Alaska Statutes 14.42.100 – Creation of Alaska Student Loan Corporation
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Terms Used In Alaska Statutes 14.42.100
- 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.
- department: means the Department of Education and Early Development. See Alaska Statutes 14.60.010
- 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
There is created the Alaska Student Loan Corporation. The corporation is a public corporation and government instrumentality within the Department of Education and Early Development but having a legal existence independent of and separate from the state. The corporation may not be terminated as long as it has bonds, notes, or other obligations outstanding. Upon termination of the corporation, its rights and property pass to the state.