanding this section, the hours of operation of a trust company with a certificate of authority issued under AS 06.05 are subject to AS 06.05.166.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 4. Private Trust Companies. › Sec. 06.26.210. Requirements to apply for and maintain status as a private trust company.

(a) To obtain an exemption under AS 06.26.200, a person shall file an application with the department containing
(1) a nonrefundable application fee established by the department by regulation;
(2) information that demonstrates that the person qualifies under AS 06.26.200(c);
(3) a detailed statement under oath showing the applicant's assets and liabilities as of the end of the month that precedes the date of the filing of the application with the department;
(4) a statement under oath of the reason for requesting the exemption;
(5) a statement under oath that the applicant currently does not offer fiduciary services to the general public and that the applicant will not offer fiduciary services to the general public without the prior written permission of the department;
(6) the current street address of the physical location in this state where the applicant will maintain its records, the applicant's current telephone number at that location, and a statement under oath that the address given is true and correct and not a United States Postal Service post office box or a private commercial mail drop;
(7) a list of the specific provisions of this chapter or regulations adopted under this chapter from which the applicant requests an exemption.
(b) The department may not approve an exemption under this section unless the application complies with (a) of this section.
(c) To maintain its exemption under AS 06.26.200, a private trust company
(1) may not offer fiduciary services to the general public;
(2) shall continue to qualify under AS 06.26.200(c); and
(3) shall file an annual certification on or before December 31 of each year on a form provided by the department that the private trust company is maintaining the conditions and limitations of its exempt status; the annual certification must be accompanied by a fee established by the department by regulation.
(d) The annual certification required under (c) of this section is valid only if it bears an acknowledgment stamped by the department. The department has 60 days from the date it receives the annual certification to review the annual certification and return a copy of the acknowledged annual certification to the private trust company. The burden is on the exempt private trust company to notify the department of a failure to return a copy of an acknowledged annual certification within the 60-day period.
(e) The department may examine or investigate the private trust company periodically as necessary to verify the annual certification.
(f) Notwithstanding having an exemption under AS 06.26.200, a private trust company shall comply with the home office provisions of AS 06.26.150 and shall report to the department any change of address or telephone number within 30 days after the change.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 4. Private Trust Companies. › Sec. 06.26.220. Transfer of control.

Control of an exempt private trust company may not be sold or otherwise transferred with an exemption under AS 06.26.200. In any change of control, the exempt status of the private trust company automatically terminates on the effective date of the transfer, and the person acquiring control must comply with this chapter. After transfer of control, a separate application for an exemption under AS 06.26.200 must be filed with the department if the acquiring person wishes to obtain or continue an exemption under AS 06.26.200.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 4. Private Trust Companies. › Sec. 06.26.230. Revocation of exemption.

(a) The department may revoke an exemption under AS 06.26.200 if the exempt private trust company
(1) makes a false statement under oath on any document required to be filed by this chapter;
(2) fails to submit to an examination as required by AS 06.26.200;
(3) withholds requested information from the department; or
(4) violates a provision of this chapter applicable to exempt private trust companies.
(b) If the department determines from examination or other credible evidence that an exempt private trust company has violated a requirement of this chapter, the department may by personal delivery or registered or certified mail, return receipt requested, notify the exempt private trust company in writing that the department will revoke the private trust company's exemption as of a stated date, which may not be before the fifth calendar day after the date that the notification is delivered or mailed. The notification must state the grounds for the revocation with reasonable certainty. After a revocation takes effect, the revocation is final, and the private trust company is subject to all of the requirements and provisions of this chapter that are applicable to private trust companies not exempt under AS 06.26.200.
(c) A private trust company shall comply with the provisions of this chapter from which it was formerly exempt within five calendar days after the effective date of a revocation of its exemption under this section. However, if the department determines at the time of revocation that the private trust company has been engaging in or attempting to engage in acts intended or designed to deceive or defraud, the department may, in the department's sole discretion, shorten or eliminate the five-calendar-day compliance period.
(d) If, within the time allowed under (c) of this section, the private trust company does not comply with all of the provisions of this chapter, including the capitalization requirements that have been determined by the department as necessary to assure the safety and soundness of the private trust company, the department may
(1) file a court action or pursue another remedy provided by this chapter; or
(2) refer the private trust company to the attorney general for institution of appropriate legal proceedings against the private trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 4. Private Trust Companies. › Sec. 06.26.240. Conversion to trust company.

