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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 730. Voluntary Liquidation.
previous: Section 720
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AS 06.26.730. Voluntary Liquidation.
- (a) Without department approval, a trust company may not cease acting as a fiduciary in this state and voluntarily
surrender its certificate of authority and as a consequence be relieved of the necessity to comply with the
requirements of this chapter.
- (b) A trust company proposing to cease acting as a fiduciary in this state shall submit to the department
- (1) a certified copy of a resolution of the trust company's board of directors reflecting the board's decision that the
trust company should cease acting as a fiduciary in this state; and
- (2) the trust company's plan adopted by its board for winding up its fiduciary operations in this state.
- (c) The department may approve or disapprove the trust company's plan for winding up its fiduciary operations in this
state based on the department's evaluation of whether the plan provides adequate protection for those persons and
interests for whom the trust company acts as a fiduciary. The department's approval may be subject to any condition the
department determines appropriate under the circumstances.
- (d) During the implementation of a trust company's plan for winding up its fiduciary operations in this state, the
department retains the authority to supervise the trust company and may conduct any examination relating to either the
trust company or the plan for winding up that the department considers necessary or appropriate.
- (e) If the department has reason to conclude that the trust company is not safely or expeditiously implementing the
approved plan for winding up the trust company's fiduciary operations in this state, the department may
- (1) begin revocation proceedings under AS 06.26.740
- (2) take possession of the trust company's trust business in this state in the same manner, with the same effect, and
subject to the same rights accorded to the trust company under AS 06.26.750
- (f) The department shall cancel the trust company's certificate of authority if the department approves the trust
company's plan for winding up its fiduciary operations in this state and if all of the following conditions that apply
to the trust company have been met:
- (1) the trust company has completed its plan for winding up its fiduciary operations in this state consistent with any
conditions that the department imposed on the plan under (c) of this section;
- (2) the trust company has been relieved under all applicable laws of all duties as trustee, executor, administrator,
registrar of stocks and bonds, or any other type of fiduciary position under court, private, or other appointment that
the trust company had accepted;
- (3) if the trust company has its principal place of business in this state, the trust company has, under all applicable
laws, wound up its fiduciary operations in each of the other jurisdictions where the trust company solicited
appointment or served as a fiduciary, or otherwise acted as a fiduciary;
- (4) if the trust company has its principal place of business in this state and is not authorized to engage in activities
other than acting as a fiduciary, the trust company is being liquidated under AS 06.26.760 - 06.26.800.
- (g) Upon the department's canceling the trust company's certificate of authority, the trust company may not without
obtaining a new certificate of authority act as a fiduciary in this state, or in any jurisdiction.
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