3 AAC 02.325. Conversion

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

(b) The board of directors of the converting national bank shall, by resolution adopted by the board, approve a conversion plan that sets out

(1) the name of the bank proposing to convert;

(2) the name of the bank into which it proposes to convert, referred to in this chapter as the converted bank;

(3) the terms and conditions of the proposed conversion;

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

(5) a statement of any amendments to the articles of incorporation of the converted bank caused by the conversion; and

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

History: Eff. 5/1/80, Register 74; am 1/10/94, Register 129

Authority: AS 06.05.005 (a)

AS 06.05.075

AS 06.05.462

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