(a) A private trust company may not offer fiduciary services to the general public as a trust company until the private trust company satisfies the requirements of this section.
(b) The private trust company shall file a notice with the department on a form prescribed by the department, furnish a copy of a resolution adopted by the board authorizing the private trust company to offer fiduciary services to the general public, pay any filing fee established by the department by regulation, and comply with the requirements of this chapter for trust companies. The notice must provide the name of the private trust company and acknowledge that any exemption granted or otherwise applicable to the private trust company under AS 06.26.200 ceases to apply on the effective date of the notice.
(c) The department has 60 days after the department receives the notice under (a) of this section to review the conversion, and a private trust company may begin providing or offering fiduciary services to the general public on the 61st day after the date that the department receives a notice under (a) of this section from the private trust company, unless the department specifies a different date.
(d) The department may extend the 60-day period of review provided by (c) of this section if the department determines that the notice raises issues that require additional information or if the department needs additional time for analysis. If the 60-day period of review is extended, the private trust company may offer fiduciary services to the general public only after written approval by the department.
(e) The department may deny a private trust company permission to offer fiduciary services to the general public as a trust company if the department finds that the private trust company does not meet the requirements of this chapter for trust companies.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 5. Investments, Loans, and Deposits. › Sec. 06.26.250. Regulations on investments.

The department may adopt regulations to establish limits, requirements, or exemptions for particular classes or categories of investment, or limit or expand investment authority for trust companies for particular classes or categories of securities or other property.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 5. Investments, Loans, and Deposits. › Sec. 06.26.260. Pledge of assets.

(a) A trust company may not pledge or create a lien on any of the assets belonging to the trust company except to secure
(1) the repayment of money borrowed;
(2) trust deposits as specifically authorized or required by AS 06.26.370 or by regulations adopted under this chapter; or
(3) deposits made by the United States government, the state, or a municipality, or an agency of those governmental bodies.
(b) An act, a deed, a conveyance, a pledge, or a contract that violates this section is void.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 6. Trust Assets. › Sec. 06.26.370. Deposits of trust assets.

(a) A trust company may deposit trust money or other trust assets with itself as an investment if the settlor or the beneficiary authorizes the deposit and if
(1) the trust company maintains as security for the deposits a separate fund of securities that may be used for trust investments and that are under the control of a federal reserve bank or a clearing corporation in this state or elsewhere; in this paragraph, “clearing corporation” has the meaning given in AS 45.08.102;
(2) the total market value of the security fund maintained under (1) of this subsection is at all times at least equal to the deposit;
(3) the security fund maintained under (1) of this subsection is expressly designated as a security fund; and
(4) the security fund maintained under (1) of this subsection is maintained under the control of a person listed in AS 06.26.010(a).
(b) A trust company may make periodic withdrawals from or additions to the security fund required by (a) of this section if the trust company maintains the value required by (a) of this section for the security fund. Income from the securities in the security fund belongs to the trust company.
(c) Notwithstanding (a) of this section, security under (a) of this section for a deposit is not required to the extent the deposit is insured by the Federal Deposit Insurance Corporation or its successor.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 6. Trust Assets. › Sec. 06.26.390. Fee determination; investment and management costs.

(a) A trust company shall deal at arm's length with a person when arranging the compensation to be paid by the person for the services of the trust company. Any compensation paid to the trust company must be a reasonable amount with respect to the services rendered.
(b) When investing and managing trust assets, a trust company may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 7. Ownership. › Sec. 06.26.450. Acquisition of control.

(a) Except as expressly otherwise permitted under this chapter, a person may not, without the prior written approval of the department, directly or indirectly acquire control of a trust company through a change in a legal or beneficial interest in voting securities of a trust company or a corporation or other person who owns voting securities of a trust company.
(b) This section does not apply to
(1) the acquisition of securities in connection with the exercise of a security or other interest in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired;
(2) the acquisition of voting securities in any class or series by a person in control who has previously complied with and received approval to acquire control under AS 06.26.450 - 06.26.480 or who was identified as a person in control in an earlier application filed with and approved by the department;
(3) an acquisition or transfer by operation of law, a will, or intestate succession if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired; or
(4) a transaction exempted by the department by regulation or order because the transaction is not within the purposes of AS 06.26.450 - 06.26.480.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 7. Ownership. › Sec. 06.26.460. Application for acquisition of control.

(a) A proposed transferee seeking approval under AS 06.26.450 to acquire control of a trust company shall file with the department
(1) an application in the form prescribed by the department;
(2) the filing fee established by the department by regulation; and
(3) all information required by regulation or that the department requires for a particular application in order to make an informed decision to approve or reject the proposed acquisition.
(b) If the proposed transferee under (a) of this section includes a group of persons acting together, the department may require each member of the group to provide information to the department.
(c) If the proposed transferee is not a resident of the state, a corporation organized under AS 10.06, or a foreign corporation qualified under AS 10.06 to transact business in this state, the proposed transferee shall file with the department a written consent to service of process on a resident of this state for any court action arising out of or connected with the proposed acquisition of control.
(d) Promptly after the department accepts the application as complete, the proposed transferee shall publish notice of the application, the date of filing the application, and the identity of each participant in the acquisition of control in the form specified by the department in a newspaper of general circulation published in the community proposed as the trust company's principal place of business. If a newspaper of general circulation is not published in the community, the notice shall be published in a newspaper of general circulation near the community. Publication of notice of an application may be deferred for up to 31 days after the date the application is filed if
(1) the proposed transferee requests confidential treatment and represents that a public announcement of the tender offer and the filing of appropriate forms with the United States Securities and Exchange Commission or the appropriate federal banking agency, as applicable, will occur within the period of deferral; and
(2) the department determines that public interest will not be harmed by the requested confidential treatment.
(e) The department may waive the requirement that a notice be published or permit delayed publication of the notice if the department makes a written determination that waiver or delay is in the public interest.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 7. Ownership. › Sec. 06.26.470. Decision on application for acquisition of control.

(a) The department shall approve or deny an application for acquisition of control not later than the 60th day after the date that the notice regarding acquisition of control is published under AS 06.26.460.
(b) If the department approves an application filed under AS 06.26.460, the applicant may acquire control. Any written commitment from the proposed transferee offered to and accepted by the department as a condition for approval of the application is enforceable against the trust company and the transferee.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 7. Ownership. › Sec. 06.26.480. Objection to other transfer.

AS 06.26.450 - 06.26.480 may not be construed to prevent the department from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a trust company if the department considers the transfer to be against the public interest.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.500. Voting securities held as trust assets.

(a) Voting securities of a trust company held by the trust company as trust assets under a will or trust, whether registered in the trust company's own name or in the name of its nominee, may not be voted in the election of directors or on a matter affecting the compensation of directors, officers, or employees of the trust company unless
(1) under the terms of the will or trust, the manner in which the voting securities are to be voted may be determined by a donor or beneficiary of the will or trust and the donor or beneficiary actually makes the determination in the matter at issue;
(2) the terms of the will or trust expressly direct the manner in which the securities must be voted to the extent that no discretion is vested in the trust company as fiduciary; or
(3) the securities are voted solely by a person who is a joint fiduciary, but who is not a person who is affiliated with the trust company, as if the joint fiduciary were the sole fiduciary.
(b) Voting securities of a trust company that may not be voted under this section are considered to be authorized but unissued for the purpose of determining the procedures for and results of the vote under this section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.510. Board of directors.

(a) The board of directors of a trust company shall consist of at least five but not more than 25 directors, and the majority of the directors must be residents of this state. The principal executive officer of the trust company is a member of the board and the board's presiding officer unless the board elects a different presiding officer. The presiding officer shall perform the duties designated by the board.
(b) Unless the department consents in writing, a person may not serve as a director of a trust company if
(1) the trust company incurs an unreimbursed loss attributable to a charged-off obligation of the person or holds a judgment against the person or against another person who was controlled by the person when the loan that gave rise to the judgment or charged-off obligation was funded and went into default;
(2) the person has been convicted of a felony, or of another crime involving moral turpitude or breach of trust; or
(3) the person, acting as a personal representative, made a loan of trust money or other assets, or a purchase or sale of trust assets, that is voidable under AS 13.16.400 and the person has not corrected the situation.
(c) If a trust company does not elect directors before the 61st day after the date of its regular annual meeting, the department may appoint a person to operate the trust company and elect directors. If the appointed person is unable to locate or elect persons willing and able to serve as directors, the department may close the trust company for liquidation.
(d) A vacancy on a board that reduces the number of directors to fewer than five shall be filled not later than the 30th day after the date that the vacancy occurs. If the vacancy on the board is not filled within 30 days after the date that the vacancy occurs, the department may appoint a person to operate the trust company and elect a board of at least five persons. If the appointed person is unable to locate or elect five persons willing and able to serve as directors, the department may close the trust company for liquidation.
(e) Before beginning each term to which a person is elected to serve as a director of a trust company, the person shall submit an affidavit to be filed with the minutes of the trust company stating that the person, to the extent applicable,
(1) accepts the position and is not disqualified from serving in the position;
(2) will not violate or knowingly permit a director, an officer, or an employee of the trust company to violate any law applicable to the conduct of business of the trust company; and
(3) will diligently perform the duties of the position.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.520. Board meetings and review of reports.

