Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 130. Capital Notes or Debentures..
previous: Section 120
. Required Capital; Change in Outstanding Capital and Surplus.
next: Section 140
. Cumulative Voting.
AS 06.26.130. Capital Notes or Debentures..
- (a) A trust company may, with the written consent of the department, and if authorized by its articles of incorporation or
approved by persons owning two-thirds of the stock of the trust company entitled to vote, issue convertible or
nonconvertible capital notes or debentures. The principal amount of notes and debentures outstanding at any time may
not exceed 33 1/3 percent of the capital stock and surplus fund of the trust company on the date of issuance. The rate
and term are subject to the approval of the department, but the term may not exceed 20 years.
- (b) A trust company may not retire capital notes or debentures if the retirement creates an impairment of its capital.
Capital notes and debentures are subordinated in right of payment in the event of insolvency or liquidation of the
trust company to the prior payment of all deposits and all claims of other creditors except the holders of securities
on a parity with the capital notes and debentures and the holders of securities expressly subordinated to the capital
notes and debentures.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.