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Can you summarize AKST 06.05.237?
Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. > Financial holding companies.
Short Summary
This legal document pertains to financial holding companies and is governed by the Alaska Statutes, specifically the Banks and Financial Institutions section, Alaska Banking Code, Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. It states that a holding company formed under this title may apply to the Federal Reserve System for status as a financial holding company. If granted, the financial holding company will have powers authorized by the Federal Reserve System. The holding company must provide the department with a complete copy of the application, all correspondence concerning the application, and a copy of the approval by the Federal Reserve System. The department has 30 days to issue a letter denying financial holding company status after the approval by the Federal Reserve System. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Holding companies formed under this title
What does it govern?
Financial holding companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Alaska