Section 06.26.070. Incorporation.

   (a) A trust company shall be incorporated under AS 10.06.
   (b) In addition to the items required under AS 10.06.208 to be included in articles of incorporation, the articles of incorporation of a trust company must specify
        (1) the judicial district where the trust company will be located and the community where the trust company will locate its principal place of business;
        (2) the amount of the trust company's stock, which must be divided into shares having a par value of not less than $1 each;
        (3) that there will be at least five but not more than 25 directors;
        (4) the period for which the trust company is organized, whether limited or perpetual;
        (5) the name by which the trust company will be known, which must contain the words "trust company" as a part of the name; and
        (6) a declaration that each incorporator will, if elected, accept the responsibilities and faithfully discharge the duties of a director.

Notes

History

(Sec. 2 ch 77 SLA 2002)