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Title 3 . Commerce, Community, and Economic Development
Chapter 2 . Land Sales
Section 210. Application for a certificate of authority

3 AAC 02.210. Application for a certificate of authority

(a) Repealed 1/10/94.

(b) Repealed 1/10/94.

(c) Repealed 1/10/94.

(d) Repealed 1/10/94.

(e) Repealed 1/10/94.

(f) Application for Certificate of Authority. After receiving a certificate of incorporation under 3 AAC 02.209, the following information must be submitted to the department in support of an application for a certificate of authority:

(1) a statement whether the proposed bank will operate on owned or leased property and, if leased, a copy of all proposed lease documents which must contain a bankruptcy clause;

(2) a statement whether the proposed bank plans to finance any improvements to the property, and whether the property is leased, whether the proposed lessor will be a borrowing customer of the proposed bank;

(3) the amount of fire and liability insurance coverage to be carried for the proposed bank facility and equipment, who will pay the premium for the insurance coverage, and, if to be paid by the proposed bank, the amount of payment, and the annual premium for the coverage at the time of the application;

(4) the total investment in the proposed bank premises and equipment to be reflected on the books of the proposed bank, including the proposed bank's investment in land, building, leasehold improvements, furniture, fixtures and equipment, investment in other assets indirectly representing bank premises, and any proposed amount and method of depreciation;

(5) the amount and type of the proposed bank's fidelity bond and any excess coverage bond to be in force at the time of opening of the proposed bank;

(6) an organization chart of the proposed bank showing the line of authority to be used by the proposed bank in providing its services;

(7) copies, certified by the chief executive officer of the proposed bank, of all documents and information required by AS 06.05.350 (b);

(8) the total proposed investment in each proposed bank subsidiary; and

(9) additional information requested by the department.

History: Eff. 12/13/70, Register 36; am 4/6/79, Register 70; am 1/10/94, Register 129

Authority: AS 06.05.005 (a)

AS 06.05.230

AS 06.05.350

AS 06.05.385

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Last modified 7/05/2006