3 Alaska Admin. Code § 04.560

Current through September 25, 2024

Section 3 AAC 04.560 - Sale of assets

(a) The board of a trust company that sells all or substantially all of the trust company's assets, with or without shareholder approval, must

(1) document that sale with a contract that specifies

(A) the items sold and liabilities assumed;

(B) the monetary consideration; and

(C) all other terms and conditions of the transaction; and

(2) require notice of the sale to all customers of the selling trust company.

(b) A trust company must file with the department a letter of application to sell all or substantially all of its assets and must include

(1) a summary of the transaction;

(2) a copy of the contract to sell the assets; and

(3) copies of all other required regulatory notices or filings submitted to other state or federal regulatory agencies concerning the transaction.

3 AAC 04.560

Eff. 3/29/2008, Register 185

Authority:AS 06.26.720

AS 06.26.900