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.
Sec. 44.81.270. Audits and examinations of bank.
(a) The legislative auditor may cause the bank to be audited in the manner and under the conditions established by AS 24.20.271 for audits performed by the legislative audit division. The legislative audit division has free access to all books and papers of the bank that relate to the business of the bank and books […]
Sec. 44.81.061. Indemnification of directors, officers, and employees.
The bank may indemnify directors, officers, and employees, or may purchase and maintain insurance on behalf of directors, officers, and employees. The indemnification and the insurance purchase and maintenance shall comply with AS 10.06.490.
Sec. 44.81.101. Pledge of the state.
(a) The state pledges to and agrees with any lender to the bank that the state will not limit or alter the rights and powers given to the bank by this chapter to fulfill the terms of a contract made by the bank with the lender to the bank, or in any way impair the […]