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 570. Out-of-State Bank Holding Companies.
previous: Section 565
. Applicability of Title to Interstate State Banks, Interstate National Banks, International Banks, and Bank Holding Companies.
next: Section 900
. Copies of Records For Child Support Purposes.
AS 06.05.570. Out-of-State Bank Holding Companies.
- (a) An out-of-state bank holding company may acquire and own all or a portion of the voting securities or other capital
stock of, or all or substantially all of the assets of, one or more state banks, domestic bank holding companies, or
national banks conducting a banking business in the state, unless the state bank or national bank is a recently formed
bank. Before an out-of-state bank holding company may acquire a state bank or bank holding company of a state bank
doing business in this state, the out-of-state bank holding company shall apply for and obtain a permit from the
department. In considering whether to issue a permit, the department shall consider the benefits to the public, the
preservation of a competitive banking industry, and the maintenance of a safe and sound bank industry. To assure full
protection of the public, the department may require an out-of-state bank holding company that directly or indirectly
owns, holds, or controls stock in a state bank or domestic bank holding company to post a bond with the department
under conditions established by the department. The amount of the bond may not be more than the product obtained by
multiplying the amount of paid-in capital and paid-in surplus of the state bank or domestic bank holding company by the
percentage of state bank or domestic bank holding company stock directly or indirectly owned, held, or controlled by
the out-of-state bank holding company.
- (b) When the department considers it necessary, the department or a competent person designated by the department may
examine an out-of-state bank holding company directly or indirectly owning, holding, or controlling state bank stock or
domestic bank holding company stock. The out-of-state bank holding company shall pay an examination fee established
under AS 06.01.010
- (c) The provisions of this section do not apply to a company that
- (1) acquires or holds voting securities or other capital stock of a bank or bank holding company for only a reasonable
period of time in connection with the underwriting of securities;
- (2) is an agency of the United States or of a state, or if the majority of the company is owned by the United States or a
- (3) is an independent federal financial regulatory agency or a trustee or agent of an independent federal financial
regulatory agency; or
- (4) under a plan of financial restructuring that is intended to prevent the failure of a state bank and that is approved
by the department,
- (A) acquires or receives 25 percent or more of a class of voting securities or other capital stock of the bank or bank
holding company subject to the plan, and owns, controls, or holds, with the power to vote, the securities acquired or
received in excess of 24.99 percent of that class for a period of time that permits the distribution or resale of the
securities or other capital stock on a reasonable basis; or
- (B) purchases or receives securities under the plan and, after the purchase or receipt, owns, controls, or holds, with a
power to vote, less than 25 percent of a class of voting securities or other capital stock of the bank or bank holding
company subject to the plan, if subsequently, solely through the action or inaction of others, including the bank or
bank holding company, owns, controls, or holds, with a power to vote, 25 percent or more of a class of voting
securities or other capital stock of the bank or bank holding company; the exemption in this subparagraph does not
apply if the department determines, after notice and opportunity for hearing under AS 06.01.030, that the ownership, control, or holding of the
securities or stock exceeding 24.99 percent of a class, other than under a plan to promptly dispose of the securities
or stock under the supervision of the department, would permit the organization in any manner to control the election
of a majority of the board of directors or trustees, or to directly or indirectly exercise a controlling influence over
the management or policies of the bank or bank holding company.
Article 08. GENERAL PROVISIONS
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.