Each cooperative may
(1) have perpetual succession unless a limited period of duration is stated in its articles;
(2) sue and be sued, complain and defend, in its corporate name;
(3) adopt a corporate seal and alter it, and use it by having it or a facsimile of it impressed, affixed, or reproduced;
(4) buy, take, receive, lease, take by gift, devise or bequest, or otherwise acquire, own, hold, improve, use and otherwise deal in, real or personal property, wherever situated;
(5) sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of its property and assets;
(6) buy, take, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or otherwise dispose of, and otherwise use and deal in, shares or other interests in, or obligations of, other domestic or foreign cooperatives and corporations, partnerships or individuals, or direct or indirect obligations of the United States or of any other government, state, territory, or its governmental district or municipality or instrumentality;
(7) make contracts and incur liabilities, borrow money at the rates of interest the cooperative determines, issue notes, bonds, certificates of indebtedness and other obligations, issue certificates representing equity interests in its assets, and secure its obligations by mortgage or pledge of its property, franchise and income;
(8) lend money for its corporation purposes, invest and reinvest its funds and take and hold real and personal property as security for the payment of funds loaned or invested;
(9) conduct business and affairs and have offices and exercise its powers in a state, territory, district or possession of the United States, or in a foreign country;
(10) elect or appoint officers and agents, and define their duties and fix their compensation;
(11) make and alter bylaws, consistent with its articles and the laws of the state, for the administration and regulation of its affairs;
(12) donate for the public welfare or for charitable, scientific or educational purposes;
(13) indemnify a director, officer or agent or former director, officer or agent, or a person who may have served at its request as a director or officer of another domestic or foreign cooperative of which it is a member, against expenses necessarily incurred in defense of a proceeding in which that person is a party because that person served as a director, officer or agent, but this paragraph does not apply to proceedings in which the director, officer or agent is adjudged liable for negligence or misconduct in the performance of duty, and indemnification under this paragraph is not exclusive of other rights to which the director, officer or agent may have been entitled;
(14) cease its activities and surrender its franchise;
(15) have and exercise all powers necessary or convenient to carry out the purposes for which the cooperative is organized.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 15. Alaska Cooperative Corporation Act
Article 1. Substantive Provisions.
Sec. 10.15.005. Purposes for which cooperatives may be organized.
Sec. 10.15.010. General powers.
Sec. 10.15.025. Registered office and registered agent.
Sec. 10.15.030. Change of registered office or agent.
Sec. 10.15.035. Service on agent is service on cooperative.
Sec. 10.15.040. Defense of ultra vires.
Sec. 10.15.045. Capital stock.
Sec. 10.15.050. Membership stock.
Sec. 10.15.055. Transfer of stock.
Sec. 10.15.060. Payment required for issuance.
Sec. 10.15.065. No preemptive right to new issues.
Sec. 10.15.070. Certificates representing shares.
Sec. 10.15.075. Manner of voting by shareholders.
Sec. 10.15.080. Determining who are shareholders for purposes of notice, voting, and dividends.
Sec. 10.15.085. Subscription for shares.
Sec. 10.15.090. Limitation of liability of members.
Sec. 10.15.095. Dividends on capital stock.
Sec. 10.15.105. Limitations on acquisition, recall, exchange, or redemption.
Sec. 10.15.110. Status of acquired, recalled, exchanged, or redeemed shares.
Sec. 10.15.115. Missing certificates or ownership records.
Sec. 10.15.120. Meetings of members.
Sec. 10.15.125. Districts and district meetings.
Sec. 10.15.130. Voting by members.
Sec. 10.15.135. Quorum of members.
Sec. 10.15.140. Qualifications and membership of board of directors.
Sec. 10.15.145. Initial board of directors.
Sec. 10.15.150. Election and terms of directors.
Sec. 10.15.155. Removal of directors.
Sec. 10.15.160. Filling unexpired term.
Sec. 10.15.165. Meetings of board of directors.
Sec. 10.15.170. Executive committee.
Sec. 10.15.180. Compensation and benefits to directors, officers, and employees.
Sec. 10.15.185. Taking action without meeting.
Sec. 10.15.190. Waiver of notice.
Sec. 10.15.195. Voting requirements of articles.
Sec. 10.15.205. Allowance of costs to plaintiff; accounting for proceeds.
Sec. 10.15.210. Security for costs.
Sec. 10.15.215. Permitted purposes of cooperative contracts with members.
Sec. 10.15.220. Liquidated damages clause in cooperative contracts.
Sec. 10.15.225. Contracts between two or more cooperatives.
Sec. 10.15.230. Recording of cooperative contracts.
Sec. 10.15.235. Recording of uniform cooperative contracts.
Sec. 10.15.240. Recording procedure.
Sec. 10.15.245. Fees for recording contracts.
Sec. 10.15.250. Effect of recording contract; subsequent interests and liens.
Sec. 10.15.255. Termination of recorded contract.
Sec. 10.15.260. Recording of list of terminated contracts.
Sec. 10.15.265. Relief against breach or threatened breach of contract and penalty for interference.
Sec. 10.15.275. Apportionment and distribution of net proceeds, savings, or net losses.
Sec. 10.15.280. Manner of payment.
Sec. 10.15.285. Manner of apportionment and distribution.
Sec. 10.15.290. Determination of net proceeds, savings, or losses.
Sec. 10.15.295. Unclaimed distribution, redemptions, or payments.
Sec. 10.15.300. Sale or other disposition of entire assets in regular course of business.
Sec. 10.15.305. Sale or other disposition of entire assets not in regular course of business.
Sec. 10.15.310. Abandonment of sale or other disposition.
Sec. 10.15.315. Books and records; inspection.
Sec. 10.15.320. Biennial report.
Sec. 10.15.325. Form of biennial report; delinquent reports.
Sec. 10.15.330. Acceptance of biennial reports by department.
Sec. 10.15.331. Filing notice of change of officer or director.