Section 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.

Authorities

37.10.085

Notes

References

AS 37.10.085 Financial aid to corporations by state or political subdivision.

History

(Sec. 1 ch 18 SLA 2006)