Sec. 06.26.070. Incorporation.

163 words·~1 min read·/ak/title-6/chapter-26/06-26-070

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(a)A trust company shall be incorporated under AS 10.06 .

(b)In addition to the items required under AS 10.06.208 to be included in articles of incorporation, the articles of incorporation of a trust company must specify

(1)the judicial district where the trust company will be located and the community where the trust company will locate its principal place of business;

(2)the amount of the trust company's stock, which must be divided into shares having a par value of not less than $1 each;

(3)that there will be at least five but not more than 25 directors;

(4)the period for which the trust company is organized, whether limited or perpetual;

(5)the name by which the trust company will be known, which must contain the words “trust company” as a part of the name; and

(6)a declaration that each incorporator will, if elected, accept the responsibilities and faithfully discharge the duties of a director.