(a) An interstate state trust company or international trust company may not establish or acquire a trust office in this state under Alaska Stat. § 06.26.810 – 06.26.895 unless

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Terms Used In Alaska Statutes 06.26.840

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • chapter: includes regulations adopted under this chapter. See Alaska Statutes 06.26.990
  • commissioner: means the commissioner of commerce, community, and economic development. See Alaska Statutes 06.26.990
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.26.990
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • home jurisdiction regulator: means the governmental agency responsible for regulating an interstate state trust company, interstate national trust company, or international trust company in the jurisdiction where the trust company is chartered or otherwise organized. See Alaska Statutes 06.26.990
  • international trust company: means an organization that provides fiduciary services and has offices in countries other than the country in which the home office of the entity is located. See Alaska Statutes 06.26.990
  • interstate national trust company: means an organization
    (A) that is chartered as a bank by the United States. See Alaska Statutes 06.26.990
  • interstate state trust company: means an organization that
    (A) provides fiduciary services. See Alaska Statutes 06.26.990
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Service of process: The service of writs or summonses to the appropriate party.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
  • trust company: means a person who is organized under this chapter to act as a fiduciary and to provide fiduciary services to the general public. See Alaska Statutes 06.26.990
  • trust office: means an office that provides fiduciary services. See Alaska Statutes 06.26.990
  • writing: includes printing. See Alaska Statutes 01.10.060
(1) the trust company confirms in writing to the department that, while the trust company maintains a trust office in this state, the trust company will comply with all applicable laws of this state, including, except where the context or this section indicates otherwise, the provisions of this chapter applicable to trust companies organized under this chapter;
(2) the trust company provides satisfactory evidence to the department of compliance with the

(A) requirements for foreign corporations under Alaska Stat. Chapter 10.06; and
(B) applicable requirements of its home jurisdiction regulator for establishing or acquiring and maintaining the office;
(3) the department, acting within 90 days after receiving notice under Alaska Stat. § 06.26.830, certifies to the home jurisdiction regulator that the requirements of Alaska Stat. § 06.26.810 – 06.26.895 have been met and the notice has been approved or, if applicable, that any conditions imposed by the department under (b) of this section have been satisfied;
(4) the department receives evidence from the trust company that the department determines clearly demonstrates that the establishment or acquisition will serve the public interest and well-being; the evidence must address the factors listed in Alaska Stat. § 06.26.090(b); and
(5) the department has received all required fees and the affidavit of publication required by Alaska Stat. § 06.26.100(b).
(b) An interstate state trust company or international trust company may begin acting as a fiduciary at a trust office on the 91st day after the date that the department receives the notice under (a) of this section for the trust office unless the department specifies a different date.
(c) The department may extend the 90-day period of review provided by (a) of this section if the department determines that the written notice raises issues that require additional information or additional time for analysis by the department. If the department extends the 90-day period of review, the trust company may establish the trust office only after written approval by the department.
(d) The department may deny an interstate state trust company or international trust company permission to establish or acquire the trust office if the department finds that the trust company lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed trust office would be contrary to the public interest. When acting on the notice provided under (a) of this section, the department shall consider the views of the home jurisdiction regulator.
(e) If an interstate state trust company or international trust company is not required by Alaska Stat. Chapter 10.06 or another law of this state to maintain a registered agent in this state, the trust company shall file a written consent with the department permitting the commissioner to act as the agent for the trust company for service of process in a court action arising out of or connected with the proposed trust office.
(f) An interstate national trust company may not establish or acquire a trust office in this state unless the trust company provides satisfactory evidence to the department of compliance with the applicable requirements of its home jurisdiction regulator for establishing or acquiring and maintaining the office.
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