Sec. 06.26.450. Acquisition of control.

231 words·~1 min read·/ak/title-6/chapter-26/06-26-450·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as expressly otherwise permitted under this chapter, a person may not, without the prior written approval of the department, directly or indirectly acquire control of a trust company through a change in a legal or beneficial interest in voting securities of a trust company or a corporation or other person who owns voting securities of a trust company.

(b)This section does not apply to

(1)the acquisition of securities in connection with the exercise of a security or other interest in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired;

(2)the acquisition of voting securities in any class or series by a person in control who has previously complied with and received approval to acquire control under AS 06.26.450 — 06.26.480 or who was identified as a person in control in an earlier application filed with and approved by the department;

(3)an acquisition or transfer by operation of law, a will, or intestate succession if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired; or

(4)a transaction exempted by the department by regulation or order because the transaction is not within the purposes of AS 06.26.450 — 06.26.480.