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Title 3 . Commerce, Community, and Economic Development
Chapter 8 . Land Sales
Section 210. Unequal voting rights of stock

3 AAC 08.210. Unequal voting rights of stock

(a) If stock, including preferred or common stock, has less-than-equal voting rights compared to another of the issuer's authorized or outstanding stock, including preferred or common stock, the administrator will, in the administrator's discretion, determine that the offer or sale of that stock does not protect investors and is not in the public interest, unless

(1) the securities are given preferential treatment as to dividends and liquidation, or the less-than-equal voting rights are justified by the issuer to the administrator's satisfaction; and

(2) the terms of the voting rights are prominently disclosed on the cover page of the issuer's circular or prospectus.

(b) In this section, "less-than-equal voting rights" means unequal voting rights

(1) in proportion to the number of shares of each class of stock outstanding; and

(2) on any matter, including the election of members to the board of directors of the issuer.

History: Eff. 2/20/72, Register 41; am 4/19/2000, Register 154

Authority: AS 45.55.120

AS 45.55.950

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Last modified 7/05/2006