Each cooperative may

(1) have perpetual succession unless a limited period of duration is stated in its articles;
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Terms Used In Alaska Statutes 10.15.010

  • articles: means articles of incorporation. See Alaska Statutes 10.15.595
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bequest: Property gifted by will.
  • cooperative: means a cooperative corporation subject to the provisions of this chapter. See Alaska Statutes 10.15.595
  • Devise: To gift property by will.
  • foreign cooperative: means a cooperative corporation organized under laws other than the laws of this state. See Alaska Statutes 10.15.595
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • member: means a person who has been qualified and accepted for membership in a cooperative. See Alaska Statutes 10.15.595
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • Personal property: All property that is not real property.
  • personal property: includes money, goods, chattels, things in action, and evidences of debt. See Alaska Statutes 01.10.060
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(2) sue and be sued, complain and defend, in its corporate name;
(3) adopt a corporate seal and alter it, and use it by having it, or a facsimile of it impressed, affixed or reproduced;
(4) buy, take, receive, lease, take by gift, devise or bequest, or otherwise acquire, own, hold, improve, use and otherwise deal in, real or personal property, wherever situated;
(5) sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of its property and assets;
(6) buy, take, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose of, and otherwise use and deal in, shares or other interests in, or obligations of, other domestic or foreign cooperatives and corporations, partnerships or individuals, or direct or indirect obligations of the United States or of any other government, state, territory, or its governmental district or municipality or instrumentality;
(7) make contracts and incur liabilities, borrow money at the rates of interest the cooperative determines, issue notes, bonds, certificates of indebtedness and other obligations, issue certificates representing equity interests in its assets, and secure its obligations by mortgage or pledge of its property, franchise and income;
(8) lend money for its corporation purposes, invest and reinvest its funds and take and hold real and personal property as security for the payment of funds loaned or invested;
(9) conduct business and affairs and have offices and exercise its powers in a state, territory, district or possession of the United States, or in a foreign country;
(10) elect or appoint officers and agents, and define their duties and fix their compensation;
(11) make and alter bylaws, consistent with its articles and the laws of the state, for the administration and regulation of its affairs;
(12) donate for the public welfare or for charitable, scientific or educational purposes;
(13) indemnify a director, officer or agent or former director, officer or agent, or a person who may have served at its request as a director or officer of another domestic or foreign cooperative of which it is a member, against expenses necessarily incurred in defense of a proceeding in which that person is a party because that person served as a director, officer or agent, but this paragraph does not apply to proceedings in which the director, officer or agent is adjudged liable for negligence or misconduct in the performance of duty, and indemnification under this paragraph is not exclusive of other rights to which the director, officer or agent may have been entitled;
(14) cease its activities and surrender its franchise;
(15) have and exercise all powers necessary or convenient to carry out the purposes for which the cooperative is organized.
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