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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 3.04.6. Organic Change. |
Section 3.04.530. Consolidation.
Latest version.
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(a) A proposed consolidation of a national bank whose main office is located in the state or a state bank whose main office is located in the state with a trust company, or of a trust company with another trust company, shall be accomplished under a consolidation plan filed with and approved by the department. (b) Each national bank, state bank, and trust company shall approve a consolidation plan that sets out (1) the names of the national banks, state banks, and trust companies proposing to consolidate and the name of the new trust company into which they propose to consolidate; (2) the terms and conditions of the proposed consolidation; (3) the manner and basis of converting the shares of each national bank, state bank, and trust company into cash or other property, or into shares, other securities, or obligations of the new trust company; and (4) any additional information requested by the department, and that the department considers necessary to make an informed decision on the proposed consolidation.
Authorities
06.26.650;06.26.660;06.26.900