Section 06.26.150. Trust company home office.

   (a) A trust company shall continuously maintain in this state a home office where the trust company operates and keeps its records. At least one executive officer shall maintain an office at the home office.
   (b) Each executive officer at the home office is an agent of the trust company for service of process.
   (c) A trust company may change its home office to any of its offices existing at the time of the change within this state by filing a written notice with the department setting out the name of the trust company, the street address of its home office before the change, the street address to which the home office is to be changed, and a copy of a resolution adopted by the trust company's board authorizing the change.
   (d) The change of the location of a home office takes effect on the 61st day after the date the department receives the notice under (c) of this section, unless the department establishes a different date or unless, before the 61st day, the department notifies the trust company that the trust company shall establish to the satisfaction of the department that the relocation is consistent with the original determination made under AS 06.26.090 for the establishment of a trust company at that location, in which event the change of home office takes effect when approved by the department.

Authorities

6.26.210; 6.26.910

Notes

Implemented As

3 AAC 04.420

References

AS 6.26.210 .210">Sec. 06.26.210. Requirements to apply for and maintain status as a private trust company.
AS 6.26.910 .910">Sec. 06.26.910. Appeals.

History

(Sec. 2 ch 77 SLA 2002)