00                 SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 157                                                              
01 "An Act clarifying the powers of electric or telephone cooperatives to become members                                   
02 of or own stock in other entities."                                                                                     
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 10.25.010(a) is amended to read:                                                                  
05            (a)  Except as provided in (b) of this section, an electric or telephone                                     
06       cooperative may                                                                                                   
07                 (1)  sue and be sued in its corporate name;                                                             
08                 (2)  have perpetual existence;                                                                          
09                 (3)  adopt a corporate seal and alter it;                                                               
10                 (4)  construct, buy, lease, or otherwise acquire, and equip, maintain,                                  
11       and operate, and sell, assign, convey, lease, mortgage, pledge, or otherwise dispose of                           
12       or encumber lands, buildings, structures, electric or telephone lines or systems, dams,                           
13       plants and equipment, and any other real or personal property, tangible or intangible,                            
14       that is necessary, convenient, or appropriate to accomplish the purpose for which the                             

01       cooperative is organized;                                                                                         
02                 (5)  buy, lease, or otherwise acquire, and use, and exercise and sell,                                  
03       assign, convey, mortgage, pledge or otherwise dispose of or encumber franchises,                                  
04       rights, privileges, licenses, and easements;                                                                      
05                 (6)  borrow money and otherwise contract indebtedness, and issue                                        
06       evidences of indebtedness, and secure the payment of the indebtedness by mortgage,                                
07       pledge, or deed of trust of, or any other encumbrance upon its real or personal                                   
08       property, assets, franchises, or revenues;                                                                        
09                 (7)  construct, maintain, and operate electric transmission and                                         
10       distribution lines, or telephone lines along, upon, under and across publicly owned                               
11       lands and public thoroughfares, including, without limitation, all roads, highways,                               
12       streets, alleys, bridges, and causeways;                                                                          
13                 (8)  exercise the power of eminent domain;                                                              
14                 (9)  become a member of other cooperatives, limited liability                                       
15       companies, or corporations organized for any lawful purpose, or own stock in them;                        
16                 (10)  conduct its business and exercise its powers inside or outside the                                
17       state;                                                                                                            
18                 (11)  adopt, amend, and repeal bylaws;                                                                  
19                 (12)  make all contracts necessary, convenient, or appropriate for the                                  
20       full exercise of its powers;                                                                                      
21                 (13)  make donations for the public welfare or for charitable, scientific,                              
22       or educational purposes;                                                                                          
23                 (14)  do and perform any other act and thing, and have and exercise any                                 
24       other power that may be necessary, convenient, or appropriate to accomplish the                                   
25       purpose for which the cooperative is organized.