SB 24-VIRTUAL MEETINGS FOR CORPORATIONS  2:43:31 PM CHAIR COSTELLO reconvened the meeting and announced the consideration of SENATE BILL NO. 24, "An Act authorizing virtual meetings of shareholders of a corporation; and authorizing virtual meetings of members of a nonprofit corporation." CHAIR COSTELLO advised that her intention was to hear the introduction, take and close public testimony, and hold the bill for future consideration and possible amendments from the bill sponsor. 2:44:12 PM SENATOR DAVID WILSON, Alaska State Legislature, Juneau, Alaska, sponsor of SB 24, introduced the legislation loosely paraphrasing the following sponsor statement: The events of this past year have caused many hardships but have also inspired innovation. It is imperative that we use this innovation to improve our operations and laws in the future. Senate Bill 24 capitalizes on one such of these innovations. Senate Bill 24 allows corporations' shareholder meetings and nonprofit member meetings to be held electronically. Section 12 of SB 241 of the 31st Legislature and subsequent emergency orders have allowed for these electronic meetings, but that authorization will eventually expire. The ability to meet electronically, as would be permanently allowed by the passage of this bill, has proved invaluable to these organizations. Senate Bill 24 enables corporations and nonprofit organizations to operate more efficiently and with greater flexibility than in the past. For these reasons I urge a swift passage of this bill. Thank you for your consideration of this important legislation. SENATOR WILSON advised that the forthcoming amendments were to ensure that the bill was sufficiently inclusive to give all businesses and corporations in Alaska the option to conduct meetings electronically. 2:46:00 PM JASMIN MARTIN, Staff, Senator David Wilson, Alaska State Legislature, Juneau, Alaska, delivered the following sectional analysis for SB 24. Senate Bill 24  Sectional Summary V.A Section 1: Amends AS 10.06.405(a) to allow for the changes made in section 2. Section 2: Amends AS 10.06.405 to add a section (e), which allows shareholders in for profit corporations to meet electronically as allowed in the organizations' by-laws. Section 3: Amends AS 10.20.061(a) to allow for the changes made in section 2. Section 4: Amends AS 10.21.061 to add a section (d), which allows members of a nonprofit organization to meet electronically as allowed in the organizations' by-laws. Section 5: Adds a section to the uncodified law of Alaska allowing corporations that plan to distribute or have distributed a proxy statement or notice of annual meeting at the time this bill passes to notice or renotice the annual meeting so it may be held electronically. 2:47:39 PM CHAIR COSTELLO asked if this legislation was similar to a particular section of Governor Dunleavy's disaster declaration, SB 56. MS. MARTIN answered yes; it was modeled on the disaster declarations but the bill added clarification. CHAIR COSTELLO listed those available online to answer questions. 2:48:45 PM CHAIR COSTELLO opened invited testimony. 2:50:00 PM At ease due to technical difficulties. 2:50:50 PM CHAIR COSTELLO reconvened the meeting. [The technical difficulties continued.] CHAIR COSTELLO advised that public testimony on SB 24 would remain open. 2:52:01 PM SENATOR GRAY-JACKSON asked if businesses and corporations were already meeting virtually because of COVID-19. SENATOR WILSON replied that without an extension of the disaster declaration that ability would end on February 14, 2021. SB 24 would allow virtual meetings in perpetuity. 2:52:47 PM SENATOR GRAY-JACKSON shared that she was unaware that this was in statute. CHAIR COSTELLO said she appreciated that this placed in statute one of the emergency powers authorized during the emergency disaster that worked and made conducting business easier. 2:54:02 PM CHAIR COSTELLO held SB 24 in committee.