Title 44 — State Government

54 chapters · 1,061 sections in this title.

41 sectionsFiltered byTitle 44 Ch 81

AS 44.81.010 Alaska Commercial Fishing and Agriculture Bank.
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(a) There is established the Alaska Commercial Fishing and Agriculture Bank. The exercise by the bank of the powers conferred by this chapter is considered to be for a public purpose. In the exercise of its powers under AS 44.81.215(11), the bank is acting as an agent under the e…
AS 44.81.020 Board of directors.
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(a) The bank shall be governed by a board of directors consisting of seven to nine natural persons. The number is determined by the bank's bylaws. Two board members shall be appointed by the governor of the state. The other board members shall be elected by the members of the ban…
AS 44.81.030 Articles of incorporation. [Repealed, § 66 ch 21 SLA 1985.]
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[Repealed or reserved.]
AS 44.81.031 Officers and employees.
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(a) The board shall employ a president. The president may not be a member of the board and serves at the pleasure of the board. The president is the chief executive officer of the bank. (b) The board shall appoint those officers of the bank that are provided for in the bank's byl…
AS 44.81.040 Bylaws. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.041 Structure and membership of the bank.
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(a) The bank shall be structured and operated as a cooperative corporation. (b) The board shall issue shares of membership stock in the bank in the amounts and with the value determined by the board and stated in the articles of incorporation. The membership stock may be issued u…
AS 44.81.050 Membership meetings. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.051 Bylaws.
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The board may adopt bylaws for the bank for the regulation and management of the affairs of the bank, and may alter, amend, or repeal them. The bylaws shall be consistent with this chapter and other laws that apply to the bank.
AS 44.81.060 Membership stock. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.061 Indemnification of directors, officers, and employees.
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The bank may indemnify directors, officers, and employees, or may purchase and maintain insurance on behalf of directors, officers, and employees. The indemnification and the insurance purchase and maintenance shall comply with AS 10.06.490.
AS 44.81.070 President; officers and employees. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.080 Exempt status. [Repealed, § 10 ch 109 SLA 1981.]
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[Repealed or reserved.]
AS 44.81.090 Secs. 44.81.090 , 44.81.100. Term of office and removal; quorum. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.101 Pledge of the state.
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(a) The state pledges to and agrees with any lender to the bank that the state will not limit or alter the rights and powers given to the bank by this chapter to fulfill the terms of a contract made by the bank with the lender to the bank, or in any way impair the rights and reme…
AS 44.81.110 Compensation of board members. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.120 Secs. 44.81.120 — 44.81.150. Bonds of the bank; trust indentures and trust agreements; validity of pledges; nonliability on bonds. [Repealed, § 10 ch 109 SLA 1981.]
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[Repealed or reserved.]
AS 44.81.160 Pledge of the state. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.170 Secs. 44.81.170 — 44.81.180. Exemption from taxation; bonds legal investments for fiduciaries. [Repealed, § 10 ch 109 SLA 1981.]
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[Repealed or reserved.]
AS 44.81.190 Conflicts of interest. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.200 Reports and publications.
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The board shall publish an annual report to the bank's members. The report shall be made available to the governor, the legislature, and the public. The report must include financial statements audited by independent outside auditors, a discussion of the bank's circumstances and …
AS 44.81.210 General powers of the bank.
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The bank may (1) adopt, alter, and use a corporate seal; (2) sue and be sued in the name of the bank; (3) appoint officers, employees, trustees for certificate holders, and agents, and establish their powers and duties; (4) provide technical services to members of the bank; in th…
AS 44.81.215 Lending powers of the bank.
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(a) The bank may (1) make loans to individuals, including married couples, who are residents of the state and who are engaged in commercial agriculture or fishing, including harvesters, processors, suppliers, and marketers, if at least one of the primary obligors on the loan is a…
AS 44.81.220 Transition. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.225 Small loans to nonmembers.
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(a) To facilitate the development of commercial fisheries and commercial agriculture in geographic areas in which factors such as geographic considerations, uncertainties of communication, or limited demands do not encourage normal lending activities, the bank may make small loan…
