reglab/housing_qa huggingface dataset:
AK Stat § 10.13.070 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 1. Purposes and License.|Sec. 10.13.070. Denial of application.

If the department denies a license the department shall provide the applicant with a written statement explaining the reasons for the denial.
AK Stat § 10.13.080 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 1. Purposes and License.|Sec. 10.13.080. Display of license.

A licensee shall post the license in a conspicuous place in the licensee's principal office.
AK Stat § 10.13.090 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 1. Purposes and License.|Sec. 10.13.090. Transfer or assignment of license prohibited.

A licensee may not transfer or assign its license.
AK Stat § 10.13.100 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 1. Purposes and License.|Sec. 10.13.100. Surrender of license.

(a) Upon approval by a two-thirds vote of its board of directors and after complying with (b) and (c) of this section, a licensee may apply to the department to have the department accept the surrender of the licensee's license. If the department determines that the requirements of this section have been satisfied, the department shall approve the application unless the department determines that the purpose of the application is to evade a current or prospective action by the department under AS 10.13.700 - 10.13.830. (b) Not less than 60 days before filing an application under (a) of this section, a licensee shall notify all of its shareholders and creditors of its intention to file the application. Each creditor shall be notified of the right to comment to the department. Each shareholder shall be notified of the right to file with the licensee an objection to the proposed surrender of the license within the 60-day period and shall be advised that, if the shareholder files an objection, the shareholder may also send a copy of the objection to the department. (c) If shareholders representing 20 percent of the outstanding voting securities of the licensee file an objection with the licensee, the licensee may not proceed with the application unless the application is approved by a vote of shareholders representing two-thirds of the outstanding voting securities of the licensee.
AK Stat § 10.13.120 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 2. Corporate Matters.|Sec. 10.13.120. Corporate name and representation of status.

(a) The corporate name of a licensee must include the word “BIDCO” or “Bidco” and must be distinguishable on the records of the department from the name of any other organized entity and from a reserved or registered name. A licensee may not transact business under a name other than its corporate name. In this subsection, “organized entity” and “reserved or registered name” have the meanings given in AS 10.35.040. (b) Before being issued a license, a corporation that proposes to apply for a license or that applies for a license may perform, under a name that indicates that the corporation is a corporation licensed under this chapter, the acts necessary to apply for and obtain a license and otherwise prepare to begin business as a licensee. The corporation may not represent that it is a licensee until after the license has been obtained.
AK Stat § 10.13.130 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 2. Corporate Matters.|Sec. 10.13.130. Board of directors.

(a) The board of directors of a licensee must have at least seven directors. (b) The board of directors shall hold at least one meeting each calendar quarter.
AK Stat § 10.13.140 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 2. Corporate Matters.|Sec. 10.13.140. Notice of officer and director changes.

Within 30 days of each of the following events, the licensee shall notify the department in writing of the event and provide any additional information that the department requires: (1) the death, resignation, or removal of a director or officer; (2) the election of a director; or (3) the appointment of an officer.
AK Stat § 10.13.150 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 2. Corporate Matters.|Sec. 10.13.150. Dividends.

(a) A licensee may not pay or obligate itself to pay a cash dividend or dividend in kind to the licensee's shareholders unless the payment is consistent with a dividend policy that has been adopted by the licensee and approved by the department. (b) When approving dividend policies under this section, the department shall consider the special characteristics of BIDCOs and the diverse range of dividend policies that are potentially appropriate for a BIDCO, without allowing the licensee to engage in unsafe or unsound acts that could threaten the viability of the licensee as an ongoing BIDCO by eroding its capital base. (c) The department may at any time withdraw a previous approval of a dividend policy if the department determines that the withdrawal is necessary to prevent unsafe or unsound acts.
AK Stat § 10.13.160 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 2. Corporate Matters.|Sec. 10.13.160. Share buy-back.

