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Article 1. Purposes and License.
Sec. 10.13.010. Purposes. - The purposes of this chapter are to (1) promote economic...
Sec. 10.13.020. Qualifications for BIDCO license. - The department shall issue a license to operate as a...
Sec. 10.13.030. Application procedure. - When applying for a license, an applicant shall provide the...
Sec. 10.13.040. Requisite net worth. - (a) In order to receive a license, an applicant must...
Sec. 10.13.050. Criteria for directors, officers, and controlling persons. - (a) A license may only be issued if the department...
Sec. 10.13.060. Determination of likelihood of future noncompliance. - The department may determine that it is not reasonable to...
Sec. 10.13.070. Denial of application. - If the department denies a license the department shall provide...
Sec. 10.13.080. Display of license. - A licensee shall post the license in a conspicuous place...
Sec. 10.13.090. Transfer or assignment of license prohibited. - A licensee may not transfer or assign its license.
Sec. 10.13.100. Surrender of license. - (a) Upon approval by a two-thirds vote of its board...
Article 2. Corporate Matters.
Sec. 10.13.120. Corporate name and representation of status. - (a) The corporate name of a licensee must include the...
Sec. 10.13.130. Board of directors. - (a) The board of directors of a licensee must have...
Sec. 10.13.140. Notice of officer and director changes. - Within 30 days of each of the following events, the...
Sec. 10.13.150. Dividends. - (a) A licensee may not pay or obligate itself to...
Sec. 10.13.160. Share buy-back. - A licensee may not buy back or obligate itself to...
Article 3. Transaction of Business.
Sec. 10.13.170. Offices. - (a) A licensee shall maintain at least one office in...
Sec. 10.13.180. Business of licensee. - A licensee may not engage in a business other than...
Sec. 10.13.190. General powers. - In addition to the other powers given by this chapter...
Sec. 10.13.200. Financing assistance form, terms, and conditions. - A licensee may determine the form, terms, and conditions for...
Sec. 10.13.210. Financing assistance allowed. - The financing assistance that a licensee may provide includes (1)...
Sec. 10.13.220. Participation in governmental programs. - (a) A licensee may participate in a federal, state, or...
Sec. 10.13.230. Scope of management assistance. - When providing management assistance, a licensee may provide management advice,...
Sec. 10.13.240. Limitation to purposes of business. - Financing assistance and management assistance provided by a licensee to...
Sec. 10.13.250. Holding control of another business generally. - A licensee may not hold control of another business, except...
Sec. 10.13.260. Control of assisted business. - (a) A licensee that has provided financing assistance to a...
Sec. 10.13.270. Control of business providing financing assistance and management assistance. - With the approval of the department, a licensee may acquire...
Sec. 10.13.280. Department approval to hold control of other businesses. - (a) With the approval of the department, a licensee may...
Sec. 10.13.285. “Hold control” defined. - In AS 10.13.250 - 10.13.280, “hold control” means to directly...
Sec. 10.13.290. Business practice standards and reserves. - (a) A licensee shall transact its business in a safe...
Sec. 10.13.300. Disclosure of potential conflict of interest. - A person shall disclose a potential conflict of interest that...
Sec. 10.13.310. Terms and conditions where potential conflict of interest is involved. - If a licensee provides financing assistance to a business or...
Sec. 10.13.320. Examples of potential conflicts of interest. - (a) In AS 10.13.300 - 10.13.310, licensee transactions that involve...
Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.
Sec. 10.13.400. Acquiring control of a licensee. - A person may not acquire control of a licensee without...
Sec. 10.13.410. Application to acquire control. - (a) The department shall approve an application to acquire control...
Sec. 10.13.420. Determinations. - (a) When the department is reviewing an application under AS...
Sec. 10.13.430. Merger. - A licensee may not merge with another corporation unless the...
Sec. 10.13.440. Purchase. - A licensee may not purchase all or substantially all of...
Sec. 10.13.450. Sale. - A licensee may not sell all or substantially all of...
Sec. 10.13.460. Department approval. - The department may not approve a merger, purchase, or sale...
Article 5. Regulation, Fees, Records, Reports, and Examinations.
Sec. 10.13.470. Administration. - The department shall administer this chapter. The department may issue...
Sec. 10.13.480. Conditions of order or license. - When the department issues an order or license under this...
Sec. 10.13.490. Declaratory rulings. - The department may provide to an interested person a declaratory...
Sec. 10.13.500. Judicial review. - A final order, decision, license, or other official act of...
Sec. 10.13.510. Investigations. - The department may make public or private investigations inside or...
Sec. 10.13.520. Investigative powers. - For the purposes of an investigation, examination, or other proceeding...
Sec. 10.13.530. Failure to comply or testify. - If a person fails to comply with a subpoena issued...
Sec. 10.13.540. Service of process. - If the department is authorized to make service of process...
Sec. 10.13.550. Fees. - A person shall pay the department (1) $2,500 for filing...
Sec. 10.13.560. Fee payment and refunds. - A fee for filing an application with the department shall...
Sec. 10.13.570. Records and report requirements. - (a) A licensee shall make and keep books, accounts, and...
Sec. 10.13.580. Records kept by others. - (a) If a person other than a licensee makes or...
Sec. 10.13.590. Information on economic development effect. - Each year the department shall publish and provide to the...
Sec. 10.13.600. Examination of licensees and subsidiaries. - (a) The department may at any time examine a licensee...
Article 6. Prohibited Activities.
Sec. 10.13.610. Misrepresentation. - (a) Except as otherwise provided in AS 10.13.120, a person...
Sec. 10.13.620. Inspection or copying refusal. - A person having custody of all or part of the...
Sec. 10.13.630. Financing assistance to associates of licensee. - A licensee may not directly or indirectly provide financing assistance...
Sec. 10.13.640. Financing assistance to discharge obligation to associate of licensee. - A licensee may not directly or indirectly provide financing assistance...
Sec. 10.13.650. Contemporaneous financing assistance. - (a) If the terms on which a licensee provides financing...
Sec. 10.13.660. Compensation of associate. - (a) An associate of a licensee may not directly or...
Sec. 10.13.670. Exemptions. - (a) If the department finds that the exemption is in...
Article 7. Enforcement.
Sec. 10.13.700. Injunction and enforced compliance; appointment of receiver or conservator. - If, in the opinion of the department, a person has...
Sec. 10.13.710. Cease and desist orders for unlicensed persons. - If the department finds that a person has violated or...
Sec. 10.13.720. Cease and desist orders for violations by licensees or subject persons. - After notice and a hearing, if the department determines that...
Sec. 10.13.730. Cease and desist orders for unsafe and unsound acts. - After notice and a hearing, if the department determines that...
Sec. 10.13.740. Other cease and desist orders. - If the department determines that a factor set out in...
Sec. 10.13.750. Removal, prohibition, and suspension orders for certain acts. - (a) The department may issue an order removing a subject...
Sec. 10.13.760. Removal, prohibition, and suspension orders in cases of indictment, binding over, or conviction. - (a) If the department determines that a subject person of...
Sec. 10.13.770. Hearings on orders; rescission and modification. - (a) Within 30 days after an order is issued under...
Sec. 10.13.780. Disclosure to shareholders. - If the department determines that the results of a department...
Sec. 10.13.790. Meetings of directors and shareholders called by department. - (a) If the department considers it expedient, the department may...
Sec. 10.13.800. Orders restricting additional financing assistance. - (a) The department may issue an order directing a licensee...
Sec. 10.13.810. Taking possession of licensee. - (a) If the department finds that a factor in AS...
Sec. 10.13.820. Receivership. - (a) The department may apply to the superior court for...
Sec. 10.13.830. Civil penalty. - (a) If after notice and a hearing the department finds...
Article 8. General Provisions.
Sec. 10.13.850. Construction of chapter. - This chapter shall be liberally construed to accomplish its purposes.
Sec. 10.13.860. Application of Administrative Procedure Act to proceedings. - A proceeding under AS 10.13.830 is subject to AS 44.62...
Sec. 10.13.870. Appeals. - A final order of an administrative proceeding under AS 10.13.710...
Sec. 10.13.880. Application of law under which licensee incorporated. - Except as otherwise provided in this section, the provisions of...
Sec. 10.13.890. Associates. - (a) In AS 10.13.300 - 10.13.320 and 10.13.630 - 10.13.660,...
Sec. 10.13.900. Other licenses. - A corporation that is licensed under this chapter may apply...
Sec. 10.13.910. Exemption. - A licensee is not subject to the provisions of AS...
Sec. 10.13.920. Department authority regarding conflicts of interest. - The provisions of this chapter relating to conflicts of interest...
Sec. 10.13.930. Confidentiality. - (a) The commissioner, deputies, and other employees of the department...
Sec. 10.13.990. Definitions. - In this chapter, (1) “affiliate” means, if used with respect...
Sec. 10.13.995. Short title. - This chapter may be cited as the Alaska BIDCO Act.