Sec. 14.42.990. Definitions.
In this chapter, unless the context requires otherwise, (1) “board” means the board of directors of the corporation; (2) “commission” means the Alaska Commission on Postsecondary Education created in AS 14.42.015; (3) “corporation” means the Alaska Student Loan Corporation created in AS 14.42.100; (4) “education loan” means a loan that is eligible for financing or […]
Sec. 14.42.280. Exemption from taxation.
The real and personal property of the corporation and its assets, income, and receipts are declared to be the property of a political subdivision of the state and devoted to an essential public and governmental function and purpose, and the property, assets, income, receipts, and other interests of the corporation are exempt from all taxes […]
Sec. 14.42.150. Administration of affairs.
The board shall manage the assets and business of the corporation and may adopt bylaws and regulations, in accordance with AS 44.62 (Administrative Procedure Act), governing the manner in which the business of the corporation is conducted and the manner in which its powers are exercised. The board shall delegate supervision of the administration of […]
Sec. 14.42.290. Bonds legal investments for fiduciaries.
The bonds of the corporation are securities in which public officers and bodies of the state, municipalities, insurance companies, insurance associations, other persons carrying on an insurance business, banks, bankers, trust companies, savings banks, savings associations, building and loan associations, investment companies, other persons carrying on a banking business, administrators, guardians, executors, trustees, other fiduciaries, […]
Sec. 14.42.160. Executive officer.
The executive officer of the Commission on Postsecondary Education appointed under AS 14.42.040(a) shall serve as executive officer of the corporation. The board shall prescribe the duties of the executive officer.
Sec. 14.42.295. Payment to state.
(a) The board may elect to pay the state a return of contributed capital, or a dividend, for each base fiscal year that the corporation’s net income equals or exceeds $2,000,000. The payment may not be less than 10 percent nor more than 35 percent, as approved by the board, of the corporation’s net income […]
Sec. 14.42.170. Staff.
The employees of the Alaska Commission on Postsecondary Education shall serve as staff for the corporation.
Sec. 14.42.300. Operation of certain statutes excepted.
(a) The corporation is not a municipality as the term is defined in AS 01.10.060. Except as provided in AS 14.42.190, the corporation is not subject to AS 37. For all other purposes the corporation is a political subdivision and an instrumentality of the state. (b) The funds, income, and receipts of the corporation are […]
Sec. 14.42.190. Budget.
The operating budget of the corporation is subject to AS 37.07 (Executive Budget Act).
Sec. 14.42.310. Annual audit.
The financial records of the corporation shall be audited annually by the legislative auditor or by a certified public accountant approved by the legislative auditor. The legislative auditor may prescribe the form and content of the financial records of the corporation and shall have access to these records at any time.