Sec. 06.05.255. Borrowing.
112 words·~1 min read·
/ak/title-6/chapter-5/06-05-255A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 06.05.255. Borrowing.
(a)The aggregate amount of outstanding liabilities of a state bank for money borrowed exclusive of
(1)capital notes and debentures issued under AS 06.05.307 ,
(2)obligations incurred in connection with the purchase of bank premises under AS 06.05.230 (1), and
(3)agreements to repurchase securities, earlier sold by the bank, at the end of a stated period, may not at any time exceed 15 percent of the bank's total assets, or a larger amount if approved by the department.
(b)Nothing in this section prevents a bank from rediscounting in good faith and endorsing any of its negotiable notes.
(c)[Repealed, § 102 ch 26 SLA 1993.]