1. (a) The board of a trust company that sells all or substantially all of the trust company's assets, with or without shareholder approval, must

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

      1. (A) the items sold 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 sell all or substantially all of its assets and must include

   1. (1) a summary of the transaction;
   2. (2) a copy of the contract to sell the assets; and
   3. (3) 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 06.26.720, AS 06.26.900