Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 40. The University of Alaska, the Community Colleges, and the Alaska Aerospace Development Corporation
- Section 455. University Risk Management Fund. [Repealed, Sec. 12 Ch 42 SLA 1997].
previous: Section 455
. University Risk Management Fund. [Repealed, Sec. 12 Ch 42 SLA 1997].
next: Section 460
. [Renumbered as AS 14.43.010
AS 14.40.458. University Corporate Interests.
- (a) The university may purchase an interest in a corporation if the Board of Regents of the University of Alaska
authorizes the purchase and the purchase advances a public purpose of the university.
- (b) If the university purchases an interest in a corporation, the corporation is not considered to be a part of
the university for any purpose, except to the extent that both the Board of Regents of the University of Alaska and the corporation's
articles of incorporation state otherwise.
- (c) Notwithstanding AS 09.50.250 and any other law, the University of Alaska is not liable for the obligations of
a corporation that the University of Alaska has purchased an interest in under (a) of this section,
- (1) except to the extent that the president of the university signs a written agreement on behalf of the
university that expressly states that the university is liable for the obligations of the corporation and the obligations for which the
university is liable are identified in the written agreement; or
- (2) unless the university has engaged in fraudulent or other wrongful conduct relating to an obligation of the
corporation or to the assets of the corporation that may be used to pay the obligation.
- (d) In this section,
- (1) "corporation" means a for-profit corporation, a nonprofit corporation, or a limited liability company, whether
or not the corporation or company is organized in this state;
- (2) "interest" means a membership, or a share or other ownership interest;
- (3) "nonprofit corporation" means a corporation that qualifies for exemption from taxation under 26 U.S.C. 501(c)
(Internal Revenue Code);
- (4) "university" means the University of Alaska.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.