Sec. 04.11.050. Reports required of corporations.

197 words·~1 min read·/ak/title-4/chapter-11/04-11-050

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

(a)A corporation issued a license under this title shall report to the board when 10 percent or more of its corporate stock is transferred and shall also report any change in its corporate officers or in the membership of its board of directors.

(b)The report to the board shall be made in writing in duplicate and shall be sent within 10 days after the transfer of the stock or the change in officers or directors.

(c)This section does not apply to a corporation whose stock is listed on a stock exchange, a corporation that is required by law to file periodic reports with the United States Securities Exchange Commission, or to a bank, trust company, financial institution, or title company to which a license is issued in a fiduciary capacity.

(d)A corporation that fails to report as required under

(a)of this section, other than a corporation described in

(c)of this section, commits the offense of failure to report a stock transfer or change of officers or board members.

(e)Failure to report a stock transfer or change of officers or board members is a violation.