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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 13. Alaska Bidco Act
- Section 100. Surrender of License.
previous: Section 90
. Transfer or Assignment of License Prohibited.
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. Corporate Name and Representation of Status.
AS 10.13.100. Surrender of License.
- (a) Upon approval by a two-thirds vote of its board of directors and after complying with (b) and (c) of this section, a
licensee may apply to the department to have the department accept the surrender of the licensee's license. If the
department determines that the requirements of this section have been satisfied, the department shall approve the
application unless the department determines that the purpose of the application is to evade a current or prospective
action by the department under AS 10.13.700
- (b) Not less than 60 days before filing an application under (a) of this section, a licensee shall notify all of its
shareholders and creditors of its intention to file the application. Each creditor shall be notified of the right to
comment to the department. Each shareholder shall be notified of the right to file with the licensee an objection to
the proposed surrender of the license within the 60-day period and shall be advised that, if the shareholder files an
objection, the shareholder may also send a copy of the objection to the department.
- (c) If shareholders representing 20 percent of the outstanding voting securities of the licensee file an objection with
the licensee, the licensee may not proceed with the application unless the application is approved by a vote of
shareholders representing two-thirds of the outstanding voting securities of the licensee.
Article 02. CORPORATE MATTERS
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