3 AAC 02.310. Merger

(a) A proposed bank merger of an international, national, or state bank with an Alaska state bank must be accomplished under a merger plan filed with and approved by the department.

(b) Each bank shall approve a merger plan that sets out

(1) the names of the banks proposing to merge and the name of the bank into which they propose to merge, referred to in this chapter as the surviving bank;

(2) the terms and conditions of the proposed merger;

(3) the manner and basis of converting the shares of each merging bank into shares, other securities, or obligations of the surviving bank or of any other bank or corporation, in whole or in part, into cash or other property;

(4) a statement of any amendments to the articles of incorporation of the surviving bank caused by the merger; and

(5) other information and reports required by the department.

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

Authority: AS 06.05.005 (a)

AS 06.05.462

AS 06.05.555

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