- Alaska Statutes.
- Title 44. State Government
- Chapter 81. Commercial Fishing and Agriculture Bank
- Section 10. Alaska Commercial Fishing and Agriculture Bank.
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. Commercial Fishing and Agriculture Bank
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. Board of Directors.
AS 44.81.010. Alaska Commercial Fishing and Agriculture Bank.
- (a) There is established the Alaska Commercial Fishing and Agriculture Bank. The exercise by the bank of the powers
conferred by this chapter is considered to be for a public purpose. In the exercise of its powers under AS 44.81.215
(11), the bank is acting as an agent under the express authority and reservations of the state as the issuer of limited
entry permits under AS 16.43. The bank is exempt from the
provisions of AS 06.05 (Alaska Banking Code) and AS 10.15 (Alaska Cooperative Corporation Act) in its structure and
operations and in the exercise of powers granted by this chapter, and the bank is exempt from AS 45.45.010
- 45.45.090 when lending money under this chapter.
- (b) For the purpose of acquiring and accumulating capital of the bank, the board may issue nonvoting, preferred shares of
stock in the bank and determine the value of each share. The state, through the Department of Revenue, may purchase the
nonvoting, preferred shares issued by the bank. Shares purchased by the state shall be repurchased by the bank within
20 years after their purchase. If the bank fails to repurchase the shares within 20 years after their purchase by the
state, the commissioner of commerce, community, and economic development may appoint a receiver to direct, manage, and
operate the bank until the shares have been repurchased. Upon voluntary or involuntary liquidation of the bank, and
upon repayment of all legal debts and obligations of the bank, all shares of nonvoting, preferred stock owned by the
state have priority for redemption over all other forms and amounts of ownership of the bank.
- (c) [Repealed, Sec. 43 ch 85 SLA 1988].
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