A licensee may not buy back or obligate itself to buy back a share of equity interest from a shareholder without the prior approval of the department.
AK Stat § 10.13.170 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.170. Offices.

(a) A licensee shall maintain at least one office in this state. (b) A licensee may not maintain an office outside this state. (c) The location of each office of a licensee must be reasonably accessible to the public. (d) A licensee shall post in a conspicuous place at each of the licensee's offices a sign that bears the corporate name of the licensee. (e) If a licensee establishes, relocates, or closes an office, the licensee shall give the department written notice within 30 days of the event.
AK Stat § 10.13.180 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.180. Business of licensee.

A licensee may not engage in a business other than providing financing assistance and management assistance to businesses.
AK Stat § 10.13.190 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.190. General powers.

In addition to the other powers given by this chapter and the powers conferred on the licensee by the laws under which it is incorporated that are not inconsistent with this chapter, a licensee may (1) borrow money and otherwise incur indebtedness for the licensee's purposes, including the issuing of corporate bonds, debentures, notes, and other evidence of indebtedness; a licensee's indebtedness may be secured or unsecured, and may involve equity features, including provisions for conversion to stock and warrants to purchase stock; (2) make contracts; (3) incur and pay necessary and incidental operating expenses; (4) purchase, receive, hold, lease, acquire, sell, convey, mortgage, pledge, or otherwise acquire or dispose of real or personal property, and the rights and privileges that are incidental and appurtenant to the transactions, if the real or personal property is for the licensee's use in operating the licensee's business or if the real or personal property is acquired by the licensee from time to time in satisfaction of debts or the enforcement of obligations; (5) make donations for charitable, educational, research, or similar purposes; (6) provide financing assistance and management assistance to businesses and establish the terms and conditions of the assistance; (7) implement a reasonable and prudent policy for conserving and investing the licensee's money before the money is used to provide financing assistance to businesses or to pay the expenses of the licensee; (8) exercise the incidental powers that are necessary, convenient, or reasonably related to providing financing assistance and management assistance to businesses.
AK Stat § 10.13.200 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.200. Financing assistance form, terms, and conditions.

A licensee may determine the form, terms, and conditions for the financing assistance that it will provide.
AK Stat § 10.13.210 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.210. Financing assistance allowed.

The financing assistance that a licensee may provide includes (1) loans; (2) purchase of debt instruments; (3) straight equity investments including the purchase of common stock or preferred stock; (4) debt with equity features including warrants to purchase stock, convertible debentures, or receipt of a percent of net income or sales; (5) royalty-based financing; (6) debt guarantees; (7) property leasing.
AK Stat § 10.13.220 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.220. Participation in governmental programs.

(a) A licensee may participate in a federal, state, or local government program for which the licensee is eligible and that has as the program's function the provision or facilitation of financing assistance or management assistance to businesses. (b) If a licensee participates in a program referred to in (a) of this section, the licensee shall comply with the requirements of the program.
AK Stat § 10.13.230 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.230. Scope of management assistance.

When providing management assistance, a licensee may provide management advice, management services, technical advice, and technical services.
AK Stat § 10.13.240 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.240. Limitation to purposes of business.

Financing assistance and management assistance provided by a licensee to a business may only be for the business purposes of the business.
AK Stat § 10.13.250 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.250. Holding control of another business generally.

A licensee may not hold control of another business, except as provided under AS 10.13.260 - 10.13.280. In this section, “licensee” includes the licensee in concert with a director, officer, controlling person, or affiliate of the licensee.
AK Stat § 10.13.260 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.260. Control of assisted business.

(a) A licensee that has provided financing assistance to a business may acquire and hold control of the business to the extent it becomes necessary to protect the licensee's interest as a creditor of, or investor in, the business. (b) Unless the department approves a longer period, a licensee holding control of a business under this section shall divest itself of the control as soon as practicable, or within five years after acquiring the interest, whichever is sooner. (c) Within 30 days after a licensee exercises its authority to acquire and hold control of a business under this section, the licensee shall notify the department of the action. The notification must include the reasons why it is necessary for the licensee to acquire and hold control of the business and the length of time the licensee anticipates that it may be necessary to hold control of the business.
AK Stat § 10.13.270 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.270. Control of business providing financing assistance and management assistance.

