SB 101 Summary

• Adopts the Alaska Entity Transactions Act creating new Chapter 10.55, enabling corporations, partnerships, limited liability companies, business trusts, and other organizations to undergo mergers, interest exchanges, conversions, and domestications.

• Establishes procedures and requirements for four types of entity transactions: mergers (combining entities into one surviving entity), interest exchanges (acquiring all interests of one class), conversions (changing entity type), and domestications (relocating jurisdiction of organization).

• Provides rules for approval processes, dissenters' rights, filing requirements, and the legal effects of transactions, including liability protections and continuity of entity status.

• Excludes certain entities from participating: financial institutions, insurers, BIDCOs, cooperatives, public corporations, and municipalities.

• Takes effect July 1, 2013, and does not affect actions or proceedings begun before that date.