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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 170. Trust Company Representative Offices.
previous: Section 160
. Trust Company Branch Offices.
next: Section 180
. Offices Outside the State.
AS 06.26.170. Trust Company Representative Offices.
- (a) A trust company may establish or acquire representative trust offices anywhere in this state. To establish or acquire
a representative office, a trust company shall
- (1) file a written notice with the department that sets out the name of the trust company and the location of the proposed
- (2) file with the department a copy of a resolution adopted by the trust company's board authorizing the establishment or
acquisition of the representative office; and
- (3) pay the filing fee established by the department by regulation.
- (b) The department has 60 days from the date the department receives the notice filed under (a) of this section to review
the establishment or acquisition of a representative office, and the trust company may begin operating the
representative office on the 61st day after the date the department receives the notice, unless the department
specifies a different date.
- (c) The department may extend the 60-day period of review provided by (b) of this section if the department determines
that the written notice raises issues that require additional information or if the department needs additional time
for analysis. If the 60-day period of review is extended, the trust company may establish the representative office
only after the department approves the office in writing. The department may deny permission to establish or acquire a
representative office of the trust company if the department has safety or soundness concerns.
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