Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 1 - Banking, Securities, Small Loans and Corporations
Chapter 08 - Securities
Article 2 - Registration and Notice of Securities
3 AAC 08.210 - Unequal voting rights of stock
Universal Citation: 3 AK Admin Code 08.210
Current through February 24, 2025
(a) If stock, including preferred or common stock, has less-than-equal voting rights compared to another of the issuer's authorized or outstanding stock, including preferred or common stock, the administrator will, in the administrator's discretion, determine that the offer or sale of that stock does not protect investors and is not in the public interest, unless
(1) the
securities are given preferential treatment as to dividends and liquidation, or
the less-than-equal voting rights are justified by the issuer to the
administrator's satisfaction; and
(2) the terms of the voting rights are
prominently disclosed on the cover page of the issuer's circular or
prospectus.
(b) In this section, "less-than-equal voting rights" means unequal voting rights
(1) in proportion to the number of shares of
each class of stock outstanding; and
(2) on any matter, including the election of
members to the board of directors of the issuer.
Authority:AS 45.55.120
AS 45.55.950
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