Alaska Statutes 10.06.368 – Exception for purchase or redemption of shares of deceased shareholder
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Terms Used In Alaska Statutes 10.06.368
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- shareholder: means a holder of record of a share in a corporation. See Alaska Statutes 10.06.990
- shares: means the units into which the proprietary interests in a corporation are divided. See Alaska Statutes 10.06.990
The provisions of Alaska Stat. § 10.06.358, 10.06.360, 10.06.363, and 10.06.365 do not apply to a purchase or redemption of shares of a deceased shareholder from the proceeds of insurance on the life of the shareholder in excess of the total amount of all premiums paid by the corporation for the insurance, in order to carry out the provisions of an agreement between the corporation and the shareholder to purchase or redeem the shares upon the death of the shareholder.