Alaska Statutes 06.26.220 – Transfer of control
Current as of: 2023 | Check for updates
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Terms Used In Alaska Statutes 06.26.220
- chapter: includes regulations adopted under this chapter. See Alaska Statutes 06.26.990
- control: means owning, or holding with the power to vote, 25 percent or more of the voting securities or other capital stock. See Alaska Statutes 06.26.990
- department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.26.990
- exempt private trust company: means a private trust company that has received an exemption under Alaska Stat. See Alaska Statutes 06.26.990
- person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
- private trust company: means a person who acts as a fiduciary, is not exempt under Alaska Stat. See Alaska Statutes 06.26.990
Control of an exempt private trust company may not be sold or otherwise transferred with an exemption under Alaska Stat. § 06.26.200. In any change of control, the exempt status of the private trust company automatically terminates on the effective date of the transfer, and the person acquiring control must comply with this chapter. After transfer of control, a separate application for an exemption under Alaska Stat. § 06.26.200 must be filed with the department if the acquiring person wishes to obtain or continue an exemption under Alaska Stat. § 06.26.200.