Section 43.82.260. Change of parties to an application or a contract; assignment of interests.

   (a) A qualified sponsor or member of a qualified sponsor group may assign an interest in or add or withdraw a party to an application under AS 43.82.120 only if the commissioner has
        (1) made a finding that the assignment, addition, or withdrawal is consistent with the requirements of AS 43.82.110; and
        (2) given prior written approval for the assignment, addition, or withdrawal.
   (b) A contract developed under this chapter may provide for the assignment to or withdrawal of a qualified sponsor or member of a qualified sponsor group.
   (c) Upon being added to an application under this section, a party becomes a qualified sponsor or a member of a qualified sponsor group, as appropriate, for the relevant project.
   (d) The commissioner may not unreasonably withhold approval under (a) of this section, but may condition the approval in any way reasonably necessary to protect the fiscal interests of the state and to further the purposes of this chapter.
   (e) For purposes of this section, an assignment includes a transfer of stock or a partnership interest in a manner that changes control of a qualified sponsor or member of a qualified sponsor group.

Notes

History

(Sec. 3 ch 104 SLA 1998)