3 AAC 06.310. Association's conversion to a bank

(a) Any conversion of an association to a bank under AS 06.15.300 must be accomplished under a conversion plan filed with, as a part of an application for conversion, and approved by the department.

(b) The board of directors of the converting association must by resolution adopt a conversion plan which sets forth

(1) the name of the association proposing to convert and the name of the resulting bank after conversion;

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

(3) a statement of any amendments to the articles of incorporation of the converting association to become effective at the time of conversion, including required articles of incorporation for banks organized under AS 06.15; and

(4) other provisions as required by the department.

(c) The chairperson shall submit to the division a copy of the resolution immediately after the resolution is adopted under (b) of this section.

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

Authority: AS 06.15.010

AS 06.15.050

AS 06.15.300

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