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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 10. Business and Industrial Development Corporation Act
- Section 110. Amendment of Articles.
previous: Section 100
. Voting By Members and Stockholders.
next: Section 120
. Directors and Officers; Annual and Special Meetings.
AS 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 amendment of the
articles of incorporation may not be made which is inconsistent with the general purposes expressed in this chapter or
which authorizes an additional class of capital stock to be issued, or which eliminates or curtails the right of the
commissioner of administration to examine the corporation or the obligation of the corporation to make reports as
provided in AS 10.10.150
. An amendment of the articles of incorporation which increases the obligation of a member to make loans to the
corporation, or makes a change in the principal amount, interest rate, maturity date, or in the security or credit
position of an outstanding loan of a member to the corporation, or affects a member's right to withdraw from membership
as provided in this chapter, or affects a member's voting rights as provided in this chapter, may not be made without
the consent of each member affected by the amendment.
- (b) Within 30 days after a meeting at which an amendment of the articles of incorporation has been adopted, articles of
amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting out the amendment
and adoption of the amendment, shall be submitted in duplicate originals to the commissioner who shall examine them,
and upon finding that they conform to the requirements of this chapter, shall
- (1) endorse on each duplicate original the word "filed," and the date of the filing;
- (2) file one duplicate original in the commissioner's office;
- (3) issue a certificate of amendment and affix the other duplicate original to it;
- (4) return to the corporation or its representative the certificate of amendment, together with the duplicate articles of
- (c) Upon the issuance of a certificate of amendment by the commissioner, the amendment becomes effective.
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