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Title 3 . Commerce, Community, and Economic Development
Chapter 2 . Land Sales
Section 209. Application for a certificate of incorporation

3 AAC 02.209. Application for a certificate of incorporation

(a) Required Application Material. The incorporators of a proposed bank shall initially submit to the department the following documents, together with supporting materials:

(1) a notice of intent to incorporate a bank;

(2) an application for a certificate of incorporation; and

(3) a request to use written solicitation materials to solicit bank stock subscribers as provided in 3 AAC 02.212.

(b) Notice of Intent. The incorporators of a proposed bank shall submit to the department a written notice of intent to organize the bank that

(1) is signed by each incorporator;

(2) contains the proposed name to be reserved for the proposed bank;

(3) specifies the proposed location of the bank;

(4) indicates the residence address, mailing address, and occupation of each incorporator; and

(5) indicates the individual selected by the incorporators to accept notice from the department on behalf of all incorporators.

(c) Application for Certificate of Incorporation. The following information and fee must be submitted to the department division in support of the application for a certificate of incorporation:

(1) all information required under AS 06.05.344 (a);

(2) a completed FDIC new bank application, which may be obtained directly from the FDIC, if the bank intends to become a member of the FDIC;

(3) a copy of the proposed bylaws;

(4) a check or money order for $2000 made payable to the State of Alaska in partial payment of the investigation expenses incurred by the department under AS 06.01.010 ;

(5) a list of the services to be offered by the proposed bank;

(6) the names and addresses of potential large commercial customers of the proposed bank;

(7) an economic analysis to support the need and feasibility of the proposed bank;

(8) a proposed list of the amounts of stock to be subscribed and paid for by each incorporator;

(9) a three-year projection of the proposed bank's capital accounts; and

(10) additional information requested by the department.

(d) Interim Banks. The information to be submitted to the department in support of an application for a certificate of incorporation of a bank that will never function under the proposed articles as an operating bank must include a written notice of intent as specified in (b) of this section and all of the information required by (c) of this section, except that the information in (c)(5) - (c)(7) of this section need not be included.

(e) Expense Fund. The incorporators of a proposed bank shall establish an expense fund over which the department has withdrawal control. All organizational expenses incurred in establishing the proposed bank will be paid out of the expense fund, after payment for those expenses is approved by the department. The expense fund must be established with the minimum balance required by the department before any withdrawals for pre-incorporation or other expenses are made.

History: Eff. 1/10/94, Register 129

Authority: AS 06.01.010

AS 06.05.005 (a)

AS 06.05.344

AS 06.05.345

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Last modified 7/05/2006