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 […]
Sec. 44.81.250. Transfer of entry permits after foreclosure.
(a) Upon foreclosure of a pledge of an entry permit under AS 44.81.241 – 44.81.249 or the termination of a debtor’s interest in an entry permit under AS 44.81.247(b), the bank shall determine if the permit is subject to a buy-back program under AS 16.43.290 – 16.43.330 and, if it is subject to a buy-back […]
Sec. 44.81.041. Structure and membership of the bank.
(a) The bank shall be structured and operated as a cooperative corporation. (b) The board shall issue shares of membership stock in the bank in the amounts and with the value determined by the board and stated in the articles of incorporation. The membership stock may be issued under this chapter and under the bylaws […]
Sec. 44.81.260. Confidentiality of records.
(a) The records of the bank that are identified with, or identifiable as being derived from the records of, a specific borrower, member of the bank, or applicant for a loan are confidential and may not be disclosed by the bank or by its directors, officers, employees, or agents to a person other than the […]
Sec. 44.81.051. Bylaws.
The board may adopt bylaws for the bank for the regulation and management of the affairs of the bank, and may alter, amend, or repeal them. The bylaws shall be consistent with this chapter and other laws that apply to the bank.