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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 3.04.5. Governance. |
Section 3.04.410. Directors and officers.
Latest version.
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(a) The trust company shall report to the department any change in directors and officers. The trust company shall file with the department a certified copy of the affidavit required by AS 06.26.510(e) together with a resume of each new director. The trust company shall file with the department a resume of each new officer. (b) The board of directors shall appoint annually an examining committee of no less than three directors. A member of the examining committee may not be an officer or employee of the trust company. The committee shall examine or cause to be examined the condition of the trust company. In performing its annual examination of a trust company, the board of directors shall have the books and records of the trust company examined and a report prepared by an independent certified public accountant that does not have an interest, financial or otherwise, in the trust company. A copy of the report shall be submitted to the department within 30 days after receipt by the board of directors after completion of the examination. (c) Unless prohibited by the articles of incorporation or bylaws of the trust company, the members of the board of directors, or of a committee of the board, may validly conduct a meeting by communicating simultaneously with each other by means of telephone conferences or similar communications equipment.
Authorities
06.26.510;06.26.520;06.26.530;06.26.900