Section 10.06.360. Prohibited distribution; inability to meet maturing liabilities.

Latest version.

A corporation or subsidiary of a corporation may not make a distribution to the corporation's shareholders if the corporation or the subsidiary making the distribution is, or as a result of the distribution would be, likely to be unable to meet its liabilities as they mature.

Authorities

10.06.853;10.06.960

Notes

References

AS 10.06.853 Failure to pay tax as evidence of inability to meet maturing debts and liabilities.
AS 10.06.960 Corporations organized under Alaska Native Claims Settlement Act.

History

(Sec. 1 ch 166 SLA 1988)

                    
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