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(a) A domestic bank holding company may engage in activities of a financial, fiduciary, or insurance nature, or other activities permitted for subsidiaries of banks under AS 06.05.272 and this chapter, and it may invest, without limitation, in the shares of subsidiaries that engage in these activities, subject to the requirements of (c) of this section. The following activities are considered to be financial or fiduciary activities:
(1) mortgage banking;
(2) factoring;
(3) leasing of equipment;
(4) property management;
(5) data processing services;
(6) armored car or messenger services; and
(7) operation of a credit bureau, travel agency, personal finance company, commercial finance company, or trust company.
(b) Upon application to and approval by the department, a domestic bank holding company may diversify its holdings or activities, if the department determines that
(1) the diversification serves the needs and convenience of the public;
(2) the diversification is not detrimental to the company's banking subsidiary;
(3) repealed 1/10/94; and
(4) the company has demonstrated that it has capable and sufficient management personnel to provide the new service or manage the new subsidiary.
(c) A domestic bank holding company or subsidiary may not engage in an activity for which qualifications or licensing requirements are established by law, without first demonstrating those qualifications or obtaining the license and obtaining the written approval of the activity or movement from the department.
(d) Repealed 1/10/94.
History: Eff. 7/31/69, Register 31; am 12/13/70, Register 36; am 4/6/79, Register 70; am 1/1/84, Register 88; am 1/10/94, Register 129
Authority: AS 06.05.005 (a)
Editor's note: The language in 3 AAC 02.145(b)(3) was repealed in the emergency regulation effective on 1/10/94, Register 129, and the language in 3 AAC 02.145(b) (4) was erroneously renumbered to 3 AAC 02.145(b) (3). The language was corrected when the emergency regulation was made permanent.
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Last modified 7/05/2006