{"data":{"id":"us-ak/as-10.55.403","jurisdiction":"us-ak","citation":"AS 10.55.403","heading":"Approval of conversion.","body":"(a) A plan of conversion is not effective unless it has been approved\n(1) by a domestic converting entity\n(A) in accordance with the requirements, if any, in the converted entity's organic rules for approval of a conversion;\n(B) if the converted entity's organic rules do not provide for approval of a conversion, in accordance with the requirements, if any, in the converted entity's organic law and organic rules for approval of,\n(i) in the case of an entity that is not a business corporation, a merger, as if the conversion were a merger; or\n(ii) in the case of a business corporation, a merger requiring approval by a vote of the interest holders of the business corporation, as if the conversion were that type of merger; or\n(C) if neither its organic law nor organic rules provide for approval of a conversion or a merger described in (B)(ii) of this paragraph, by all of the interest holders of the entity entitled to vote on or consent to any matter; and\n(2) in a record, by each interest holder of a domestic converting entity that will have interest-holder liability for liabilities that arise after the conversion becomes effective, unless, in the case of an entity that is not a business or nonprofit corporation,\n(A) the organic rules of the entity provide in a record for the approval of a conversion or a merger in which some or all of the entity's interest holders become subject to interest-holder liability by the vote or consent of fewer than all of the interest holders; and\n(B) the interest holder voted for or consented in a record to that provision of the organic rules or became an interest holder after the adoption of that provision.\n(b) A conversion of a foreign converting entity is not effective unless it is approved by the foreign entity in accordance with the law of the foreign entity's jurisdiction of organization.","path":["Title 10. Corporations and Associations.","Chapter 55. Alaska Entity Transactions Act.","Article 4. Conversion."],"source_url":"https://www.akleg.gov/basis/statutes.asp#10.55.403","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:39Z","sha256":"85a8088f6a93af2f62e3c995203d841bfd03b76e97e0053c9ab85afff9b36a2d","source_id":"us-ak","stale":false,"prev":"us-ak/as-10.55.402","next":"us-ak/as-10.55.404"},"notice":"GroundRules: Original legal text. Not legal advice."}