Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 13. Alaska Bidco Act
- Section 50. Criteria For Directors, Officers, and Controlling Persons.
previous: Section 40
. Requisite Net Worth.
next: Section 60
. Determination of Likelihood of Future Noncompliance.
AS 10.13.050. Criteria For Directors, Officers, and Controlling Persons.
- (a) A license may only be issued if the department determines that each director, officer, and controlling person of the
- (1) of good character and sound financial standing;
- (2) competent to perform the director's or officer's functions for the applicant; and
- (3) when considered collectively with the other directors, officers, and controlling persons, adequate to manage the
business of the applicant as a BIDCO.
- (b) The department may determine that a director, officer, or controlling person of an applicant is not of good character.
Bases the department may use to make that determination include proof that the director, officer, or controlling
person, or a director or officer of a controlling person has
- (1) had an administrative sanction imposed under 31 U.S.C. 3801 - 3812 (Program Fraud Civil Remedies Act of 1986) for an
offense under 15 U.S.C. 645; or
- (2) been convicted of a crime involving fraud or dishonesty, including a conviction for an offense under 15 U.S.C. 645; in
this paragraph, "conviction" includes a conviction based on a guilty plea or plea of nolo contendere.
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.