(a) The board of directors of a trust company shall meet at least once every three months. The department or a director may call a special meeting of the board. A majority of the board constitutes a quorum. The board shall keep minutes of each board meeting, including a record of attendance and a record of all votes.
(b) At least once every three months, the board of directors of a trust company shall review written reports prepared by the president, other officers of the trust company, or a trust committee appointed under AS 06.26.550. The reports must include the accounts that have been opened or closed during the calendar quarter before the meeting and the trust accounts subject to annual review during the calendar quarter before the meeting.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.530. Officers.

(a) The board shall annually appoint the officers of the trust company. The officers serve at the pleasure of the board.
(b) The president of the trust company is the principal executive officer primarily responsible for the execution of board policies and operation of the trust company. The trust company shall have an officer responsible for the maintenance and storage of all records of the trust company and for required attestation of signatures. These positions may not be held by the same person. The board may appoint other officers of the trust company as the board considers necessary.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.540. Prohibition of certain action by officer or employee.

Unless expressly authorized by a resolution of the board recorded in the minutes of the board, an officer or employee may not create or dispose of a trust company asset or create or incur a liability on behalf of the trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.550. Trust committee.

(a) The board may appoint a trust committee to act for the company in matters dealing with the initial and annual reviews of accounts, account acceptance, and investment strategies. A trust committee shall consist solely of directors, officers, or employees of the trust company, or any combination of these positions. The trust committee shall keep a record of its actions and shall report in writing to the board on all actions taken by the trust committee since the previous board meeting. The board shall ratify or rescind each action.
(b) The trust committee shall meet at least once a month to review existing accounts and to ratify or rescind newly accepted accounts. The trust committee may not ratify a new account unless it is approved by a majority of the members of the trust committee present at the meeting at which the new account is considered.
(c) A trust committee may elect one or more officers to accept new accounts, subject to the requirements of (b) of this section.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.560. Prohibited acts.

(a) A director, an officer, an employee, or a shareholder of a trust company may not
(1) conceal information or a fact, or remove, destroy, or conceal a book or record of the trust company, for the purpose of concealing information or a fact from the department or an agent of the department; or
(2) for the purpose of concealing, remove or destroy a book or record of the trust company that is material to a pending or anticipated court or administrative proceeding.
(b) A director, an officer, or an employee of a trust company may not make a false entry in the records, a report, or a statement of the trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.570. Transactions with management and affiliates.

(a) Without the prior approval of a disinterested majority of the board recorded in the minutes, or, if a disinterested majority cannot be obtained, the prior written approval of the department, a trust company may not directly or indirectly
(1) sell or lease an asset of the trust company to a director, an officer, a principal shareholder, or an affiliate of the trust company;
(2) purchase or lease property in which a director, an officer, a principal shareholder, or an affiliate of the trust company has an interest; or
(3) extend credit to a director, an officer, a principal shareholder, or an affiliate of the trust company.
(b) In addition to the requirements of (a) of this section, a lease transaction described in (a)(2) of this section involving real property may not be consummated, renewed, or extended by the trust company without the prior written approval of the department.
(c) A trust company may not extend credit to a director, an officer, an employee, a principal shareholder, or an affiliate of the trust company unless the extension of credit
(1) is made on substantially the same terms, including interest rates and collateral requirements, as the terms prevailing at the time for comparable transactions by the trust company with persons who are not directors, officers, employees, principal shareholders, or affiliates of the trust company;
(2) does not involve more than the normal risk of loss or present other unfavorable features; and
(3) follows credit underwriting procedures that are as stringent as the underwriting procedures applicable to comparable transactions by the trust company with persons who are not directors, officers, employees, principal shareholders, or affiliates of the trust company.
(d) The department may adopt regulations to implement this section, including regulations to establish limits, requirements, or exemptions other than those specified by this section for particular categories of transactions.
(e) In this section, “affiliate” does not include a subsidiary of the trust company.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.580. Trust asset transactions involving certain securities, assets, or information.

