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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 3.04.560. Sale of assets.
Latest version.
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(a) The board of a trust company that sells all or substantially all of the trust company's assets, with or without shareholder approval, must (1) document that sale with a contract that specifies (A) the items sold and liabilities assumed; (B) the monetary consideration; and (C) all other terms and conditions of the transaction; and (2) require notice of the sale to all customers of the selling trust company. (b) A trust company must file with the department a letter of application to sell all or substantially all of its assets and must include (1) a summary of the transaction; (2) a copy of the contract to sell the assets; and (3) copies of all other required regulatory notices or filings submitted to other state or federal regulatory agencies concerning the transaction.
Authorities
06.26.720;06.26.900