Alaska Statutes 10.06.566 – Disposition of assets in regular course of business; mortgage or pledge of assets
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Alaska Statutes 10.06.566
- approval of the shareholders: means approved or ratified by the affirmative vote of a majority of the shares entitled to vote represented at a duly held meeting at which a quorum is present or by the written consent of shareholders (Alaska Stat. See Alaska Statutes 10.06.990
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- foreign corporation: means a corporation for profit organized under laws other than the laws of Alaska for a purpose for which a corporation may be organized under this chapter. See Alaska Statutes 10.06.990
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes real and personal property. See Alaska Statutes 01.10.060
- shares: means the units into which the proprietary interests in a corporation are divided. See Alaska Statutes 10.06.990
The board of the corporation, without the approval of the shareholders or outstanding shares of the corporation, may authorize the sale, lease, exchange, or other disposition of all, or substantially all, the property and assets of a corporation in the usual and regular course of its business and the mortgage or pledge of any or all property and assets of a corporation whether or not in the usual and regular course of business, upon terms and conditions and for consideration, that may consist in whole or in part of cash or other property, including shares, obligations, or other securities of another domestic or foreign corporation.