{"data":{"id":"us-ak/as-10.06.485","jurisdiction":"us-ak","citation":"AS 10.06.485","heading":"Loans to directors, officers, and employees.","body":"(a) A loan may not be extended to an officer or employee without authorization by the board. A loan may not be extended to a director without the approval of two-thirds of the voting shares. An employee or officer who is also a director is considered a director for purposes of this section. A shareholder is not disqualified from voting on a loan to a shareholder as a director because of personal interest.\n(b) A loan to a director, officer, or employee and a loan secured by the shares of the corporation may not be made unless the loan would be permissible as a distribution under AS 10.06.358 — 10.06.365. A loan under this subsection impairs the retained earnings or paid-in capital accounts to the extent of the loan.\n(c) For purposes of this section, a loan may consist of cash, securities, or personal or real property.\n(d) If a corporation acts as a guarantor on a loan to a director, officer, or employee, the guarantee is treated as a loan under this section.\n(e) A director, officer, or employee of an affiliate corporation is a director, officer, or employee of the lending corporation for purposes of this section.\n(f) A loan is to be judged by the duties of directors and officers to act in good faith in a manner reasonably believed to be in the best interests of the corporation and with the care, including reasonable inquiry, that an ordinarily prudent person in a like position would use under similar circumstances.","path":["Title 10. Corporations and Associations.","Chapter 06. Alaska Corporations Code.","Article 6. Directors, Officers, Employees, and Agents."],"source_url":"https://www.akleg.gov/basis/statutes.asp#10.06.485","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:39Z","sha256":"4ee4c809ab04cc7d571a723615c922d506705d71a993a80a0ca1b9adb50fdcad","source_id":"us-ak","stale":false,"prev":"us-ak/as-10.06.483","next":"us-ak/as-10.06.490"},"notice":"GroundRules: Original legal text. Not legal advice."}