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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 25. Electric and Telephone Cooperative Act
- Section 290. Conversion of Existing Corporation.
previous: Section 280
. Effect of Consolidation or Merger.
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. Articles of Conversion: Contents and Use as Articles of Incorporation.
AS 10.25.290. Conversion of Existing Corporation.
- (a) A corporation organized under the laws of the state and supplying or having the corporate power to supply electric
energy, or to furnish telephone service, may be converted into a cooperative by complying with the requirements of this
section and thereupon becomes subject to this chapter as if originally organized under this chapter.
- (b) The proposition for the conversion of the corporation into a cooperative and proposed articles of conversion shall be
submitted to a meeting of the members or stockholders of the corporation, or in case of a corporation having no members
or stockholders, to a meeting of the incorporators of the corporation. The notice of the meeting shall have attached
to it a copy of the proposed articles of conversion.
- (c) If the proposition for the conversion of the corporation into a cooperative and the proposed articles of conversion,
with any amendments, are approved by the affirmative vote of not less than two-thirds of those members of the
corporation voting on them or, if the corporation is a stock corporation, by the affirmative vote of the holders of not
less than two-thirds of those shares of the capital stock of the corporation represented at the meeting and voting on
them, or, in the case of a corporation having no members and no shares of its capital stock outstanding, by the
affirmative vote of not less than two-thirds of its incorporators, articles of conversion in the form approved shall be
executed and acknowledged on behalf of the corporation by its presiding officer and its seal shall be affixed and
attested by the officer designated by the board.
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