Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 2 - Name, Powers, Organization, and Capitalization › 3 AAC 04.120 - Application for a certificate of authority

Current through May 31, 2024
(a) An application
				  for a certificate of authority to act as a trust company may be filed with the
				  application for incorporation required under AS 10 or afterwards. An applicant
				  must submit
(1) the proposed name and location
				  of the trust company;
(2) a
				  statement whether the applicant will operate on owned or leased
				  property;
(3) a statement whether
				  the applicant plans to finance any improvements to the property, and if the
				  property is leased, whether the proposed lessor will be a customer of the
				  applicant;
(4) a statement of the
				  amount of fire and liability insurance coverage to be carried for the
				  applicant's premises and equipment, identification of the person who will pay
				  the premium for the insurance coverage, and, if the applicant will pay the
				  premium, the
(A) amount of payment;
				  and
(B) annual premium for the
				  coverage at the time of the application;
(5) a statement of the total investment in
				  the applicant's premises and equipment to be reflected on the books of the
				  applicant, including
(A) the applicant's
				  investment in land, buildings, leasehold improvements, furniture, fixtures and
				  equipment, and other assets indirectly representing trust company premises;
				  and
(B) any proposed amount and
				  method of depreciation;
(6) a statement of the amount and type of the
				  applicant's fidelity bond and any excess coverage bond to be in force at the
				  time of opening of the proposed trust company;
(7) an organization chart of the applicant
				  showing the line of authority to be used by the applicant in providing its
				  services;
(8) copies, certified by
				  the applicant's chief executive officer, of
(A) the certification that the capital and
				  surplus required by the department have been paid in full;
(B) a list of all shareholders, giving the
				  name, address, and number of shares held or to be held by each;
(C) resumes of each
(i) director;
(ii) executive officer;
(iii) trust officer; and
(iv) shareholder or subscriber who will own
				  or hold with the power to vote 10 percent or more of the voting securities or
				  other capital stock;
(D)
				  a statement of each market to be served, and the type and nature of services to
				  be offered;
(E) an economic
				  analysis to support the need for and feasibility of the proposed trust
				  company;
(F) a pro forma statement
				  of operations and results for the first 12 months of operations;
(G) a three-year projection of the
				  applicant's capital accounts;
(H) a
				  statement of all internal controls for the protection of trust assets for which
				  the applicant will act as a fiduciary;
(I) the location of the home office, the name
				  of the executive in charge of the home office, the location of each proposed
				  branch office, and the name of the executive in charge of each proposed branch
				  office;
(J) bylaws of the
				  corporation; and
(K) evidence
				  satisfactory to the department that the applicant has complied with each
				  requirement and condition imposed by the department and has advised the
				  department in writing of any change that has occurred in the facts reflected in
				  material filed under AS 06.26;
(9) a statement of the total proposed
				  investment in each proposed trust company subsidiary; and
(10) additional information requested by the
				  department to ascertain compliance with AS 06.26 and this chapter.