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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.04. Trust Companies. |
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Article 3.04.2. Name, Powers, Organization, and Capitalization. |
Section 3.04.120. Application for a certificate of authority.
Latest version.
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(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. (b) An applicant for a certificate of authority under AS 06.05 or AS 06.26 may apply to the department to have designated portions of the applications treated as confidential and not subject to public disclosure to protect business trade secrets or information the disclosure of which would adversely and materially affect the applicant's ability to compete in its intended markets.
Authorities
06.01.025;06.26.090;06.26.620;06.26.900