In addition to the exercise of other powers authorized by law, the corporation may (1) adopt a seal; (2) adopt bylaws governing the business of the corporation; (3) sue and be sued; (4) appoint trustees and agents of the corporation and prescribe their powers and duties; (5) hire legal counsel to represent the corporation; (6) […]
(a) Within 90 days following the end of the fiscal year of the Alaska Railroad, the board shall present to the governor a report describing the operations and financial condition of the corporation during the preceding fiscal year. The report may include suggestions for legislation relating to the structure, powers, or duties of the corporation […]
(a) The board shall have the financial records of the corporation audited annually by an independent certified public accountant experienced in railroad accounting. The board shall have an annual performance audit conducted by a recognized railroad management expert to assure that the railroad is being managed and operated effectively and efficiently in accordance with the […]
(a) The board shall provide a state oversight report to the governor and the legislature before undertaking (1) expansion, reduction, or diversification of services provided by the railroad upon the date of transfer or as provided under this chapter that the board determines would represent a significant and permanent change in the level and nature […]
Unless the legislature approves the action by law, the corporation may not (1) exchange, donate, sell, or otherwise convey its entire interest in land; (2) issue bonds; (3) extend railroad lines; this paragraph does not apply to a spur, industrial, team, switching, or side track; (4) lease land for a period in excess of 95 […]
(a) The corporation shall prepare and the board shall adopt a long-range capital improvement and program plan. The plan must explain the manner in which the corporation intends to accomplish the purposes of this chapter and the corporation’s anticipated capital improvements during each of the five years after the plan is adopted. (b) The board […]
The corporation shall apply all money, property, other assets, and credit of the corporation toward activities authorized by this chapter. The corporation may not issue shares of stock, pay dividends, make private distributions of assets, make loans to board members or employees, or engage in business for private benefit. The use of money, property, another […]
(a) The corporation may defend and indemnify a current or former member of the board, employee, or agent of the corporation against all costs, expenses, judgments, and liabilities, including attorney’s fees, incurred by or imposed upon that person in connection with a civil or criminal action in which the person is involved by affiliation with […]
