Sec. 06.26.920. Civil enforcement.
The department may bring any appropriate civil court action against a person who the department determines has committed or is about to commit a violation of this chapter.
Sec. 06.26.930. Trust company reports to the department; publication of reports.
(a) A trust company shall make at least four reports of its condition each year to the department as required by and on forms prescribed by the department. Each report shall be signed by a duly authorized officer of the trust company verified by at least one independent director, and each verifying director shall certify […]
Sec. 06.26.940. Remedy of person damaged by violation.
In addition to any other remedies available under law to the person, a person who suffers damages as a result of a violation of this chapter by a person subject to this chapter may bring an action in court against the person violating this chapter to recover the damages. In this section, “person subject to […]
Sec. 06.26.950. Limitation on powers.
This chapter does not allow a trust company to engage in banking.
Sec. 06.26.960. Application of laws relating to general business corporations.
(a) Unless expressly authorized by this chapter, a trust company may not take an action that is authorized by AS 10.06 regarding its corporate status, capital structure, or a matter of corporate governance and for which AS 10.06 requires a filing with the department unless the trust company first makes the required filing with the […]
Sec. 06.26.990. Definitions.
(a) In this chapter, unless the context otherwise requires, (1) “banking” has the meaning given in AS 06.05.990; (2) “board” means board of directors; (3) “certificate of authority” means the certificate of authority issued to a corporation under AS 06.26.110; (4) “chapter” includes regulations adopted under this chapter; (5) “commissioner” means the commissioner of commerce, […]
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. 06.26.840. Conditions for approval.
(a) An interstate state trust company or international trust company may not establish or acquire a trust office in this state under AS 06.26.810 – 06.26.895 unless (1) the trust company confirms in writing to the department that, while the trust company maintains a trust office in this state, the trust company will comply with […]
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 […]