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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 15. Alaska Cooperative Corporation Act
- Section 305. Procedure For Sale or Other Disposition of Entire Assets.
previous: Section 300
. Sale or Other Disposition of Entire Assets.
next: Section 310
. Abandonment of Sale or Other Disposition.
AS 10.15.305. Procedure For Sale or Other Disposition of Entire Assets.
A sale, lease, exchange, or other disposition of all, or substantially all the property and assets, with or without the
good will, of a cooperative, if not made in the usual and regular course of its business, may be made upon the terms
and for the consideration, which may consist in whole or in part of money or real or personal property, including
shares of another cooperative, corporation, or association, as may be authorized in the following manner:
- (1) the board shall adopt a resolution recommending the sale, lease, exchange, or other disposition and directing the
submission of the resolution to a vote at a meeting of members, which may be either an annual or a special meeting, or
if there are shareholders the submission shall be to a joint meeting of members and shareholders; the vote may be
submitted at an annual or a special meeting;
- (2) written notice shall be given to each member and to each shareholder within the time and in the manner provided for
the giving of notice of meetings of members, and shall state that the purpose of the meeting is to consider the
proposed sale, lease, exchange, or other disposition;
- (3) at the meeting, the members, by affirmative vote of a majority of the member votes cast, and the shareholders, by
affirmative vote of a majority of the shareholder votes entitled to be voted, may approve the sale, lease, exchange, or
other disposition, and may fix or may authorize the board to fix the terms and conditions of the transaction and the
consideration to be received by the cooperative.
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