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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 900. Powers of Department.
previous: Section 895
next: Section 905
. Cooperative Agreements.
AS 06.26.900. Powers of Department.
The department may
- (1) exercise general supervision over trust companies, interstate trust companies, and international trust companies, and
the subsidiaries and affiliated corporations of trust companies, interstate state trust companies, and international
- (2) in addition to other authority in this chapter to adopt regulations, adopt regulations necessary to interpret and
implement this chapter, including regulations providing for the retention and preservation of records;
- (3) review and approve or disapprove applications for trust companies under AS 06.26.090
, trust company branch offices under AS 06.26.160
, representative offices under AS 06.26.170
, and trust offices and representative offices under AS 06.26.810
- (4) issue permits authorizing trust company holding companies to do business in this state;
- (5) determine for each trust company the amount of paid-in capital necessary to operate under AS 06.26.120
- (6) review and approve transfers of trust company ownership under AS 06.26.450;
- (7) perform examinations of trust companies, branch offices, representative offices, subsidiaries of trust companies,
private trust companies, and subsidiaries of private trust companies under AS 06.01.015 and this chapter;
- (8) relieve a trust company from the examination requirements of AS 06.01.015 if the trust company's deposits are insured by
the Federal Deposit Insurance Corporation, a successor of the Federal Deposit Insurance Corporation, or another agency
of the United States that insures trust company deposits;
- (9) approve under AS 06.26.190
the operation of a branch trust company on a schedule different than normal banking days;
- (10) approve the operation by a trust company of an automated teller machine in accordance with AS 06.05;
- (11) approve certain trust company subsidiaries;
- (12) approve the acceptance by a trust company of the trust company's stock or of the stock of the trust company's holding
company as security for a loan under circumstances approved by the department;
- (13) restrict the withdrawal of deposits from a trust company if the department finds that extraordinary circumstances make
restriction necessary for the proper protection of depositors;
- (14) require a trust company to
- (A) maintain its capital and reserve accounts in amounts determined appropriate by the department;
- (B) observe the methods and standards that the trust company adopts for determining the value of various types of assets;
- (C) charge off part or all of an asset that has not been lawfully acquired;
- (D) write down an asset to its market value;
- (E) record liens and other interests in property;
- (F) obtain a financial statement from a borrower or prospective borrower to the extent that the trust company can obtain
- (G) obtain insurance against damage to real property taken as security;
- (H) search or obtain insurance on the title to real property taken as security;
- (I) maintain adequate insurance against risks as the department determines necessary and appropriate for the protection of
depositors and the public;
- (J) charge off that portion of an asset classified as a loss, or charge off or reserve up to 50 percent of loans
classified as doubtful, in a state or federal report of examination; or
- (K) charge off all debts owed to the trust company in which interest is past due and unpaid for a period of six months,
unless the debt principal is adequately secured and the trust company is in the process of collection;
- (15) require the board of directors of a trust company to hold a meeting under AS 06.26.520
- (16) order the removal of a board member of a trust company under AS 06.26.510;
- (17) order a trust company to suspend the payment of dividends under AS 06.26.120
and regulations adopted by the department;
- (18) require a trust company to increase its capital accounts under AS 06.26.120
- (19) take possession of a trust company in the manner provided in AS 06.26.730 - 06.26.750, and operate, reorganize, or liquidate the
trust company after taking possession;
- (20) issue an order under AS 06.01.030
that the department determines is necessary to ensure compliance with this chapter; and
- (21) exercise other powers expressly or implicitly granted under this chapter.
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