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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 880. Enforcement.
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. Notice of Subsequent Merger, Consolidation, or Closing.
AS 06.26.880. Enforcement.
- (a) Consistent with AS 06.01.030
and regulations adopted by the department under AS 06.01.030
or this chapter, the department may determine that
- (1) an office maintained by an interstate state trust company or international trust company is being operated in
violation of a provision of the laws of this state or in an unsafe and unsound manner; or
- (2) an interstate state trust company or international trust company is engaged in an activity that the trust company may
not engage in under this chapter.
- (b) If either of the conditions in (a) of this section exists, the department may take the enforcement actions it would be
empowered to take if the office or the company were a trust company established under this chapter, including issuing
an order temporarily or permanently prohibiting the trust company from acting as a fiduciary in this state.
- (c) If a matter involves extraordinary circumstances that require immediate action, the department may take any action
permitted by this section without providing notice or an opportunity for a hearing before taking the action. The
department shall promptly give notice to the home jurisdiction regulator of each enforcement action taken against an
interstate state trust company or international trust company and, to the extent practicable, shall consult and
cooperate with the home jurisdiction regulator when pursuing and resolving an enforcement action.
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