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Title 3 . Commerce, Community, and Economic Development
Chapter 3 . Land Sales
Section 910. Definitions

3 AAC 03.910. Definitions

In this chapter and in AS 06.45, unless otherwise specified

(1) "bankruptcy clause" means the following statement:

Notwithstanding any other provision in this lease, if the tenant or its successors or assigns becomes insolvent, bankrupt, or makes an assignment for the benefit of creditors, or if it or their interest in this lease is levied upon or sold under execution or other legal process, or if the credit union to be operated on the demised premises is closed or is taken over by a banking authority of the state or other supervisory authority, including the National Credit Union Administration, the landlord may terminate this lease only with the concurrence of the supervisory authority; and that supervisory authority will have the election to either continue or terminate the lease; however, if the lease is terminated, the maximum claim of the landlord for damages or indemnity for injuries resulting from the termination of the unexpired lease may not exceed the rent payable under this lease.

(2) "commissioner" means the commissioner of commerce, community, and economic development or his designee;

(3) "corporate credit union" means a credit union whose membership primarily consists of other credit unions organized under state or federal law;

(4) "department" means Department of Commerce, Community, and Economic Development;

(5) "FCUA" means Federal Credit Union Act (12 U.S.C. § 1751), as amended on March 31, 1980;

(6) "NCUA" means National Credit Union Administration;

(7) "shares" or "share account" means an account that earns dividends from undivided earnings at a rate determined by the board of directors at the close of a stated accounting period;

(8) "share certificate" or "share certificate account" means an account that earns a predetermined rate of return when held to maturity and that has a prior claim on credit union assets;

(9) "share draft account" means an account from which the holder is authorized to withdraw shares by means of a negotiable or transferable instrument or other order.

(10) "FHLB" means the Federal Home Loan Bank created under 12 U.S.C. 1421 - 1449.

History: Eff. 1/21/81, Register 77; am 4/16/2000, Register 154

Authority: AS 06.45.010

Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

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Last modified 7/05/2006