15 AAC 160.822. Net proceeds held for more than one year

(a) A permittee that receives permission from the department under AS 05.15.150 (b) to hold net proceeds for a period longer than one year must

(1) account for the net proceeds and earnings each year when the permittee files its annual financial statement;

(2) spend the net proceeds and earnings within the time period specified in its application under AS 05.15.150 (b) and approved by the department;

(3) notify the department of

(A) any change in circumstances or intention from the original application;

(B) when and how the net proceeds and earnings are spent; and

(4) receive additional approval from the department before implementing a new plan for the distribution of net proceeds and earnings.

(b) Until it spends the net proceeds and earnings, the permittee must retain the net proceeds and earnings in its bank account required by 15 AAC 160.820(a) . Notwithstanding 15 AAC 160.820(a) , the permittee may deposit the net proceeds and earnings into another account in the permittee's name that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration Insurance Fund and is separate from an account used for other money of the permittee.

(c) If the department finds the immediate dedication of the net proceeds and earnings to be necessary to protect the best interests of the public, the department may rescind permission to hold net proceeds for more than one year and require dedication of the net proceeds and earnings.

(d) Notwithstanding the approval given by the department under (a) of this section, the net proceeds and earnings being held for longer than one year are subject to the dissolution clause required under 15 AAC 160.020.

(e) Net proceeds received by a permittee as a donation from another permittee are subject to the requirements of AS 05.15.150 and this section.

History: Eff. 1/1/2003, Register 164; am 9/3/2005, Register 175

Authority: AS 05.15.060

AS 05.15.150

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