Alaska Statutes.
Title 6. Banks and Financial Institutions
Chapter 5. Alaska Banking Code
Section 355. Deposit Insurance Required.
previous: Section 350. Certificate of Authority.
next: Section 360. Foreign Persons Engaged in Banking. [Repealed, Sec. 102 Ch 26 SLA 1993].

AS 06.05.355. Deposit Insurance Required.

(a) The department shall require a state bank, at the time the bank applies for a certificate of authority under AS 06.05.350, to become a member of the Federal Deposit Insurance Corporation.

(b) A bank that is a member of the Federal Deposit Insurance Corporation may not voluntarily relinquish membership without the consent of the department. Request for the consent must be made at least 180 days before the proposed date of relinquishment.

(c) Relinquishment of membership without giving notice and obtaining the department's consent, involuntary loss of membership, or failure to become a member after the department directs the bank to become a member constitutes cause for the department to take possession of the bank in the manner provided by this chapter.

All content © 2023 by Touch N' Go/Bright Solutions, Inc.

Note to HTML Version:

This version of the Alaska Statutes is current through December, 2022. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.