Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 6. Alaska Corporations Code
- Section 483. Officers: Tenure, Resignation, Agency, Duty of Care.
previous: Section 480
. Liability of Directors and Shareholders.
next: Section 485
. Loans to Directors, Officers, and Employees.
AS 10.06.483. Officers: Tenure, Resignation, Agency, Duty of Care.
- (a) A corporation shall have a president, a secretary, a treasurer and other officers with titles and duties as stated in
the bylaws of the corporation or determined by the board and as may be necessary to enable the corporation to sign
instruments and share certificates. Any two or more offices may be held by the same person, except the offices of
president and secretary. When all of the issued and outstanding stock of the corporation is owned by one person, the
person may hold all or any combination of offices.
- (b) Except as otherwise provided in the articles or bylaws of the corporation, officers shall be chosen by the board and
serve at the pleasure of the board, subject to the rights, if any, of an officer under a contract of employment. An
officer may resign at any time upon written notice to the corporation without prejudice to the rights, if any, of the
corporation under a contract to which the officer is a party.
- (c) All officers as between themselves and the corporation have the authority and shall perform the duties in the
management of the corporation as provided in the bylaws of the corporation or, to the extent not provided in the
bylaws, as provided by the board.
- (d) Subject to the provisions of AS 10.06.020
, a note, mortgage, evidence of indebtedness, contract, conveyance, or other instrument in writing, and an assignment
or endorsement of these, executed or entered into between the corporation and another person, if signed by two
individuals, one of whom is the chairman of the board, the president, or a vice-president and the other of whom is the
secretary, an assistant secretary, the treasurer, or an assistant treasurer of the corporation, is not invalidated as
to the corporation by a lack of authority of the signing officers in the absence of actual knowledge on the part of the
other person that the signing officers had no authority to execute the instrument.
- (e) An officer shall perform the duties of the office in good faith and with that degree of care, including reasonable
inquiry, that an ordinarily prudent person in a like position would use under similar circumstances. Except as provided
in (f) of this section, an officer is entitled to rely on information, opinions, reports or statements, including
financial statements and other financial data in each case prepared or presented by legal counsel or public
- (f) An officer is not acting in good faith if the officer has knowledge concerning the matter in question that makes
reliance otherwise permitted by (e) of this section unwarranted.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.