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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 15. Alaska Cooperative Corporation Act
- Section 510. Jurisdiction of Court to Liquidate Assets and Business of Cooperative.
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AS 10.15.510. Jurisdiction of Court to Liquidate Assets and Business of Cooperative.
In addition to any other instances in which the law provides the power, a court may liquidate the assets and business
of a cooperative
- (1) in an action by a member or shareholder when it is established that 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 the corporate assets
are being misapplied or wasted;
- (2) in an action by a creditor when the claim of the creditor has been reduced to judgment and an execution has been
returned unsatisfied and it is established that the cooperative is insolvent; or when the cooperative has admitted in
writing that the claim of the creditor is due and owing and it is established that the cooperative is insolvent;
- (3) upon application by a cooperative which has filed a statement of intent to dissolve as provided in this chapter to
have its liquidation continued under the supervision of the court;
- (4) when an action has been filed by the attorney general to dissolve a cooperative and it is established that liquidation
of its business and affairs should precede the entry of a decree of dissolution.
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