Title 3 . Commerce, Community, and Economic Development

Chapter 6 . Land Sales

Section 210. Organization requirements

3 AAC 06.210. Organization requirements

(a) Certificate of Charter. No bank or proposed bank may conduct the business of a mutual savings bank unless a Certificate of Charter has been issued by the department and the certificate is prominently and publicly displayed in the lobby or equivalent business area.

(b) Notice of Intent. The corporators of a proposed bank shall submit to the division a written notice of intent to organize a bank, which

(1) is signed originally by at least five of the corporators;

(2) contains the proposed name to be reserved for the proposed bank;

(3) indicates the city or otherwise specifies the proposed location of the proposed bank;

(4) indicates the residence address, mailing address, occupation, and amount of deposits subscribed by each corporator; and

(5) indicates the individual elected by the corporators who will accept notice from the department on behalf of all corporators.

(c) Application for a Certificate of Charter. The following information and fee must be submitted to the division in support of an application for a certificate of charter:

(1) a completed FDIC new bank application which may be obtained directly from FDIC;

(2) a copy of the proposed charter and articles of incorporation of the bank executed in triplicate with all copies bearing original signatures;

(3) a copy of the proposed bylaws;

(4) a check or money order for $1,000 made payable to the State of Alaska as a partial prepayment of investigation expenses incurred by the department in accordance with AS 06.01.010 ;

(5) an economic analysis to support the need and feasibility of the proposed bank; and

(6) any additional information requested by the department.

(d) Issuance of Certificate of Charter. If the department finds the provisions of (c) of this section have been complied with by the corporators and insurance of accounts has been obtained through FDIC, a certificate will be issued, if the corporators submit the following information:

(1) statements as to whether the proposed bank will own or lease the property within which it will conduct its business and, if leased, a fully executed copy of all lease documents, which must contain a bankruptcy clause;

(2) a statement as to whether or not the proposed bank plans to finance any improvements to the property, and, if it intends to lease, whether the proposed lessor will be a borrowing customer of the proposed bank;

(3) the amount of fire and liability insurance coverage to be carried for the proposed bank's facilities and equipment, who will pay the premium, and, if to be paid by the proposed bank, the amount of the premium;

(4) the total investment in proposed bank premises and equipment to be reflected on the books of the proposed bank;

(5) the proposed itemized book value of the proposed bank's investment in land, building, leasehold improvements, furniture, fixtures and equipment, investment in other assets indirectly representing bank premises, and any proposed amount and method of depreciation to be reflected on the books of the proposed bank;

(6) the amount and type of the proposed bank's fidelity bond and any excess coverage bond to be in force at the time of opening of the proposed bank;

(7) an organization chart of the proposed bank showing the line of authority to be used by the proposed bank in providing its services; and

(8) additional information as requested by the department.

History: Eff. 8/22/79, Register 71

Authority: AS 06.01.010

AS 06.15.010

AS 06.15.020

AS 06.15.030

AS 06.15.040

AS 06.15.050

AS 06.15.140