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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 6. Alaska Corporations Code
- Section 428. Shareholders' Preemptive Rights.
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. Voting Trusts and Agreements Among Shareholders.
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AS 10.06.428. Shareholders' Preemptive Rights.
- (a) Except to the extent limited or denied by this section or by the articles of incorporation, shareholders have a
preemptive right to acquire unissued shares or securities convertible into such shares or carrying a right to subscribe
to or acquire shares.
- (b) Unless otherwise provided in the articles of incorporation,
- (1) there is no preemptive right
- (A) to acquire any shares issued to directors, officers, or employees if approved by the outstanding shares or if
authorized by and consistent with a plan previously approved by the outstanding shares; or
- (B) to acquire shares sold for consideration other than for cash;
- (2) holders of shares of a class that is preferred or limited as to dividends or assets are not entitled to a preemptive
- (3) holders of shares of common stock are not entitled to a preemptive right to shares of a class that is preferred or
limited as to dividends or assets or to any obligations, unless convertible into shares of common stock or carrying a
right to subscribe to or acquire shares of common stock;
- (4) holders of common stock without voting power are not entitled to a preemptive right to shares of common stock with
- (5) a preemptive right is only an opportunity to acquire shares or other securities under the terms and conditions as the
board may fix for the purpose of providing a fair and reasonable opportunity for the exercise of the preemptive right.
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