Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 20. Alaska Nonprofit Corporation Act
- Section 280. Sale, Lease, Exchange, Mortgage, or Other Disposition of Assets.
previous: Section 275
. Effect of Merger or Consolidation of Foreign and Domestic Corporations.
next: Section 290
. Voluntary Dissolution.
AS 10.20.280. Sale, Lease, Exchange, Mortgage, or Other Disposition of Assets.
- (a) A sale, lease, exchange, mortgage, pledge, or other disposition of all, or substantially all, the property and assets
of a corporation may be made upon such terms and conditions and for such consideration, which may consist in whole or
in part of money or property, real or personal, including shares of any corporation for profit, domestic or foreign, as
may be authorized in the manner set out in this section.
- (b) If there are members entitled to vote, the board of directors shall adopt a resolution recommending the sale, lease,
exchange, mortgage, pledge, or other disposition and directing that it be submitted to a vote at a meeting of members
entitled to vote, which may be either an annual or a special meeting. Written notice stating that the purpose, or one
of the purposes, of the meeting is to consider the sale, lease, exchange, mortgage, pledge, or other disposition of all
or substantially all, the property and assets of the corporation shall be given to each member entitled to vote at the
meeting, within the time and in the manner provided by this chapter for the giving of notice of meetings of members.
At the meeting the members may authorize the sale, lease, exchange, mortgage, pledge, or other disposition and may fix,
or may authorize the board of directors to fix the terms and conditions thereof and the consideration to be received by
the corporation therefor. This authorization shall require at least two-thirds of the votes which members present at
the meeting or represented by proxy are entitled to cast. After authorization by a vote of members, the board of
directors may abandon the sale, lease, exchange, mortgage, pledge, or other disposition of assets, subject to the
rights of third parties under related contracts, without further action or approval by members.
- (c) If there are no members, or no members entitled to vote, a sale, lease, exchange, mortgage, pledge, or other
disposition of all, or substantially all, the property and assets of a corporation shall be authorized upon receiving
the vote of a majority of the directors in office.
Article 05. DISSOLUTION
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.