Sec. 10.06.640. Appointment of provisional director upon deadlock.

151 words·~1 min read·/ak/title-10/chapter-6/10-06-640

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)If the ground for the complaint for involuntary dissolution of the corporation is a deadlock in the board as set out in AS 10.06.628 (b)(2), the court may appoint a provisional director.

(b)A provisional director shall be an impartial person, who is neither a shareholder nor a creditor of the corporation, nor related according to the common law by consanguinity or affinity within the third degree to a director of the corporation or to a judge of the court by which the provisional director is appointed. A provisional director has all the rights and powers of a director until the deadlock in the board is broken or until the provisional director is removed by order of the court or by approval of the outstanding shares.

(c)Unless otherwise agreed the compensation of the provisional director shall be fixed by the court.