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Any purchase or sale of assets must be within the limitations of written policies established by the board of directors and must be documented by a contract which specifies the items sold or purchased and liabilities assumed, the monetary consideration and all other terms and conditions of the transaction. Prior approval by the department is required on any sale or purchase under this section which would constitute 10 percent or more of either credit union's assets.
History: Eff. 1/21/81, Register 77
Authority: AS 06.45.010
AS 06.45.060 (14)
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Last modified 7/05/2006