Alaska BIDCO Act

Alaska · Corporations and Associations · §§ 10.13.010 to 10.13.995 · 85 sections

Overview

The act establishes a licensing framework for BIDCOs — companies whose business is providing financing assistance and management assistance to other business firms. It sets who may hold a license and on what terms, covering application and denial, minimum net worth, standards for directors, officers, and controlling persons, and the non-transferability, display, and surrender of the license, and it regulates the licensee's ongoing conduct: the permitted forms and terms of financing and management assistance, participation in government programs, restrictions on dividends and share buy-backs, business practice and reserve standards, and limits on holding control of the businesses it assists. Potential conflicts of interest must be disclosed and are subject to conditions, and any acquisition of control of a licensee — whether by merger, purchase, or sale — requires approval from the administering department, which also carries out the act.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

AS 10.13.010Purposes
AS 10.13.020Qualifications for BIDCO license
AS 10.13.030Application procedure
AS 10.13.040Requisite net worth
AS 10.13.050Criteria for directors, officers, and controlling persons
AS 10.13.060Determination of likelihood of future noncompliance
AS 10.13.070Denial of application
AS 10.13.080Display of license
AS 10.13.090Transfer or assignment of license prohibited
AS 10.13.100Surrender of license
AS 10.13.120Corporate name and representation of status
AS 10.13.130Board of directors
AS 10.13.140Notice of officer and director changes
AS 10.13.150Dividends
AS 10.13.160Share buy-back
AS 10.13.170Offices
AS 10.13.180Business of licensee
AS 10.13.190General powers
AS 10.13.200Financing assistance form, terms, and conditions
AS 10.13.210Financing assistance allowed
AS 10.13.220Participation in governmental programs
AS 10.13.230Scope of management assistance
AS 10.13.240Limitation to purposes of business
AS 10.13.250Holding control of another business generally
AS 10.13.260Control of assisted business
AS 10.13.270Control of business providing financing assistance and management assistance
AS 10.13.280Department approval to hold control of other businesses
AS 10.13.285“Hold control” defined
AS 10.13.290Business practice standards and reserves
AS 10.13.300Disclosure of potential conflict of interest
AS 10.13.310Terms and conditions where potential conflict of interest is involved
AS 10.13.320Examples of potential conflicts of interest
AS 10.13.400Acquiring control of a licensee
AS 10.13.410Application to acquire control
AS 10.13.420Determinations
AS 10.13.430Merger
AS 10.13.440Purchase
AS 10.13.450Sale
AS 10.13.460Department approval
AS 10.13.470Administration
AS 10.13.480Conditions of order or license
AS 10.13.490Declaratory rulings
AS 10.13.500Judicial review
AS 10.13.510Investigations
AS 10.13.520Investigative powers
AS 10.13.530Failure to comply or testify
AS 10.13.540Service of process
AS 10.13.550Fees
AS 10.13.560Fee payment and refunds
AS 10.13.570Records and report requirements
AS 10.13.580Records kept by others
AS 10.13.590Information on economic development effect
AS 10.13.600Examination of licensees and subsidiaries
AS 10.13.610Misrepresentation
AS 10.13.620Inspection or copying refusal
AS 10.13.630Financing assistance to associates of licensee
AS 10.13.640Financing assistance to discharge obligation to associate of licensee
AS 10.13.650Contemporaneous financing assistance
AS 10.13.660Compensation of associate
AS 10.13.670Exemptions
AS 10.13.700Injunction and enforced compliance; appointment of receiver or conservator
AS 10.13.710Cease and desist orders for unlicensed persons
AS 10.13.720Cease and desist orders for violations by licensees or subject persons
AS 10.13.730Cease and desist orders for unsafe and unsound acts
AS 10.13.740Other cease and desist orders
AS 10.13.750Removal, prohibition, and suspension orders for certain acts
AS 10.13.760Removal, prohibition, and suspension orders in cases of indictment, binding over, or conviction
AS 10.13.770Hearings on orders; rescission and modification
AS 10.13.780Disclosure to shareholders
AS 10.13.790Meetings of directors and shareholders called by department
AS 10.13.800Orders restricting additional financing assistance
AS 10.13.810Taking possession of licensee
AS 10.13.820Receivership
AS 10.13.830Civil penalty
AS 10.13.850Construction of chapter
AS 10.13.860Application of Administrative Procedure Act to proceedings
AS 10.13.870Appeals
AS 10.13.880Application of law under which licensee incorporated
AS 10.13.890Associates
AS 10.13.900Other licenses
AS 10.13.910Exemption
AS 10.13.920Department authority regarding conflicts of interest
AS 10.13.930Confidentiality
AS 10.13.990Definitions
AS 10.13.995Short title

Enacted in other states

Delaware, Tennessee

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