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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 6. Alaska Corporations Code
- Section 570. Approval of Transaction By Shareholders.
previous: Section 568
. Sale of Assets Not in Regular Course of Business.
next: Section 572
. Abandonment of Transaction By Board.
AS 10.06.570. Approval of Transaction By Shareholders.
- (a) At a meeting for which notice is given under AS 10.06.568
(b) a vote of the shareholders shall be taken on the recommended sale, lease, exchange, or other disposition and the
shareholders may fix, or may authorize the board to fix, the terms and conditions and the consideration to be received
by the corporation. The transaction is approved if the recommendation of the board receives the affirmative vote of at
least two-thirds of the outstanding shares of the corporation, unless a class of shares is entitled to vote as a class,
in which event the transaction shall be approved upon receiving the affirmative vote of at least two-thirds of the
outstanding shares of each class of shares entitled to vote as a class and of the total shares entitled to vote.
- (b) If the buyer in a sale of assets under AS 10.06.568
is in control of or under common control with the seller, the principal terms of the sale must be approved by at least
90 percent of the outstanding shares of the seller unless the sale is to a domestic or foreign corporation in
consideration for the nonredeemable common shares of the purchasing corporation or its parent.
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