(a) A service corporation shall invest and have invested its funds in the following investments only:
Terms Used In Alaska Statutes 21.87.220
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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
(1) cash on deposit or in savings accounts in banks or trust companies in this state;(2) deposits in or shares of the savings and loan associations that are insured by an instrumentality of the United States government, and not in excess of the amount of the insurance in any one such institution;(3) public obligations, as provided under Alaska Stat. Chapter 21.21;(4) corporate obligations, as provided under Alaska Stat. Chapter 21.21; and(5) real estate for use as a home office, at a cost not exceeding 10 percent of the corporation’s assets at the time of investment, unless a larger amount has been approved by the director.(b)Alaska Stat. Chapter 21.21 shall apply to the investments of service corporations, to the extent applicable, and for the purposes of the application a service corporation shall be considered to be an insurer.(c) The director may adopt regulations governing the extent to which the sections referred to in (b) of this section are applicable to a service corporation.
