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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 355. Deposit Insurance Required.
previous: Section 350
. Certificate of Authority.
next: Section 360
. Foreign Persons Engaged in Banking. [Repealed, Sec. 102 Ch 26 SLA 1993].
AS 06.05.355. Deposit Insurance Required.
- (a) The department may require a state bank, either at the time the bank applies for a certificate of authority or during
the bank's existence, to become a member of the Federal Deposit Insurance Corporation.
- (b) A bank that is a member of the Federal Deposit Insurance Corporation may not voluntarily relinquish membership without
the consent of the department. Request for the consent must be made at least 180 days before the proposed date of
- (c) Relinquishment of membership without giving notice and obtaining the department's consent, involuntary loss of
membership, or failure to become a member after the department directs the bank to become a member constitutes cause
for the department to take possession of the bank in the manner provided by this chapter.
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