Section 10.06.305. Issuance of and requirements for shares.

   (a) Subject to the provisions of this chapter, a corporation may issue one or more classes or series of shares or both, with full, limited, or no voting rights and with other rights, preferences, privileges, and restrictions as are stated or authorized in its articles of incorporation. A denial or limitation of voting rights is not effective unless at the time one or more classes or series of outstanding shares or debt securities, singly or in the aggregate, are entitled to full voting rights. A denial or limitation of dividend or liquidation rights is not effective unless at the time one or more classes or series of outstanding shares, singly or in the aggregate, are entitled to unlimited dividend or liquidation rights.
   (b) All shares of a class shall have the same voting, conversion, and redemption rights and other rights, preferences, privileges, and restrictions, unless the class is divided into series. If a class is divided into series, all the shares of a series shall have the same voting, conversion, and redemption rights and other rights, preferences, privileges, and restrictions.

Authorities

10.06.315;10.06.383;10.06.480;10.06.960

Notes

References

AS 10.06.315 Series rights and preferences established by board.
AS 10.06.383 Inapplicability to winding up and involuntary or voluntary dissolution.
AS 10.06.480 Liability of directors and contributions from shareholders and other directors.
AS 10.06.960 Corporations organized under Alaska Native Claims Settlement Act.

History

(Sec. 1 ch 166 SLA 1988)