Ask Reggi Your Question Now
Can you summarize AKST 06.05.210?
Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. > Loans to directors, officers, and employees.
Short Summary
This legal document governs loans to directors, officers, and employees of a state bank. It allows directors or executive officers to borrow up to $500,000 from the state bank, subject to the discretion of the chief executive or managing officer. Loans exceeding this limit or loans to the chief executive or managing officer require prior approval from the board of directors and must be reported to the department within 30 days. However, loans to directors, executive officers, and other officers and employees of a state bank are subject to lending limits imposed by AS 06.05.205 and the regulations adopted under that section. No specific penalties are mentioned in this document.
Whom does it apply to?
Directors, executive officers, and other officers and employees of a state bank
What does it govern?
Loans to directors, officers, and employees
What are exemptions?
Loans to directors or executive officers up to $500,000 at the discretion of the chief executive or managing officer of the state bank, with prior approval of the board of directors and reporting to the department within 30 days
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Alaska