00                            HOUSE BILL NO. 447                                                                          
01 "An Act relating to the interest rates that may be charged on loans by the Commercial                                   
02 Fishing and Agriculture Bank."                                                                                          
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 44.81.010(a) is amended to read:                                                                  
05            (a)  There is established the Alaska Commercial Fishing and Agriculture Bank.                                
06       The exercise by the bank of the powers conferred by this chapter is considered to be                              
07       for a public purpose. In the exercise of its powers under AS 44.81.215(11), the bank is                           
08       acting as an agent under the express authority and reservations of the state as the issuer                        
09       of limited entry permits under AS 16.43. The bank is exempt from the provisions of                                
10       AS 06.05 (Alaska Banking Code) and AS 10.15 (Alaska Cooperative Corporation Act)                                
11       in its structure and operations and in the exercise of powers granted by this chapter,                        
12       and the bank is exempt from AS 45.45.010 - 45.45.090 when lending money under                                 
13       this chapter.