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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 5. Alaska Banking Code
- Section 235. Bank Holding Companies.
previous: Section 232
. Leasing of Real and Personal Property. [Repealed, Sec. 102 Ch 26 SLA 1993].
next: Section 237
. Financial Holding Companies.
AS 06.05.235. Bank Holding Companies.
- (a) Except as provided in this section or in AS 06.05.570
, it is unlawful for a person to own, control, or hold with power to vote 25 percent or more of a class of voting
securities or other capital stock of one or more state banks or domestic bank holding companies subject to regulation
under this chapter. However, when it becomes a bona fide necessity to avoid loss for a creditor to accept shares of
stock in one or more state banks or domestic bank holding companies constituting more than 25 percent of the ownership
or control of a state bank or domestic bank holding company in payment of indebtedness owing to the creditor, shares of
stock may be accepted, but the shares of the one or more state banks or domestic bank holding companies exceeding that
25 percent shall be promptly disposed of under the supervision of the department.
- (b) A domestic bank holding company that maintains its principal office and place of business in the state and conducts
its principal operations in the state, may acquire and own all or a portion of the voting securities or other capital
stock of, or all or substantially all of the assets of, one or more banks or bank holding companies. The department may
require a domestic bank holding company to post a bond with the department in an amount not more than the paid-in
capital and paid-in surplus represented by the proportion of state bank stock directly or indirectly owned, held, or
controlled by it, under conditions the department may prescribe, to assure full protection of the public. Before a
domestic bank holding company may acquire a bank or bank holding company doing business in the state, the domestic bank
holding company shall apply for and obtain a permit from the department. In considering whether to issue a permit, the
department shall consider the benefits to the public, the preservation of a competitive banking industry, and the
maintenance of a safe and sound bank industry. The domestic bank holding company is subject to an examination by the
department or a competent person designated by the department when the department considers it necessary, but not less
than once each year. The domestic bank holding company shall pay an examination fee under AS 06.01.010
- (c) [Repealed, Sec. 102 ch 26 SLA 1993].
- (d) [Repealed, Sec. 102 ch 26 SLA 1993].
- (e) [Repealed, Sec. 102 ch 26 SLA 1993].
- (f) [Repealed, Sec. 102 ch 26 SLA 1993].
- (g) For the purpose of this section and AS 06.05.570
, a trust company organized under AS 06.26 that is engaged in the
business of banking shall be considered a state bank.
- (h) [Repealed, Sec. 102 ch 26 SLA 1993].
- (i) The provisions of this section do not apply to a person that
- (1) acquires or holds voting securities or other capital stock of a bank or bank holding company only for a reasonable
period of time in connection with the underwriting of securities;
- (2) is a state agency;
- (3) is a trustee or agent of an independent federal financial regulatory agency; or
- (4) under a plan of financial restructuring that is intended to prevent the failure of a state bank and that is approved
by the department,
- (A) acquires or receives 25 percent or more of a class of voting securities or other capital stock of the bank or bank
holding company subject to the plan, and owns, controls, or holds, with the power to vote, the securities acquired or
received in excess of 24.99 percent of that class for a period of time that permits the distribution or resale of the
securities or other capital stock on a reasonable basis; or
- (B) purchases or receives securities under the plan and, after the purchase or receipt, owns, controls, or holds, with a
power to vote, less than 25 percent of a class of voting securities or other capital stock of the bank or bank holding
company subject to the plan but subsequently, solely through the action or inaction of others, including the bank or
bank holding company, owns, controls, or holds, with a power to vote, 25 percent or more of a class of voting
securities or other capital stock of the bank or bank holding company; the exemption in this subparagraph does not
apply if the department determines, after notice and opportunity for hearing under AS 06.01.030, that the ownership, control, or holding of the
securities or stock exceeding 24.99 percent of a class, other than under a plan to promptly dispose of the securities
or stock under the supervision of the department, permits the organization in any manner to control the election of a
majority of the board of directors or trustees, or to directly or indirectly exercise a controlling influence over the
management or policies of the bank or bank holding company.
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