3 AAC 02.320. Consolidation

(a) A proposed bank consolidation of an international, national, or state bank with an Alaska state bank must be accomplished under a consolidation plan filed with and approved by the department.

(b) Each bank shall approve a consolidation plan that sets out

(1) the names of the banks proposing to consolidate and the name of the bank into which they propose to consolidate, referred to in this chapter as the new bank;

(2) the terms and conditions of the proposed consolidation;

(3) the manner and basis of converting the shares of each bank into shares, other securities, or obligations of the new bank or of any other bank or corporation, in whole or in part, into cash or other property;

(4) if the new bank will be an Alaska state bank, all of the statements with respect to the new bank required to be set out in articles of incorporation for banks under AS 06.05.345 ; and

(5) other information and reports required by the department.

History: Eff. 4/6/79, Register 70; am 1/10/94, Register 129

Authority: AS 06.05.005 (a)

AS 06.05.345

AS 06.05.462

AS 06.05.555

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