Sec. 06.05.272. Bank subsidiaries.

157 words·~1 min read·/ak/title-6/chapter-5/06-05-272

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

(a)A state bank may purchase or establish, and operate, one or more subsidiaries engaged in any of the following activities, if the subsidiary has the necessary licenses and permits and the operation is not detrimental to the bank's business:

(1)real property ownership, development, and leasing;

(2)securities brokerage;

(3)other activities authorized in regulations adopted under this section; or

(4)other activities approved by the department.

(b)Under this section, a state bank's total investment in its subsidiaries may not exceed that which is permissible for a federally chartered bank's total investment in all subsidiaries as set out in 12 U.S.C. 24a, as amended. Loans to subsidiaries are considered investments subject to the limitations of this subsection.

(c)A subsidiary of a state bank is subject to examination by the department as part of the examination of the bank under AS 06.01.015 .

(d)[Repealed, § 55 ch 75 SLA 2002.]