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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 50. Alaska Revised Limited Liability Company Act
- Section 145. Loans to Managers, Managing Members, and Employees.
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. Conflicts of Interest.
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. Indemnification of Managers, Managing Members, Employees, and Agents; Insurance.
AS 10.50.145. Loans to Managers, Managing Members, and Employees.
- (a) A loan may not be extended by a limited liability company to an employee without authorization by the company's
managers or managing members. A loan may not be extended to a manager or a managing member of a limited liability
company without the approval of two-thirds of the company's members. An employee who is also a manager or managing
member is considered a manager or managing member for purposes of this section. A member is not disqualified from
voting on a loan to a member as a manager or managing member because of personal interest.
- (b) A loan to a manager, managing member, or employee and a loan secured by the limited liability company interests of the
company may not be made unless the loan would be permissible as a distribution under AS 10.50.290
- 10.50.345. A loan under this subsection impairs the
retained earnings or paid-in capital accounts to the extent of the loan.
- (c) For purposes of this section, a loan may consist of cash, securities, or personal or real property.
- (d) If a limited liability company acts as a guarantor on a loan to a manager, managing member, or employee, the guarantee
is treated as a loan under this section.
- (e) A manager, managing member, or employee of an affiliated limited liability company is a manager, managing member, or
employee of the lending company for purposes of this section.
- (f) A loan is to be judged by the duties of managers and managing members to act in good faith in a manner reasonably
believed to be in the best interests of the company and with the care, including reasonable inquiry, that an ordinarily
prudent person in a like position would use under similar circumstances.
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