(a) An international bank that operates one or more branch banks in the state shall maintain in the state assets in an amount acceptable to the department, except that the amount may not be less than the amount of deposits payable at or through the branch banks.

Terms Used In Alaska Statutes 06.05.560

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • branch bank: includes an office, agency, or other place of business located in the state and at which deposits are received, checks are paid, or money is lent, but does not include the principal office of a bank or a remote service unit. See Alaska Statutes 06.05.990
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.05.990
  • international bank: means a corporation, partnership, or association that is organized and operates under the laws of a country other than the United States and that is authorized by its license or charter to carry on a banking business. 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
(b) The department shall determine the value of the assets maintained by the international bank for purposes of this section. In making its determination, the department may include as assets currency, bonds, notes, debentures, drafts, bills of exchange, and other evidences of indebtedness owed by persons in the United States and collectible in the United States in United States currency or, with the approval of the department, in currency freely convertible into United States currency, but the department may not include as assets prepaid expenses, customers’ liability on prepaid expenses, or amounts due from other offices, branches, or wholly owned subsidiaries of the international bank.
(c) When the department takes possession of a branch bank of an international bank under Alaska Stat. § 06.05.468 and 06.05.470, the assets of the international bank in the state shall be turned over to the department and disbursed as provided in Alaska Stat. § 06.05.470 – 06.05.473.
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