Section 06.05.230. Investment in property and banking premises.

A bank may acquire, purchase, hold, and convey real and personal property for the following purposes only:
        (1) that which is necessary for the convenient transaction of, or the promotion of, its business, including buildings containing banking offices, equipment, furniture and fixtures, art work, leasehold improvements, parking lots, and, with the prior approval of the department, real property reasonably anticipated to be necessary for future expansion of the bank, if the book asset value of the purchase or investment does not exceed 60 percent of the capital and surplus of the bank;
        (2) the satisfaction of or on account of debts previously contracted in the course of its business;
        (3) the purchase at sale under judgment, decree, lien, or mortgage foreclosure, against security held by it;
        (4) that which is necessary in connection with a negatively amortizing loan described under AS 45.45.010(f).

Authorities

6.05.231; 6.05.245; 6.05.255; 6.05.260

Notes

Implemented As

3 AAC 02.135
3 AAC 02.210

References

AS 6.05.231 .231">Sec. 06.05.231. Bank service corporations.
AS 6.05.245 .245">Sec. 06.05.245. Disposition of property not needed in the conduct of a banking business.
AS 6.05.255 .255">Sec. 06.05.255. Borrowing.
AS 6.05.260 .260">Sec. 06.05.260. Pledge, assignment, and transfer of assets.

History

(Sec. 3.166 ch 129 SLA 1951; am Sec. 3 ch 63 SLA 1969; am Sec. 15 ch 169 SLA 1978; am Sec. 35 ch 26 SLA 1993; am Sec. 7 ch 21 SLA 2000)