(a) The department may not deliver a certificate of authority to a person to act as a trust company until the person has

Terms Used In Alaska Statutes 06.26.110

  • certificate of authority: means the certificate of authority issued to a corporation under Alaska Stat. See Alaska Statutes 06.26.990
  • chapter: includes regulations adopted under this chapter. See Alaska Statutes 06.26.990
  • department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.26.990
  • Fiduciary: A trustee, executor, or administrator.
  • fiduciary: means a person to whom the property of another person is entrusted for a purpose specified in a trust instrument or by a court order. 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
  • 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
(1) received cash or marketable securities in at least the full amount of the capital required under Alaska Stat. § 06.26.120 from subscriptions for the issuance of shares;
(2) elected or qualified the initial officers and directors named in the application for the certificate of authority or other officers and directors approved by the department; and
(3) complied with all other requirements of this chapter related to the organization of a trust company.
(b) A person who receives a certificate of authority, including a certificate of authority with conditions, shall open a home office and begin providing fiduciary services within six months after the date that the person receives the certificate of authority or by the end of any extension of the six-month period allowed by the department. If the person does not open the home office or begin providing fiduciary services within the six months or by the end of any extension, the department shall revoke the certificate of authority.
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