Alaska Statutes 10.15.510 – Jurisdiction of court to liquidate assets and business of cooperative

In addition to any other instances in which the law provides the power, a court may liquidate the assets and business of a cooperative

(1) in an action by a member or shareholder when it is established that the members are deadlocked in voting power, and have failed, for a period which includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have expired or would have expired upon the election of their successors; or the corporate assets are being misapplied or wasted;

Terms Used In Alaska Statutes 10.15.510

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.
cooperative: means a cooperative corporation subject to the provisions of this chapter. See Alaska Statutes 10.15.595
court: means superior court. See Alaska Statutes 10.15.595
member: means a person who has been qualified and accepted for membership in a cooperative. See Alaska Statutes 10.15.595
shareholder: means a holder of shares of capital stock of a cooperative other than membership stock. See Alaska Statutes 10.15.595
writing: includes printing. See Alaska Statutes 01.10.060

(2) in an action by a creditor when the claim of the creditor has been reduced to judgment and an execution has been returned unsatisfied and it is established that the cooperative is insolvent; or when the cooperative has admitted in writing that the claim of the creditor is due and owing and it is established that the cooperative is insolvent;

(3) upon application by a cooperative which has filed a statement of intent to dissolve as provided in this chapter to have its liquidation continued under the supervision of the court;

(4) when an action has been filed by the attorney general to dissolve a cooperative and it is established that liquidation of its business and affairs should precede the entry of a decree of dissolution.

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