Alaska Statutes 10.06.572 – Abandonment of transaction by board
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Terms Used In Alaska Statutes 10.06.572
- action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
- 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
- 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
- shares: means the units into which the proprietary interests in a corporation are divided. See Alaska Statutes 10.06.990
The board in its discretion may abandon a sale, lease, exchange, or other disposition of assets after approval by the shares without further action or approval by the shares, subject to the rights of third parties under contracts relating to the sale, lease, exchange, or other disposition.