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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 450. Acquisition of Control.
previous: Section 410
. Requirements For Handling Trust Assets.
next: Section 460
. Application For Acquisition of Control.
AS 06.26.450. Acquisition of Control.
- (a) Except as expressly otherwise permitted under this chapter, a person may not, without the prior written approval of
the department, directly or indirectly acquire control of a trust company through a change in a legal or beneficial
interest in voting securities of a trust company or a corporation or other person who owns voting securities of a trust
- (b) This section does not apply to
- (1) the acquisition of securities in connection with the exercise of a security or other interest in full or partial
satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of
acquisition with the department before the person votes the securities acquired;
- (2) the acquisition of voting securities in any class or series by a person in control who has previously complied with
and received approval to acquire control under AS 06.26.450
- 06.26.480 or who was identified as a person in
control in an earlier application filed with and approved by the department;
- (3) an acquisition or transfer by operation of law, a will, or in testate succession if the acquiring person files written
notice of acquisition with the department before the person votes the securities acquired; or
- (4) a transaction exempted by the department by regulation or order because the transaction is not within the purposes of
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