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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 13. Alaska Bidco Act
- Section 40. Requisite Net Worth.
previous: Section 30
. Application Procedure.
next: Section 50
. Criteria For Directors, Officers, and Controlling Persons.
AS 10.13.040. Requisite Net Worth.
- (a) In order to receive a license, an applicant must demonstrate to the satisfaction of the department that the applicant
has raised sufficient capital so that
- (1) the net worth of the BIDCO is expected to be adequate, in the context of its business plan, to support the BIDCO's
management team and to achieve an appropriate spreading of the risk involved in the BIDCO's provisions of financing
- (2) the BIDCO has a reasonable promise of being a viable, ongoing BIDCO, satisfying the basic objectives of its business
plan and achieving long-term financial success.
- (b) Unless the BIDCO receives a loan under AS 37.17.500
- 37.17.690, the department may not establish a
minimum net worth for a BIDCO under this section of less than $1,500,000. If the BIDCO, as part of its initial
capitalization, receives a loan under AS 37.17.500
- 37.17.690, the minimum net worth of the BIDCO may
be $500,000, excluding organization costs paid for or owed by the BIDCO.
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