{"data":{"id":"us-ak/as-10.15.510","jurisdiction":"us-ak","citation":"AS 10.15.510","heading":"Jurisdiction of court to liquidate assets and business of cooperative.","body":"In addition to any other instances in which the law provides the power, a court may liquidate the assets and business of a cooperative\n(1) in an action by a member or shareholder when it is established that the members are deadlocked in voting power, and have failed, for a period which includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have expired or would have expired upon the election of their successors; or the corporate assets are being misapplied or wasted;\n(2) in an action by a creditor when the claim of the creditor has been reduced to judgment and an execution has been returned unsatisfied and it is established that the cooperative is insolvent; or when the cooperative has admitted in writing that the claim of the creditor is due and owing and it is established that the cooperative is insolvent;\n(3) upon application by a cooperative which has filed a statement of intent to dissolve as provided in this chapter to have its liquidation continued under the supervision of the court;\n(4) when an action has been filed by the attorney general to dissolve a cooperative and it is established that liquidation of its business and affairs should precede the entry of a decree of dissolution.","path":["Title 10. Corporations and Associations.","Chapter 15. Alaska Cooperative Corporation Act.","Article 5. Dissolution."],"source_url":"https://www.akleg.gov/basis/statutes.asp#10.15.510","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:39Z","sha256":"62b0b26c811b7902ba265f1e3487732c5ab954282e3fb3299ac88912b27f2379","source_id":"us-ak","stale":false,"prev":"us-ak/as-10.15.505","next":"us-ak/as-10.15.515"},"notice":"GroundRules: Original legal text. Not legal advice."}