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.
Structure Alaska Statutes
Chapter 59. Motor Vehicle Service Corporations and Contracts
Article 1. Automobile Service Corporations.
Sec. 21.59.010. Applicability.
Sec. 21.59.020. Incorporation and certificate of authority required.
Sec. 21.59.030. Qualifications for certificate of authority.
Sec. 21.59.040. Certificate of authority.
Sec. 21.59.060. Records and accounts.