Section 06.26.450. Acquisition of control.

   (a) Except as expressly otherwise permitted under this chapter, a person may not, without the prior written approval of the department, directly or indirectly acquire control of a trust company through a change in a legal or beneficial interest in voting securities of a trust company or a corporation or other person who owns voting securities of a trust company.
   (b) This section does not apply to
        (1) the acquisition of securities in connection with the exercise of a security or other interest in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired;
        (2) the acquisition of voting securities in any class or series by a person in control who has previously complied with and received approval to acquire control under AS 06.26.450 - 06.26.480 or who was identified as a person in control in an earlier application filed with and approved by the department;
        (3) an acquisition or transfer by operation of law, a will, or intestate succession if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired; or
        (4) a transaction exempted by the department by regulation or order because the transaction is not within the purposes of AS 06.26.450 - 06.26.480.

Authorities

6.26.450; 6.26.460; 6.26.480; 6.26.680; 6.26.900

Notes

Implemented As

3 AAC 04.310

References

3 AAC 04.310
AS 6.26.450 .450">Sec. 06.26.450. Acquisition of control.
AS 6.26.460 .460">Sec. 06.26.460. Application for acquisition of control.
AS 6.26.480 .480">Sec. 06.26.480. Objection to other transfer.
AS 6.26.680 .680">Sec. 06.26.680. Authority to purchase assets of another trust company.
AS 6.26.900 .900">Sec. 06.26.900. Powers of department.

History

(Sec. 2 ch 77 SLA 2002)