Section 21.59.030. Qualifications for certificate of authority.

The director may not issue a certificate of authority to be or act as an automobile service corporation and shall revoke an existing certificate of authority unless the corporation
        (1) if a newly formed corporation, possesses sufficient available working funds to pay all reasonably anticipated costs of acquisition of new business and operating expenses, other than losses, for a period of not less than six months following the date of issuance of the certificate of authority;
        (2) posts with the director a bond in the amount of $50,000, issued by a corporate surety authorized under this title to act as surety and conditioned upon the organization's faithful fulfillment of its contracts; and
        (3) fulfills all other applicable requirements of AS 21.59.010 - 21.59.090.

Authorities

21.59.040;21.59.050

Notes

Implemented As

3 AAC 21.485

References

3 AAC 21.485
AS 21.59.040 Certificate of authority.
AS 21.59.050 Reserves.

History

(Sec. 1 ch 135 SLA 1984)