Section 06.15.350. General powers.

A mutual bank
        (1) shall have indefinite succession;
        (2) may adopt and use a seal;
        (3) may sue and be sued;
        (4) may adopt, amend, and repeal rules and regulations governing the manner in which its business may be conducted and the manner in which the powers vested in it may be exercised;
        (5) may make and carry out contracts and agreements, provide benefits to its personnel, and take other action, as it considers necessary or desirable in the conduct of its business;
        (6) may appoint and fix the compensation of officers, attorneys, and employees desirable for the conduct of its business, define their authority and duties, delegate to them the powers the trustees determine, require bonds of them as the trustees designate and fix their penalties and pay the premiums on the bonds;
        (7) may acquire by purchase or lease real property or interest therein as the trustees consider necessary or desirable for the conduct of its business, and sell, lease, or otherwise dispose of real property or interest therein;
        (8) may exercise the powers of a bank granted under AS 06.05 (Alaska Banking Code); and
        (9) may convert from a mutual bank to a capital stock bank under a plan approved by the department.

Authorities

6.15.360

Notes

Implemented As

3 AAC 06.110

References

AS 6.15.360 .360">Sec. 06.15.360. Additional powers.

History

(Sec. 15 a ch 132 SLA 1960; am Sec. 3 ch 47 SLA 1980)