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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 20. Alaska Nonprofit Corporation Act
- Section 395. Disposition of Assets or Proceeds.
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. Appointment of Receiver.
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. Powers and Duties of Receiver.
AS 10.20.395. Disposition of Assets or Proceeds.
The assets of the corporation or the proceeds resulting from a sale, conveyance, or other disposition of the assets
shall be applied and distributed as follows:
- (1) all costs and expenses of the court proceedings and all liabilities and obligations of the corporation shall be paid,
satisfied and discharged, or adequate provision shall be made for payment;
- (2) assets held by the corporation upon condition requiring return, transfer or conveyance, which condition occurs by
reason of the dissolution or liquidation, shall be returned, transferred or conveyed in accordance with these
- (3) assets received and held by the corporation subject to limitations permitting their use only for charitable,
religious, eleemosynary, benevolent, educational or similar purposes, but not held upon a condition requiring return,
transfer or conveyance by reason of the dissolution or liquidation, shall be transferred or conveyed to one or more
domestic or foreign corporations, societies or organizations engaged in activities substantially similar to those of
the dissolving or liquidating corporation as the court may direct;
- (4) other assets, if any, shall be distributed in accordance with the provisions of the articles of incorporation or the
bylaws to the extent that the articles of incorporation or bylaws determine the distributive right of members, or any
class or classes of members, or provide for distribution to others;
- (5) any remaining assets may be distributed to persons, societies, organizations or domestic or foreign corporations,
whether for profit or not for profit, specified in the plan of distribution adopted as provided in this chapter, or
where no plan of distribution has been adopted, as the court may direct.
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