Sec. 06.26.720. Sale of assets.
(a) The board of a trust company, with the department’s approval, may cause a trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company for trust assets, without shareholder approval if the department finds (1) the interests of the trust company’s creditors and […]
Sec. 06.26.650. General provisions for conversions, mergers, and consolidations.
(a) A national bank whose main office is located in the state or a state bank whose main office is located in the state may convert to a trust company or merge or consolidate with a trust company, and a trust company may merge or consolidate with another trust company, if the conversion, merger, or […]
Sec. 06.26.660. Merger or consolidation.
(a) To merge or consolidate under AS 06.26.650, the merging persons shall file with the department the original articles of merger or consolidation, a number of copies of the articles of merger or consolidation equal to the number of trust companies involved in the merger or consolidation, and an application in the form required by […]
Sec. 06.26.670. Rights of dissenters.
In addition to the dissenter’s rights under AS 10.06 for a merger or consolidation, if a shareholder of a trust company objects to a conversion of the trust company, the dissenting shareholder’s rights shall be exercised under and governed by AS 10.06.574 – 10.06.582 as if the conversion were a merger.
Sec. 06.26.680. Authority to purchase assets of another trust company.
(a) A trust company with the prior written approval of the department may purchase all or substantially all of the assets of another trust company, including the right to control accounts established with the trust accounts. Except as otherwise expressly provided by another statute, the purchase by a trust company of all or part of […]
Sec. 06.26.690. Authority to act as disbursing agent.
A purchasing trust company may hold the purchase price and any additional money or other assets delivered to it by the selling trust company in trust for the selling trust company and may act as an agent of the selling trust company in disbursing the money or other assets by paying the creditors of the […]
Sec. 06.26.700. Liquidation of selling trust company.
If a selling trust company is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory agency, the purchasing trust company shall pay to the receiver of the selling trust company the balance of the money or other assets held by the purchasing trust company […]
Sec. 06.26.710. Payment to creditors.
A purchasing trust company may pay a creditor of the selling trust company the amount to be paid the creditor under the terms of the contract of agency entered into under AS 06.26.690 by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor […]