(a) Any two or more common interest communities of the same form of ownership, by agreement of the unit owners under (b) of this section, may be merged or consolidated into a single common interest community. On the merger or consolidation, unless the agreement otherwise provides, the resulting common interest community is the legal successor, for all purposes, of the preexisting common interest communities, and the operations and activities of each association of the preexisting common interest communities are merged or consolidated into a single association that holds all powers, rights, obligations, assets, and liabilities of all preexisting associations.
(b) An agreement of two or more common interest communities to merge or consolidate under (a) of this section must be evidenced by an agreement prepared, executed, recorded, and certified by the president of the association of each of the preexisting common interest communities following approval by owners of units comprising the percentage of votes in each common interest community required to terminate the common interest community. The agreement must be recorded in each recording district in which a portion of the common interest community is located and is not effective until recorded.
(c) Each merger or consolidation agreement must provide for the reallocation of the allocated interests in the new association among the units of the resultant common interest community either (1) by stating the reallocations or the formulas upon which they are based or (2) by stating the percentage of overall allocated interests of the new common interest community that are allocated to all of the units comprising each of the preexisting common interest communities, and providing that the portion of the percentages allocated to each unit formerly comprising a part of the preexisting common interest community must be equal to the percentages of allocated interests allocated to the unit by the declaration of the preexisting common interest community.
Structure Alaska Statutes
Chapter 08. Common Interest Ownership
Article 2. Creation, Alteration, and Termination of Common Interest Communities.
Sec. 34.08.090. Creation of common interest communities.
Sec. 34.08.100. Unit boundaries.
Sec. 34.08.110. Construction and validity of declaration and bylaws.
Sec. 34.08.120. Description of units.
Sec. 34.08.130. Contents of declaration.
Sec. 34.08.140. Leasehold common interest communities.
Sec. 34.08.150. Allocation of allocated interests.
Sec. 34.08.160. Limited common elements.
Sec. 34.08.170. Plats and plans.
Sec. 34.08.180. Exercise of development rights.
Sec. 34.08.190. Alterations of units.
Sec. 34.08.200. Relocation of boundaries between adjoining units.
Sec. 34.08.210. Subdivision of units.
Sec. 34.08.220. Easement for encroachments.
Sec. 34.08.230. Use for sales purposes.
Sec. 34.08.240. Easement rights.
Sec. 34.08.250. Amendment of declaration.
Sec. 34.08.255. Amendment of a declaration where fewer than 50 percent of unit owners approve.
Sec. 34.08.260. Termination of common interest community.
Sec. 34.08.270. Rights of secured lenders.
Sec. 34.08.280. Master associations.
Sec. 34.08.290. Merger or consolidation of common interest communities.