2019 Alaska Statutes
Title 10. Corporations and Associations
Chapter 13. Alaska BIDCO Act
Article 8. General Provisions.
Sec. 10.13.990. Definitions.

Universal Citation: AK Stat § 10.13.990 (2019)

In this chapter,

(1) “affiliate” means, if used with respect to a nonnatural person, a person who controls the nonnatural person, who is controlled by the nonnatural person, or who is controlled by a person who also controls the nonnatural person;

(2) “associate” means, if used with respect to a licensee,

(A) a controlling person, director, or officer of the licensee;

(B) a director, officer, or partner of a person referred to in (A) of this paragraph;

(C) a person who controls, is controlled by, or is under common control with a person referred to in (A) of this paragraph, directly or indirectly through an intermediary;

(D) a close relative of a person referred to in (A) of this paragraph; in this subparagraph, “close relative” means a parent, child, sibling, or spouse, or a relative of the same degree through marriage;

(E) a person of which a person referred to in (A) - (D) of this paragraph is a director or officer;

(F) a person in which a person referred to in (A) - (D) of this paragraph, or a combination of the persons acting in concert, owns or controls, directly or indirectly, a 20 percent or greater equity interest;

(3) “BIDCO” means a corporation that is licensed under this chapter to provide financial and management assistance to businesses;

(4) “business” means a person who transacts or proposes to transact business on a regular and continual basis;

(5) “control” means, if used with respect to a specific person, the power to direct or cause the direction of, directly or indirectly through an intermediary, the management and policies of the person, through the ownership of voting interests, by contract other than a commercial contract for goods or nonmanagement services, or by other means; a natural person is not considered to control another person solely because the natural person is a director, officer, or employee of the other person; a person is rebuttably presumed to control a corporation if the person directly or indirectly owns of record, holds beneficially with power to vote, or holds proxies with discretionary authority to vote, 20 percent or more of the then outstanding voting securities issued by a corporation;

(6) “controlling person” means, if used with respect to a specific person, a person who controls the specific person, directly or indirectly through an intermediary;

(7) “corporate name” means the name of a corporation in its articles of incorporation;

(8) “department” means the Department of Commerce, Community, and Economic Development;

(9) “insolvent” means not paying debts in the ordinary course of business, not paying debts as they become due, or liabilities exceeding assets;

(10) “interests of the licensee” includes the interests of the shareholders of the licensee;

(11) “license” means a license issued under this chapter;

(12) “licensee” means a corporation that is licensed under this chapter;

(13) “officer” means

(A) with respect to a corporation, a person appointed or designated as an officer of the corporation by or under applicable law or the corporation's articles of incorporation or bylaws, or a person who performs with respect to the corporation the functions usually performed by an officer of a corporation;

(B) with respect to a specific person other than a natural person or a corporation, a person who performs for the specific person the functions usually performed by an officer of a corporation for a corporation;

(14) “order” means an approval, consent, authorization, exemption, denial, prohibition, or requirement applicable to a specific case and issued by the department, including a license condition and an agreement made by a person with the department under this chapter;

(15) “person” includes a government and an agency of a government; when used with respect to acquiring control of or controlling a specific person, “person” includes a combination of two or more persons acting in concert;

(16) “principal shareholder” means a person who owns, directly or indirectly, of record or beneficially, securities representing 10 percent or more of the outstanding voting securities of a corporation;

(17) “subject person” means

(A) a controlling person, subsidiary, or affiliate of a licensee;

(B) a director, officer, or employee of a licensee or of a controlling person, subsidiary, or affiliate of a licensee;

(C) another person who participates in the conduct of the business of a licensee; or

(D) if used with respect to a licensee, a company or business of which the licensee holds control under AS 10.13.260 - 10.13.280.

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