Sec. 06.26.650. General provisions for conversions, mergers, and consolidations.

259 words·~1 min read·/ak/title-6/chapter-26/06-26-650

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

(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 consolidation is consistent with federal and state law and approved by the department. The requirements of AS 06.26.650 — 06.26.670 are in addition to the merger and consolidation requirements of AS 10.06 .

(b)Before merger or consolidation under

(a)of this section, a trust company shall file with the department a merger or consolidation application and other information and reports that the department requires under AS 06.26.660 .

(c)The department, in the exercise of its power to approve or disapprove applications for merger or consolidation under

(a)of this section, shall act in the interests of promoting and maintaining a sound trust company system, promoting the security of deposits and customers, preserving of the liquid position of trust companies, and preventing injurious credit expansions and contractions.

(d)A trust company converting to or merging or consolidating with a national bank shall submit to the department a copy of any application to the United States Comptroller of the Currency for a national bank charter or any other application to the United States Comptroller of the Currency to convert, merge, or consolidate when the applications are forwarded to the United States Comptroller of the Currency.