A corporation may not have or issue shares of stock. No dividend may be paid and no part of the income or profit of a corporation may be distributed to its members, directors, or officers. A corporation may pay compensation in a reasonable amount to its members, directors, or officers for services rendered, may confer benefits upon its members in conformity with its purposes, and upon dissolution or final liquidation may make distribution to its members as permitted by this chapter, and a payment, benefit, or distribution under this section may not be considered to be a dividend or a distribution of income or profit.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 20. Alaska Nonprofit Corporation Act
Article 1. Substantive Provisions.
Sec. 10.20.007. Corporations organized under Alaska Native Claims Settlement Act.
Sec. 10.20.011. General powers.
Sec. 10.20.016. Defense of ultra vires.
Sec. 10.20.021. Corporate name.
Sec. 10.20.026. Registered office and registered agent.
Sec. 10.20.031. Filing list of corporations.
Sec. 10.20.036. Change of registered office or agent.
Sec. 10.20.041. Change of location or resignation of registered agent.
Sec. 10.20.046. Service on corporation.
Sec. 10.20.051. Members and liability of directors, officers, employees, and members.
Sec. 10.20.061. Meetings of members.
Sec. 10.20.066. Notice of meetings.
Sec. 10.20.071. Voting; quorum.
Sec. 10.20.076. Quorum of members.
Sec. 10.20.081. Board of directors.
Sec. 10.20.086. Number of directors.
Sec. 10.20.091. Membership and term of office of first board of directors.
Sec. 10.20.096. Election and terms of directors.
Sec. 10.20.106. Quorum of directors.
Sec. 10.20.111. Executive committee.
Sec. 10.20.116. Place and notice of directors' meetings.
Sec. 10.20.126. Removal of officers.
Sec. 10.20.131. Books and records; inspection.
Sec. 10.20.136. Shares of stock and dividends prohibited; compensation, benefits, and distributions.