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- Alaska Statutes.
- Title 21. Insurance
- Chapter 22. Insurance Holding Companies
- Section 150. Voting of Certain Securities Prohibited.
previous: Section 140
next: Section 160
. Sequestration of Voting Securities.
AS 21.22.150. Voting of Certain Securities Prohibited.
- (a) A security that is the subject of any agreement or arrangement regarding acquisition, or that is acquired or to be
acquired, in contravention of this chapter or a regulation adopted or an order issued by the director under this
chapter may not be voted at a shareholders' meeting or be counted for quorum purposes, and any action of shareholders
requiring the affirmative vote of a percentage of shares may be taken as though those securities were not issued and
outstanding; but an action taken at such a meeting may not be invalidated by the voting of those securities, unless the
action would materially affect control of the insurer or unless the courts of this state have so ordered.
- (b) If an insurer or the director has reason to believe that a security of the insurer has been or is about to be acquired
in contravention of this chapter or a regulation adopted or an order issued by the director under this chapter, the
insurer or the director may apply to the superior court in the first judicial district or the superior court in the
judicial district in which the insurer has its principal place of business to enjoin any offer, request, invitation,
agreement, or acquisition made in contravention of this chapter or a regulation adopted or an order issued by the
director under this chapter, to enjoin the voting of any security so acquired, to void any vote of a security already
cast at a meeting of shareholders, and for other relief as the nature of the case and the interests of the insurer's
policyholders, creditors and shareholders or the public may require.
- (c) This section does not apply to a security that constitutes an acquisition covered by AS 21.22.065
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