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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 40. The University of Alaska, the Community Colleges, and the Alaska Aerospace Development Corporation
- Section 921. Power of Corporation to Confer Upon Obligee Right to Bring Action or Proceeding.
previous: Section 920
. [Renumbered as AS 14.43.080
next: Section 926
. Exemption of Real Property of Corporation From Execution or Other Process.
AS 14.40.921. Power of Corporation to Confer Upon Obligee Right to Bring Action or Proceeding.
The corporation may by resolution, trust indenture, mortgage, lease, or other contract confer upon an obligee holding
or representing a specified amount in bonds, or holding a lease, the right upon a default as defined in the resolution
or instrument by suit, action, or proceeding
- (1) to have possession of a space-related project or part of one surrendered to the obligee, with possession retained by
the obligee as long as the corporation continues in default;
- (2) to obtain the appointment of a receiver of a space-related project or part of one and its rents and profits, who may
enter, take possession, and for the duration of the default operate and maintain it, collect and receive all fees,
rents, revenues, or other charges thereafter arising, and keep the money in a separate account or accounts to be
applied in accordance with the obligations of the corporation as the court directs;
- (3) to require the corporation and its members to account as if they were the trustees of an express trust.
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