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. - In providing authority for the establishment of mutual savings banks...

Sec. 06.15.020. Chartering of mutual banks. - Upon written application by five signatories from among not less...

Sec. 06.15.030. Issuance of charter. - A charter shall be issued if the department finds that...

Sec. 06.15.040. Qualification of corporators. - (a) Each corporator shall be an individual, not of unsound...

Sec. 06.15.050. Corporators. - At their organizational meeting, the corporators shall adopt rules governing...

Sec. 06.15.060. Trustees. - The corporators shall elect a board of trustees from among...

Sec. 06.15.070. Terms of trustees. - The corporators shall, by a majority vote of those present...

Sec. 06.15.080. Management and control of mutual bank; bylaws. - The management and control of the affairs of a mutual...

Sec. 06.15.090. Failure to attend meetings. - The office of a trustee becomes vacant if the trustee...

Sec. 06.15.100. Prohibited conduct of trustees. - A trustee may not (1) receive remuneration as trustee except...

Sec. 06.15.105. Trustee borrowing. - A person may borrow money from the mutual bank for...

Sec. 06.15.110. Trustee as officer or attorney. - Nothing contained in AS 06.15.100 prohibits or limits any right...

Sec. 06.15.120. Exceptions. - Upon application by a mutual bank, an exception may be...

Sec. 06.15.130. Deposit of funds. - A mutual bank may not deposit any of its funds...

Sec. 06.15.140. Commencement of operation. - (a) A mutual bank may not begin operation until the...

Article 2. Banking Practices.

Sec. 06.15.180. Borrowing. - The aggregate amount of outstanding liabilities of a mutual bank...

Sec. 06.15.190. Deposits. - A mutual bank may accept deposits to be held solely...

Sec. 06.15.210. Right to reject, repay, and classify deposits. - A mutual bank may (1) reject any sums offered for...

Sec. 06.15.220. Interest on deposits. - A mutual bank may pay interest on deposits from net...

Sec. 06.15.240. Investments authorized. - (a) In addition to loans and acquisitions expressly authorized by...

Sec. 06.15.250. Investment in first mortgages. - Subject to the provisions of this chapter and the regulations...

Sec. 06.15.260. Investment in bankers' acceptances. - Subject to the provisions of this chapter and regulations under...

Sec. 06.15.270. Investment in corporate securities. - (a) Subject to the provisions of this chapter and regulations...

Sec. 06.15.280. Investment in promissory notes. - Subject to the provisions of this chapter and regulations under...

Article 3. Branches, Conversion, Merger, and Consolidation.

Sec. 06.15.290. Changes of location; branch banks. - A mutual bank may apply for and establish a branch...

Sec. 06.15.300. Conversion of thrift institution to mutual bank. - Any thrift institution other than a mutual bank may, with...

Sec. 06.15.310. Conversion of mutual bank to thrift institution. - A mutual bank may, with the approval of the regulatory...

Sec. 06.15.320. Merger and consolidation of mutual banks. - Two or more mutual banks may, with the approval of...

Sec. 06.15.330. Condition of department approval. - Before approving a merger or consolidation the department shall give...

Sec. 06.15.340. Transfer and exercise of rights. - All rights, franchises, and property interests of the merged or...

Article 4. General Powers of Mutual Banks.

Sec. 06.15.350. General powers. - A mutual bank (1) shall have indefinite succession; (2) may...

Sec. 06.15.360. Additional powers. - The enumeration of powers in AS 06.15.350 does not exclude...

Article 5. General Provisions.

Sec. 06.15.370. Definitions. - In this chapter, (1) “conventional loan” means a loan secured...

Sec. 06.15.380. Short title. - This chapter may be cited as the Mutual Savings Bank...