Alaska Statutes Title 06, Chapter 06.15, Article 01 - Formation and Management of Mutual Banks

• Sec. 06.15.010 Declaration of Policy.
  In providing authority for the establishment of mutual savings banks it is the intent of the legislature to make available the benefits of mutual...
• Sec. 06.15.020 Chartering of Mutual Banks.
  Upon written application by five signatories from among not less than 21 individuals acting in the capacity of qualified corporators named in the application,...
• Sec. 06.15.030 Issuance of Charter.
  A charter shall be issued if the department finds that a mutual bank will serve a useful purpose in the community in which it...
• Sec. 06.15.040 Qualification of Corporators.
  (a) Each corporator shall be an individual, not of unsound mind or capacity, whom the department finds to be of financial responsibility and good...
• Sec. 06.15.050 Corporators.
  At their organizational meeting, the corporators shall adopt rules governing their activities as corporators, and may amend the rules from time to time. The...
• Sec. 06.15.060 Trustees.
  The corporators shall elect a board of trustees from among their number, consisting of not less than seven nor more than 25, or one-half...
• Sec. 06.15.070 Terms of Trustees.
  The corporators shall, by a majority vote of those present at their organizational meeting, elect a board of trustees in the following manner: one-third...
• Sec. 06.15.080 Management and Control of Mutual Bank; Bylaws.
  The management and control of the affairs of a mutual bank is vested in the board of trustees. The board of trustees may adopt,...
• Sec. 06.15.090 Failure to Attend Meetings.
  The office of a trustee becomes vacant if the trustee fails to attend regular meetings of the trustees for a period of six months,...
• Sec. 06.15.100 Prohibited Conduct of Trustees.
  A trustee may not(1) receive remuneration as trustee except reasonable fees for attendance at meetings of trustees or for services as a member of...
• Sec. 06.15.105 Trustee Borrowing.
  A person may borrow money from the mutual bank for which the person is trustee to the same extent that a director may borrow...
• Sec. 06.15.110 Trustee As Officer or Attorney.
  Nothing contained in AS 06.15.100 prohibits or limits any right of a trustee who is also an officer or attorney of the mutual bank...
• Sec. 06.15.120 Exceptions.
  Upon application by a mutual bank, an exception may be granted to any prohibition contained in AS 06.15.100 following a determination by the department...
• Sec. 06.15.130 Deposit of Funds.
  A mutual bank may not deposit any of its funds except with a depositary approved by vote of a majority of all the trustees,...
• Sec. 06.15.140 Commencement of Operation.
  (a) A mutual bank may not begin operation until the department has given its approval to do so. The department may not grant approval...

Last modified: November 15, 2016