With the approval of the department, a licensee may acquire and hold control of another business that is engaged only in the business of providing financing assistance and management assistance to businesses.
AK Stat § 10.13.280 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.280. Department approval to hold control of other businesses.

(a) With the approval of the department, a licensee may acquire and hold control of a business not otherwise allowed under AS 10.13.250 - 10.13.270. (b) The department may not approve an application under (a) of this section unless the department determines that (1) the acquisition and control will not cause the amount of the licensee's investments in businesses covered by this section to exceed 15 percent of the assets of the licensee; and (2) in the department's judgment the approval will promote the purposes of this chapter. (c) An approval under (a) of this section may not be for a period of more than three years, unless the department determines that a longer period is necessary and consistent with the purposes of this chapter.
AK Stat § 10.13.285 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.285. “Hold control” defined.

In AS 10.13.250 - 10.13.280, “hold control” means to directly or indirectly own, of record or beneficially, 50 percent or more of a business's outstanding voting equity interests.
AK Stat § 10.13.290 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.290. Business practice standards and reserves.

(a) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (b) In determining whether a licensee is transacting business in a safe and sound manner, the department may not consider the risk of providing financing assistance to a business, unless the department determines that the risk is great enough to demonstrate gross mismanagement when compared with the return that can be realistically expected. (c) Notwithstanding the other provisions of this section, the department may (1) if the amount of the financing assistance is unduly large in relation to the total assets or the total shareholder equity of the licensee, determine that a licensee's financing assistance to a single business or group of affiliated businesses violates (a) of this section or constitutes an unsafe or unsound act; (2) require that a licensee maintain a reserve in the amount of anticipated losses; (3) require that a licensee have in effect a written financing assistance policy approved by the licensee's board of directors, including credit evaluation and other matters; the department may not require that a licensee adopt a financing assistance policy that contains standards that prevent the licensee from exercising needed flexibility in evaluating and structuring financing assistance to businesses on an individual basis.
AK Stat § 10.13.300 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.300. Disclosure of potential conflict of interest.

A person shall disclose a potential conflict of interest that occurs in a transaction in the financing documents of the transaction or, if the transaction does not involve financing assistance, in another appropriate document, if the person (1) participates in a decision of a licensee relating to the transaction; and (2) knows of a potential conflict of interest involving the transaction.
AK Stat § 10.13.310 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.310. Terms and conditions where potential conflict of interest is involved.

If a licensee provides financing assistance to a business or engages in another business transaction, and if the assistance or transaction involves a potential conflict of interest, the terms and conditions under which the licensee provides the assistance or engages in the transaction may not be less favorable to the licensee than the terms and conditions that would be required by the licensee in the ordinary course of business if the assistance or transaction did not involve a potential conflict of interest.
AK Stat § 10.13.320 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 3. Transaction of Business.|Sec. 10.13.320. Examples of potential conflicts of interest.

(a) In AS 10.13.300 - 10.13.310, licensee transactions that involve a potential conflict of interest include (1) providing financing assistance to a principal shareholder of the licensee, to a person controlled by a principal shareholder of the licensee, or to a director, officer, partner, relative, controlling person, or affiliate of a principal shareholder of the licensee; (2) providing financing assistance to a business to which one or more of the following provides or plans to provide contemporaneous financing assistance: (A) a principal shareholder of the licensee; (B) a director, officer, partner, relative, controlling person, or affiliate of a principal shareholder of a licensee; (C) an affiliate of a principal shareholder of a licensee; or (D) a person controlled by a principal shareholder of the licensee; (3) providing financing assistance to a business that has or is expected to have a substantial business relationship with another business that has a director, officer, or controlling person who is also (A) a director, officer, or controlling person of the licensee; or (B) the spouse of a director, officer, or controlling person of the licensee; (4) providing financing assistance to a business if the business, or a director, officer, or controlling person of the business contemporaneously has lent or will lend money to an associate of the licensee; (5) providing financing assistance for the purchase of property of an associate or principal shareholder of the licensee; (6) selling or otherwise transferring an asset of the licensee to an associate or principal shareholder of the licensee. (b) In this section, “relative” means a parent, child, sibling, spouse, grandparent, grandchild, nephew, niece, aunt, or uncle, or a relative of the same degree through marriage.
AK Stat § 10.13.400 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.|Sec. 10.13.400. Acquiring control of a licensee.

A person may not acquire control of a licensee without the prior approval of the department.
AK Stat § 10.13.410 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.|Sec. 10.13.410. Application to acquire control.

(a) The department shall approve an application to acquire control of a licensee under AS 10.13.400 if the department determines that (1) the applicant and the directors and officers of the applicant are of good character and sound financial standing; (2) it is reasonable to believe that the applicant will comply with this chapter; and (3) the plans, if any, of the applicant to make a major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee. (b) If, after notice and a hearing, the department determines that the criteria for approval in (a) of this section have not been satisfied, the department shall deny the application.
AK Stat § 10.13.420 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.|Sec. 10.13.420. Determinations.

(a) When the department is reviewing an application under AS 10.13.410, the department may determine that an (1) applicant or a director or officer of an applicant is not of good character if the person has been convicted of a crime involving fraud or dishonesty, including a conviction based on a guilty plea or plea of nolo contendere; (2) applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee if the plan provides for a person to become a director or officer of the licensee and the person has been convicted of a crime involving fraud or dishonesty, including a conviction based on a guilty plea or plea of nolo contendere. (b) The conditions described in (a) of this section are not the only conditions upon which the department may determine that an applicant or a director or an officer of an applicant is not of good character or that an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee.
AK Stat § 10.13.430 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.|Sec. 10.13.430. Merger.

A licensee may not merge with another corporation unless the merger is approved by the department, and, if the licensee is not the surviving corporation, the surviving corporation is a licensee.
AK Stat § 10.13.440 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.|Sec. 10.13.440. Purchase.

A licensee may not purchase all or substantially all of the business of another person unless the purchase is approved by the department.
AK Stat § 10.13.450 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.|Sec. 10.13.450. Sale.

A licensee may not sell all or substantially all of the licensee's business or of the business of an office of the licensee to another person unless the purchaser is a licensee and the sale is approved by the department.
AK Stat § 10.13.460 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 4. Acquisitions of Control, Mergers, Purchases, and Sales.|Sec. 10.13.460. Department approval.

The department may not approve a merger, purchase, or sale under AS 10.13.430 - 10.13.450 unless the department determines that (1) the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee; (2) upon consummation of the merger, purchase, or sale, it is reasonable to believe that the acquiring licensee will comply with this chapter; (3) the merger, purchase, or sale will not have a major detrimental effect on competition in the providing of financial assistance or management assistance to businesses, or, if there will be a detrimental effect, the merger, purchase, or sale is necessary in the interests of the safety and soundness of a party to the merger, purchase, or sale, or is otherwise, on balance, in the public interest.
AK Stat § 10.13.470 (2021)
2021 Alaska Statutes|Title 10. Corporations and Associations|Chapter 13. Alaska BIDCO Act|Article 5. Regulation, Fees, Records, Reports, and Examinations.|Sec. 10.13.470. Administration.

The department shall administer this chapter. The department may issue orders and may adopt regulations that, in the opinion of the department, are necessary to execute, enforce, and achieve the purposes of this chapter. Adoption of regulations under this chapter is subject to AS 44.62 (Administrative Procedure Act).