Alaska Statutes 10.06.463 – Removal of director by superior court
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Terms Used In Alaska Statutes 10.06.463
- board: means the board of directors of a domestic or foreign corporation. See Alaska Statutes 10.06.990
- 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.
- director: means a natural person designated in the articles of incorporation or elected by the incorporators as a director and includes a natural person and successor of that person designated, elected, or appointed by any other name or title to act as a director. 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 superior court may, at the suit of the board or the shareholders holding at least 10 percent of the number of outstanding shares of any class, remove from office a director for fraudulent or dishonest acts, gross neglect of duty, or gross abuse of authority or discretion with reference to the corporation and may bar from reelection a director removed in that manner for a period prescribed by the court. The corporation shall be made a party to the suit.