Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 437. Officers.
previous: Section 435
next: Section 438
. Directors, Meetings, and Duties.
AS 06.05.437. Officers.
- (a) The officers of a bank shall be chosen by the board of directors. An officer may not be appointed to serve for a
period longer than one year. If a president of a bank or other chief officer responsible for the management of the bank
is not a director, the officer must be an ex officio member of the board of directors without the power to vote.
- (b) A bank shall report within 30 days to the department any changes among executive officers, including in its report a
statement of the business and professional affiliations of new executive officers.
- (c) If the department determines that an officer or employee of the bank has been negligent, dishonest, reckless, or
incompetent in the performance of official duties, the department may order the board to remove the officer or employee
from office, after giving the board and the officer or employee an opportunity for a hearing under AS 06.01.030. If the board neglects or refuses to remove the
officer or employee from office and if losses due to the negligence, dishonesty, recklessness, or incompetence of the
officer or employee accrue to the bank after the neglect or refusal, the order of the department is conclusive evidence
of the negligence of the board under this subsection in an action brought against the board, or a member of the board,
for recovery of the losses.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.