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.

Universal Citation: AK Stat § 10.13.410 (2018)

(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.

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