1. (a) A trust company that purchases all or substantially all of the assets of another trust company shall

   1. (1) document that purchase with a contract that specifies

      1. (A) the items purchased and liabilities assumed;
      2. (B) the monetary consideration; and
      3. (C) all other terms and conditions of the transaction; and
   2. (2) require notice of the sale to all customers of the selling trust company.

2. (b) A trust company must file with the department a letter of application to purchase assets of another trust company and must include

   1. (1) a summary of the transaction;
   2. (2) a copy of the contract to purchase assets;

   3. (3) a current pro forma balance sheet and income statement for the purchasing trust company that

      1. (A) reflects the proposed transaction as of the most recent quarter ended immediately before the filing of the application;
      2. (B) demonstrates that the purchasing trust company meets the statutory capital requirement or capital requirement imposed by order or condition of the department; and
      3. (C) includes a statement of fiduciary assets and corporate assets; and
   4. (4) copies of all other required regulatory notices or filings submitted to other state or federal regulatory agencies concerning the transaction.

(Eff. 3/29/2008, Register 185)

Authority: AS 06.26.680, AS 06.26.900