Sec. 44.81.275. Examinations.
(a) At intervals that are not greater than 36 months, an examiner from the department shall perform an examination of the bank. Each interval shall be determined by the commissioner. During the examination, the examiner shall evaluate the quality of the bank’s loan portfolio on a statistical basis and on the appropriateness and effectiveness of […]
Sec. 44.81.300. Unclaimed distributions, redemptions, or payments.
The bank may revoke a distribution of net proceeds by the bank or a redemption of or payment based upon an allocation of proceeds or upon capital stock issued by the bank if the distribution, redemption, or payment remains unclaimed six years after the date authorized for payment, redemption, or retirement. The amount revoked may […]
Sec. 44.81.350. Definitions.
In this chapter, (1) “bank” means the Alaska Commercial Fishing and Agriculture Bank; (2) “commercial agriculture” includes commercially related activity in connection with producing, harvesting, processing, or marketing an agricultural, maricultural, or horticultural commodity, including the breeding, raising, shearing, feeding, caring for, training, and management of livestock, bees, poultry, shellfish, and fur-bearing animals and wildlife, […]
Sec. 44.81.241. Initial notice of default.
If there is a default on a loan secured by a permit pledged under AS 44.81.231, the bank shall notify the borrowers and guarantors on the loan of the default and of the right to cure the default by sending a notice by certified mail to their last known address or addresses on file with […]
Sec. 44.81.243. Bank remedies after failure to cure.
If the borrowers and guarantors on a loan secured by a permit pledged under AS 44.81.231 fail to cure a default within the time stated in the notice given under AS 44.81.241, the total indebtedness owing on the loan immediately becomes due and payable to the bank, and the bank shall be entitled to take […]
Sec. 44.81.245. Foreclosure.
The bank may foreclose on a permit pledge that secures a loan by sending to the equitable owner of the permit pledged and any other borrowers and guarantors on the loan a notice of foreclosure. The notice shall be sent by certified mail to their last known address or addresses on file with the bank […]
Sec. 44.81.247. Termination of permit interest.
(a) If a loan is not paid in full within the time specified by the notice provided for the loan under AS 44.81.245, the equitable interest in the permit identified in the notice terminates by operation of law without further notice. The commission shall cancel an entry permit card issued to the equitable owner of […]
Sec. 44.81.020. Board of directors.
(a) The bank shall be governed by a board of directors consisting of seven to nine natural persons. The number is determined by the bank’s bylaws. Two board members shall be appointed by the governor of the state. The other board members shall be elected by the members of the bank as provided in the […]
Sec. 44.81.249. Cancellation, extension, and delivery of notices.
(a) The bank may cancel a notice provided under AS 44.81.241 or 44.81.245 by delivering a written notice of cancellation to the persons who were given the cancelled notice. The notice shall be given in the same manner as is required for the cancelled notice. (b) The bank may extend the 60-day period for curing […]
Sec. 44.81.031. Officers and employees.
(a) The board shall employ a president. The president may not be a member of the board and serves at the pleasure of the board. The president is the chief executive officer of the bank. (b) The board shall appoint those officers of the bank that are provided for in the bank’s bylaws and as […]