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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 197. Nominees.
previous: Section 185
. - 06.05.195. Application of Chapter to Trust Companies; Supervision By the Department; Dissolution of Trust Companies. [Repealed, Sec. 102 Ch 26 SLA 1993].
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. Reserves Against Deposits.
AS 06.05.197. Nominees.
- (a) A state or national bank or a trust company, when acting in the state as a fiduciary or as a co-fiduciary with others,
may with the consent of its co-fiduciary or co-fiduciaries, if any, who are hereby authorized to give such consent,
cause any investment it holds as a fiduciary or co-fiduciary to be registered and held in the name of a nominee or
nominees of the bank or trust company. The bank or trust company is liable for the acts of its nominee with respect to
an investment registered in the nominee's name.
- (b) The records of the bank or trust company must at all times show the ownership of the investment registered and held in
the name of its nominee. The bank or trust company shall retain possession and control of the investment and keep the
investment separate and apart from its assets.
Article 03. RESERVES, LOANS, INVESTMENTS, BANK SERVICE CORPORATIONS, PRACTICES, AND SERVICES
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