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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 110. Issuance of Certificate of Authority; Required Operation.
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. Department Notices Regarding Application..
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. Required Capital; Change in Outstanding Capital and Surplus.
AS 06.26.110. Issuance of Certificate of Authority; Required Operation.
- (a) The department may not deliver a certificate of authority to a person to act as a trust company until the person has
- (1) received cash or marketable securities in at least the full amount of the capital required under AS 06.26.120
from subscriptions for the issuance of shares;
- (2) elected or qualified the initial officers and directors named in the application for the certificate of authority or
other officers and directors approved by the department; and
- (3) complied with all other requirements of this chapter related to the organization of a trust company.
- (b) A person who receives a certificate of authority, including a certificate of authority with conditions, shall open a
home office and begin providing fiduciary services within six months after the date that the person receives the
certificate of authority or by the end of any extension of the six-month period allowed by the department. If the
person does not open the home office or begin providing fiduciary services within the six months or by the end of any
extension, the department shall revoke the certificate of authority.
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