Sec. 10.10.210. Definitions.
In this chapter, unless the context otherwise requires, (1) “board of directors” means the board of directors of the corporation created under this chapter; (2) “commissioner” means the commissioner of commerce, community, and economic development; (3) “corporation” means the Alaska Business and Industrial Development Corporation created under this chapter; (4) “financial institution” means a banking […]
Sec. 10.10.220. Short title.
This chapter may be cited as the Business and Industrial Development Corporation Act.
Sec. 10.10.090. Powers of stockholders and members.
The stockholders and the members of the corporation have the following powers of the corporation: (1) to determine the number of and elect directors as provided in AS 10.10.120; (2) to make, amend, and repeal bylaws; (3) to amend this charter as provided in AS 10.10.110; (4) to dissolve the corporation as provided in AS […]
Sec. 10.10.100. Voting by members and stockholders.
(a) On all matters requiring action by the stockholders and the members of the corporation, the stockholders and members shall vote separately by classes, and except as otherwise provided in this chapter, these matters require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting are […]
Sec. 10.10.110. Amendment of articles.
(a) The articles of incorporation may be amended by the vote of the stockholders and the members of the corporation, voting separately by classes. Amendments must be approved by the affirmative vote of two-thirds of the votes to which the stockholders are entitled and two-thirds of the votes to which the members are entitled. An […]
Sec. 10.10.120. Directors and officers; annual and special meetings.
(a) The business and affairs of the corporation shall be conducted by a board of directors, a president, a vice president, a secretary, a treasurer, and other officers and agents the corporation by its bylaws may authorize. The board of directors shall consist of a number not less than seven nor more than 21, determined […]
Sec. 10.10.130. Earned surplus.
Each year the corporation shall set apart as earned surplus not less than 10 percent of its net earnings for the preceding fiscal year until the surplus equals one half of the amount paid in on the capital stock then outstanding. Whenever the amount of the surplus is less than the required amount, it shall […]
Sec. 10.10.140. Designation of depository; prohibition against receiving deposits.
The corporation may not deposit any of its funds in a banking institution unless the institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of a director who is an officer or director of the depository. The […]
Sec. 10.10.150. Examinations, reports of condition, and required information.
The corporation shall be examined at least once annually by the commissioner of administration and shall make reports of its condition not less than annually to the commissioner of administration and more frequently upon call of the commissioner of administration, who in turn shall make copies of the reports available to the commissioner of commerce, […]
Sec. 10.10.160. First meeting of corporation.
(a) The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting. A copy of the notice shall be mailed or delivered to each incorporator at least five days before the day appointed for the meeting. The […]