(a) Except as provided in this chapter, or as authorized under the instrument creating the relationship, a trust company may not invest trust assets in the stock or obligations of, or use trust assets to acquire property from, the trust company or any of the trust company's officers, directors, or employees. A trust company may not sell trust assets to the trust company or to any of the trust company's directors, officers, or employees.
(b) A trust company may not use material inside information in connection with a decision or recommendation to purchase or sell a security that is a trust asset.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.585. Policies and procedures.

A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security that is a trust asset to facilitate compliance with federal and state securities laws. These policies and procedures must include the prohibition in AS 06.26.580(b).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.590. Fiduciary responsibility.

The board of a trust company is responsible for the proper exercise of fiduciary powers by the trust company and for each matter that is related to the exercise of fiduciary powers, including
(1) the determination of policies;
(2) the investment and disposition of trust assets; and
(3) the direction and review of the actions of each officer, employee, and committee employed or used by the trust company in the exercise of its fiduciary powers.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.600. Trust account record keeping.

A trust company shall keep its trust assets records separate and distinct from other records of the trust company in the manner required by state and federal law. The trust assets records must contain all material information relating to each trust assets account, as appropriate under the circumstances.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.610. Customer records confidential.

(a) The trust company records relating to customers are confidential and may not be made public unless
(1) disclosure is compelled by a court or administrative order;
(2) disclosure is required by federal or state law;
(3) disclosure is authorized in writing by the customer;
(4) disclosure is made to the holder of a negotiable instrument drawn on the trust company as to whether the drawer has sufficient money or other assets in the financial institution to cover the instrument; or
(5) an inquiry has been made by a state financial institution, or by a credit-reporting agency regulated under 15 U.S.C. 1681 - 1681v (Fair Credit Reporting Act) solely for the express purpose of determining the credit worthiness of the customer as an applicant for credit, and the information disclosed by the trust company, state financial institution, or credit-reporting agency relates only to the payment habits of the customer in connection with loans or other credit accommodations and does not pertain to records concerning deposit balances in savings or checking accounts.
(b) When disclosure of trust company records is required or allowed under (a)(1) or (2) of this section, the trust company shall notify the customer of the disclosure. If notification before disclosure is not possible, the trust company shall immediately notify the customer of the disclosure or inquiry. However, the trust company may not notify the customer if disclosure is made under a search warrant or under a court order issued at the request of a grand jury.
(c) When disclosure of trust company records is compelled by a court order under (a)(1) of this section, the court may provide in the order for the reimbursement of the trust company for the costs allowed by the rules of court and incurred by the trust company to comply with the order.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.620. Insurance; bonds.

(a) The board of directors of a trust company shall maintain bonding and other insurance for the trust company against dishonesty, fraud, defalcation, forgery, theft, embezzlement, burglary, robbery, and other similar insurable losses and hazards as required by the department by regulation. The board shall obtain the bonding and other insurance from a person authorized under AS 21 to act as an insurer or a surety insurer in this state.
(b) The board of directors shall procure errors and omissions insurance in the amount of at least $500,000.
(c) At least once each year, the board of directors shall review the bonding and other insurance required by this section to determine whether the coverage is adequate in relation to the exposure of the trust company. The minimum amount of insurance required by this section does not automatically represent adequate bonding and insurance coverage in relation to the exposure. Immediately after procuring the bonding and other insurance, the board shall file copies of the documents representing the bonding and other insurance with the department.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 26. Revised Alaska Trust Company Act › Article 8. Governance. › Sec. 06.26.630. Reports of apparent crime.

(a) A trust company that is the victim of a robbery, that has a shortage of money or other assets in excess of $5,000, or that is the victim of an apparent or suspected misapplication of its money or other assets in any amount by a director, an officer, or an employee shall report the robbery, shortage, or apparent or suspected misapplication to the department within 48 hours after it is discovered. The initial report may be oral if the trust company promptly confirms the report in writing to the department. The trust company or a director, an officer, an employee, or an agent of the trust company is not liable for defamation to or subject to any another cause of action based on supplying the information in the report.
(b) A trust company may satisfy the requirements of (a) of this section by filing with the department a copy of a written report filed with the appropriate law enforcement agency.