Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
(a) The credit union must apply to the department for a certificate of authority to operate a branch office or to change the location of the principal office or a branch office.
(b) The department may require the following before it approves an application to operate a branch or change the location of an office:
(1) a check or money order for $500 made payable to the State of Alaska as a partial prepayment of investigation expenses incurred by the department in accordance with AS 06.01.010 ;
(2) a statement of whether the proposed office will be owned or leased property, and, if leased, a fully executed copy of all lease documents which must contain a bankruptcy clause;
(3) a statement of whether the credit union plans to finance any improvements to the property, and, if it intends to lease, whether the proposed lessor is or will be a borrowing member of the credit union;
(4) a statement of the amount of fire and liability insurance coverage that will be carried for the proposed office location and equipment, who will pay the premium, and, if paid by the credit union, the amount of payment, and the annual premium for the coverage;
(5) the total investment in credit union premises and equipment that will be reflected on the books of the credit union for the proposed office;
(6) the itemized book value of the credit union's present investment in land, buildings, leasehold improvements, furniture, fixtures and equipment, investment in stock of a building corporation, and investment in other assets and any depreciation reflected on the books;
(7) a balance sheet and statement of income and expenses for the credit union as of the last day of the month immediately before the month in which the application is made;
(8) the amount and type of the credit union's fidelity bond in force and any excess coverage;
(9) a list of services that will be offered by the proposed office;
(10) the name and resume of the proposed branch manager or, if none, a resume of the individual who will be directly responsible for the management of the proposed office;
(11) a brief economic analysis which supports the need for and feasibility of the proposed office; and
(12) other materials as requested by the department.
(c) No credit union may conduct business through a branch without a certificate of authority issued by the department which must be prominently and publicly displayed in that branch.
History: Eff. 1/21/81, Register 77
Authority: AS 06.45.010
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006