Alaska Stat. § 10.13.050
This is the official text of Alaska Stat. § 10.13.050, part of Alaska’s Stat — part of the compiled statutory law of Alaska, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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Criteria for directors, officers, and controlling persons.
Official statutory text
(a) A license may only be issued if the department determines that each director, officer, and controlling person of the applicant is (1) of good character and sound financial standing;
(2) competent to perform the director's or officer's functions for the applicant; and
(3) when considered collectively with the other directors, officers, and controlling persons, adequate to manage the business of the applicant as a BIDCO.
(b) The department may determine that a director, officer, or controlling person of an applicant is not of good character. Bases the department may use to make that determination include proof that the director, officer, or controlling person, or a director or officer of a controlling person has (1) had an administrative sanction imposed under 31 U.S.C. 3801 3812 (Program Fraud Civil Remedies Act of 1986) for an offense under 15 U.S.C. 645; or
(2) been convicted of a crime involving fraud or dishonesty, including a conviction for an offense under 15 U.S.C. 645; in this paragraph, conviction includes a conviction based on a guilty plea or plea of nolo contendere.
(2) competent to perform the director's or officer's functions for the applicant; and
(3) when considered collectively with the other directors, officers, and controlling persons, adequate to manage the business of the applicant as a BIDCO.
(b) The department may determine that a director, officer, or controlling person of an applicant is not of good character. Bases the department may use to make that determination include proof that the director, officer, or controlling person, or a director or officer of a controlling person has (1) had an administrative sanction imposed under 31 U.S.C. 3801 3812 (Program Fraud Civil Remedies Act of 1986) for an offense under 15 U.S.C. 645; or
(2) been convicted of a crime involving fraud or dishonesty, including a conviction for an offense under 15 U.S.C. 645; in this paragraph, conviction includes a conviction based on a guilty plea or plea of nolo contendere.
Status: in_force · Read it on the official government site
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