(a) Subject to the same terms and conditions applicable to other loans and to applicable federal law, a director or executive officer of a state bank may borrow up to $500,000 from the state bank at the discretion of the chief executive or managing officer of the state bank. A loan to a director or executive officer that makes the total amount owed to the state bank by the director or executive officer in excess of the limit in this subsection, or loans of any amount to the chief executive or managing officer of the state bank, shall have the prior approval of the board of directors and shall be reported to the department within 30 days.

Terms Used In Alaska Statutes 06.05.210

  • 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
  • loan: includes an extension of credit resulting from direct or indirect negotiations between a lender and a debtor. See Alaska Statutes 06.05.990
  • 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
(b)[Repealed, Sec. 102 ch 26 SLA 1993].
(c) Notwithstanding (a) of this section, loans to directors, executive officers, and other officers and employees of a state bank are subject to the lending limits imposed by Alaska Stat. § 06.05.205 and the regulations adopted under that section.
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