HB 92: "An Act relating to the purchase of interests in corporations, including limited liability companies, by the University of Alaska."
00 HOUSE BILL NO. 92 01 "An Act relating to the purchase of interests in corporations, including limited liability 02 companies, by the University of Alaska." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.40 is amended by adding a new section to read: 05 Sec. 14.40.458. University corporate interests. (a) The university may 06 purchase an interest in a corporation if the Board of Regents of the University of 07 Alaska authorizes the purchase and the purchase advances a public purpose of the 08 university. 09 (b) If the university purchases an interest in a corporation, the corporation is 10 not considered to be a part of the university for any purpose, except to the extent that 11 both the Board of Regents of the University of Alaska and the corporation's articles of 12 incorporation state otherwise. 13 (c) Notwithstanding AS 09.50.250 and any other law, the University of Alaska 14 is not liable for the obligations of a corporation that the University of Alaska has
01 purchased an interest in under (a) of this section, except to the extent that the president 02 of the university signs a written agreement on behalf of the university that expressly 03 states that the university is liable for the obligations of the corporation and the 04 obligations for which the university is liable are identified in the written agreement. 05 (d) In this section, 06 (1) "corporation" means a for-profit corporation, a nonprofit 07 corporation, or a limited liability company, whether or not the corporation or company 08 is organized in this state; 09 (2) "interest" means a membership, or a share or other ownership 10 interest; 11 (3) "nonprofit corporation" means a corporation that qualifies for 12 exemption from taxation under 26 U.S.C. 501(c) (Internal Revenue Code); 13 (4) "university" means the University of Alaska.