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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 13. Alaska Bidco Act
- Section 10. Purposes.
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. Alaska Bidco Act
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. Qualifications For Bidco License.
AS 10.13.010. Purposes.
The purposes of this chapter are to
- (1) promote economic development by encouraging the formation of one or more BIDCOs to help meet the financing assistance
and management assistance needs of businesses in the state;
- (2) establish a system of licensing, regulation, and enforcement to enable a BIDCO to satisfy the eligibility requirements
for participating in programs that further the purposes of the BIDCO;
- (3) encourage capital sources to invest in and lend money to BIDCOs by providing for BIDCOs a system of licensing,
regulation, and enforcement designed to prevent fraud, conflict of interest, and mismanagement, and to promote
competent management, accurate record keeping, and appropriate communication with shareholders;
- (4) safeguard the general reputation of BIDCOs in order to increase the confidence of prospective equity investors in and
prospective debt sources for BIDCOs.
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