AS 44.81.230 Loans for purchase of Alaska limited entry permits. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.231 Pledge of permits.
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(a) A limited entry permit issued under AS 16.43 may be pledged by the holder as security for a loan authorized under AS 44.81.236 if the certificate for the pledged permit lists the bank as the legal owner of the permit and the pledger as the equitable owner of the permit. (b) A…
AS 44.81.235 Limitations on pledge of permits. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.236 Limitations on the pledge of permits.
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A loan may not be secured by the pledge of a limited entry permit unless the proceeds of the loan are used for (1) the purchase of a permit; (2) the purchase or lease of quota shares, individual fishing quotas, or another license, permit, or other grant of commercial fisheries ha…
AS 44.81.240 Default and foreclosure of certain loans secured by limited entry permits. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.241 Initial notice of default.
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If there is a default on a loan secured by a permit pledged under AS 44.81.231, the bank shall notify the borrowers and guarantors on the loan of the default and of the right to cure the default by sending a notice by certified mail to their last known address or addresses on fil…
AS 44.81.243 Bank remedies after failure to cure.
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If the borrowers and guarantors on a loan secured by a permit pledged under AS 44.81.231 fail to cure a default within the time stated in the notice given under AS 44.81.241, the total indebtedness owing on the loan immediately becomes due and payable to the bank, and the bank sh…
AS 44.81.245 Foreclosure.
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The bank may foreclose on a permit pledge that secures a loan by sending to the equitable owner of the permit pledged and any other borrowers and guarantors on the loan a notice of foreclosure. The notice shall be sent by certified mail to their last known address or addresses on…
AS 44.81.247 Termination of permit interest.
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(a) If a loan is not paid in full within the time specified by the notice provided for the loan under AS 44.81.245, the equitable interest in the permit identified in the notice terminates by operation of law without further notice. The commission shall cancel an entry permit car…
AS 44.81.249 Cancellation, extension, and delivery of notices.
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(a) The bank may cancel a notice provided under AS 44.81.241 or 44.81.245 by delivering a written notice of cancellation to the persons who were given the cancelled notice. The notice shall be given in the same manner as is required for the cancelled notice. (b) The bank may exte…
AS 44.81.250 Transfer of entry permits after foreclosure.
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(a) Upon foreclosure of a pledge of an entry permit under AS 44.81.241 — 44.81.249 or the termination of a debtor's interest in an entry permit under AS 44.81.247(b), the bank shall determine if the permit is subject to a buy-back program under AS 16.43.290 — 16.43.330 and, if it…
AS 44.81.260 Confidentiality of records.
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(a) The records of the bank that are identified with, or identifiable as being derived from the records of, a specific borrower, member of the bank, or applicant for a loan are confidential and may not be disclosed by the bank or by its directors, officers, employees, or agents t…
AS 44.81.270 Audits and examinations of bank.
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(a) The legislative auditor may cause the bank to be audited in the manner and under the conditions established by AS 24.20.271 for audits performed by the legislative audit division. The legislative audit division has free access to all books and papers of the bank that relate t…
AS 44.81.275 Examinations.
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(a) At intervals that are not greater than 36 months, an examiner from the department shall perform an examination of the bank. Each interval shall be determined by the commissioner. During the examination, the examiner shall evaluate the quality of the bank's loan portfolio on a…
AS 44.81.280 Prohibition on disclosure. [Repealed, § 27 ch 34 SLA 1996.]
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[Repealed or reserved.]
AS 44.81.300 Unclaimed distributions, redemptions, or payments.
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The bank may revoke a distribution of net proceeds by the bank or a redemption of or payment based upon an allocation of proceeds or upon capital stock issued by the bank if the distribution, redemption, or payment remains unclaimed six years after the date authorized for payment…
AS 44.81.350 Definitions.
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In this chapter, (1) “bank” means the Alaska Commercial Fishing and Agriculture Bank; (2) “commercial agriculture” includes commercially related activity in connection with producing, harvesting, processing, or marketing an agricultural, maricultural, or horticultural commodity, …