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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 240. Conversion to Trust Company.
previous: Section 230
. Revocation of Exemption.
next: Section 245
. Trust Company Authority.
AS 06.26.240. Conversion to Trust Company.
- (a) A private trust company may not offer fiduciary services to the general public as a trust company until the private
trust company satisfies the requirements of this section.
- (b) The private trust company shall file a notice with the department on a form prescribed by the department, furnish a
copy of a resolution adopted by the board authorizing the private trust company to offer fiduciary services to the
general public, pay any filing fee established by the department by regulation, and comply with the requirements of
this chapter for trust companies. The notice must provide the name of the private trust company and acknowledge that
any exemption granted or otherwise applicable to the private trust company under AS 06.26.200
ceases to apply on the effective date of the notice.
- (c) The department has 60 days after the department receives the notice under (a) of this section to review the
conversion, and a private trust company may begin providing or offering fiduciary services to the general public on the
61st day after the date that the department receives a notice under (a) of this section from the private trust company,
unless the department specifies a different date.
- (d) The department may extend the 60-day period of review provided by (c) of this section if the department determines
that the notice raises issues that require additional information or if the department needs additional time for
analysis. If the 60-day period of review is extended, the private trust company may offer fiduciary services to the
general public only after written approval by the department.
- (e) The department may deny a private trust company permission to offer fiduciary services to the general public as a
trust company if the department finds that the private trust company does not meet the requirements of this chapter for
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