Alaska Stat. § 10.20.360
This is the official text of Alaska Stat. § 10.20.360, 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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Action by members for liquidation.
Official statutory text
In an action by a member, the superior court may liquidate the assets and business of a corporation when it is established that (1) the directors are deadlocked in the management of the corporate affairs, the members are unable to break the deadlock, and irreparable injury to the corporation is being suffered or is threatened by reason of the deadlock;
(2) the acts of the directors or those in control of the corporation are illegal, oppressive, or fraudulent;
(3) 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
(4) the corporate assets are being misapplied or wasted.
(2) the acts of the directors or those in control of the corporation are illegal, oppressive, or fraudulent;
(3) 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
(4) the corporate assets are being misapplied or wasted.
Status: in_force · Read it on the official government site
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About this page: Statute text is reproduced from official government publishers via the
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