Sec. 06.26.660. Merger or consolidation.

276 words·~1 min read·/ak/title-6/chapter-26/06-26-660

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

(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 the department. The department may require the submission of additional information it considers necessary to make an informed decision.

(b)The department may approve a merger or a consolidation if

(1)the surviving or new trust company will be solvent and have adequate capitalization for its operations and location;

(2)the surviving or new trust company has in all respects complied with the statutes and regulations governing the organization of a trust company in this state;

(3)all obligations and liabilities of each trust company that is a party to the merger or consolidation have been properly discharged or otherwise lawfully assumed or retained by a trust company or other fiduciary;

(4)a surviving or new trust company is not authorized to act as a fiduciary under this chapter, will not act as a fiduciary, and has otherwise complied with the laws of this state;

(5)the surviving or new trust company satisfies the provisions in AS 06.26.090 that the department determines apply to the trust company; and

(6)all conditions imposed by the department have been satisfied.

(c)If the department approves the merger or consolidation and finds that all investigative expenses incurred by the department and all required filing fees have been paid, the department shall issue a certificate of merger or consolidation.