(a) Each corporator shall be an individual, not of unsound mind or capacity, whom the department finds to be of financial responsibility and good character. Without in any way limiting, by enactment of this section, the general regulatory power granted the department by this or any other act, the department may regulate the activities of corporators and prescribe standards of conduct for corporators in their dealings with their mutual bank.
(b) At least a majority of the corporators shall be residents of this state.
Structure Alaska Statutes
Title 6. Banks and Financial Institutions
Chapter 15. Mutual Savings Bank Act
Article 1. Formation and Management of Mutual Banks.
Sec. 06.15.010. Declaration of policy.
Sec. 06.15.020. Chartering of mutual banks.
Sec. 06.15.030. Issuance of charter.
Sec. 06.15.040. Qualification of corporators.
Sec. 06.15.070. Terms of trustees.
Sec. 06.15.080. Management and control of mutual bank; bylaws.
Sec. 06.15.090. Failure to attend meetings.
Sec. 06.15.100. Prohibited conduct of trustees.
Sec. 06.15.105. Trustee borrowing.
Sec. 06.15.110. Trustee as officer or attorney.