2018 Alaska Statutes
Title 10. Corporations and Associations
Chapter 13. Alaska BIDCO Act
Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.
Sec. 10.13.410. Application to acquire control.
(a) The department shall approve an application to acquire control of a licensee under AS 10.13.400 if the department determines that
(1) the applicant and the directors and officers of the applicant are of good character and sound financial standing;
(2) it is reasonable to believe that the applicant will comply with this chapter; and
(3) the plans, if any, of the applicant to make a major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee.
(b) If, after notice and a hearing, the department determines that the criteria for approval in (a) of this section have not been satisfied, the department shall deny the application.