(a) A state bank may purchase or establish, and operate, one or more subsidiaries engaged in any of the following activities, if the subsidiary has the necessary licenses and permits and the operation is not detrimental to the bank’s business:

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Terms Used In Alaska Statutes 06.05.272

  • 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
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.05.990
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
  • state bank: means a bank organized under this chapter. See Alaska Statutes 06.05.990
  • subsidiary: means a corporation in which a bank owns more than 50 percent of the voting power of the corporation either directly or indirectly through one or more other subsidiaries of the bank. See Alaska Statutes 06.05.990
(1) real property ownership, development, and leasing;
(2) securities brokerage;
(3) other activities authorized in regulations adopted under this section; or
(4) other activities approved by the department.
(b) Under this section, a state bank‘s total investment in its subsidiaries may not exceed that which is permissible for a federally chartered bank’s total investment in all subsidiaries as set out in 12 U.S.C. § 24a, as amended. Loans to subsidiaries are considered investments subject to the limitations of this subsection.
(c) A subsidiary of a state bank is subject to examination by the department as part of the examination of the bank under Alaska Stat. § 06.01.015.
(d)[Repealed, Sec. 55 ch 75 SLA 2002].
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