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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 20. Alaska Nonprofit Corporation Act
- Section 300. Plan of Distribution.
previous: Section 295
. Distribution of Assets.
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. Revocation of Voluntary Dissolution Proceedings.
AS 10.20.300. Plan of Distribution.
- (a) A plan providing for the distribution of assets, not inconsistent with the provisions of this chapter, may be adopted
by a corporation in the process of dissolution and shall be adopted by a corporation for the purpose of authorizing a
transfer or conveyance of assets for which this chapter requires a plan of distribution, in the manner set out in this
- (b) If there are members entitled to vote, the board of directors shall adopt a resolution recommending a plan of
distribution and directing the submission to a vote at a meeting of members entitled to vote, which may be either an
annual or a special meeting. Written notice setting out the proposed plan of distribution or a summary shall be given
to each member entitled to vote at the meeting, within the time and in the manner provided in this chapter for giving
notice of meetings of members. The plan of distribution shall be adopted upon receiving at least two-thirds of the
votes which members present at the meeting or represented by proxy are entitled to cast.
- (c) If there are no members, or no members entitled to vote, a plan of distribution shall be adopted at a meeting of the
board of directors upon receiving a vote of a majority of the directors in office.
- (d) A plan of distribution shall be immediately filed with the commissioner. The plan of distribution must state the
number of members and the number of directors voting for and against it.
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