A bank may acquire, purchase, hold, and convey real and personal property for the following purposes only:

(1) that which is necessary for the convenient transaction of, or the promotion of, its business, including buildings containing banking offices, equipment, furniture and fixtures, art work, leasehold improvements, parking lots, and, with the prior approval of the department, real property reasonably anticipated to be necessary for future expansion of the bank, if the book asset value of the purchase or investment does not exceed 60 percent of the capital and surplus of the bank;
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Terms Used In Alaska Statutes 06.05.230

  • bank: means a person doing a banking business, including persons subject to the law of this or another jurisdiction. See Alaska Statutes 06.05.990
  • banking: means performing activities that
    (A) include, at a minimum, soliciting, receiving, or accepting money or its equivalent on deposit, whether the deposit is made subject to a check or is evidenced by a certificate of deposit, passbook, note, receipt, or other writing. See Alaska Statutes 06.05.990
  • capital: means the amount of outstanding common stock plus outstanding and perpetual preferred stock. See Alaska Statutes 06.05.990
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.05.990
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • loan: includes an extension of credit resulting from direct or indirect negotiations between a lender and a debtor. See Alaska Statutes 06.05.990
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • surplus: includes amounts paid in for stock in excess of the par value of the stock, which are generally called capital surplus or paid-in surplus, plus any amounts transferred to the account from undivided profits, which are generally called earned surplus. See Alaska Statutes 06.05.990
(2) the satisfaction of or on account of debts previously contracted in the course of its business;
(3) the purchase at sale under judgment, decree, lien, or mortgage foreclosure, against security held by it;
(4) that which is necessary in connection with a negatively amortizing loan described under Alaska Stat. § 45.45.010(f).
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