Alaska § 14.40.458 - University corporate interests.
Full text of Alaska Alaska Statutes § 14.40.458 — University corporate interests., with citation guidance and answers to common questions.
§ 14.40.458. University corporate interests.
(a) The university may purchase an interest in a corporation if the Board of Regents of the University of Alaska authorizes the purchase and the purchase advances a public purpose of the university.
(b) If the university purchases an interest in a corporation, the corporation is not considered to be a part of the university for any purpose, except to the extent that both the Board of Regents of the University of Alaska and the corporation's articles of incorporation state otherwise.
(c) Notwithstanding AS 09.50.250 and any other law, the University of Alaska is not liable for the obligations of a corporation that the University of Alaska has purchased an interest in under (a) of this section, (1) except to the extent that the president of the university signs a written agreement on behalf of the university that expressly states that the university is liable for the obligations of the corporation and the obligations for which the university is liable are identified in the written agreement; or
(2) unless the university has engaged in fraudulent or other wrongful conduct relating to an obligation of the corporation or to the assets of the corporation that may be used to pay the obligation.
(d) In this section, (1) “corporation” means a for-profit corporation, a nonprofit corporation, or a limited liability company, whether or not the corporation or company is organized in this state;
(2) “interest” means a membership, or a share or other ownership interest;
(3) “nonprofit corporation” means a corporation that qualifies for exemption from taxation under 26 U.S.C. 501(c) (Internal Revenue Code);
(4) “university” means the University of Alaska.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 14.40.458
What does Alaska Statutes § 14.40.458 cover?
Section 14.40.458 ("University corporate interests.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 14.40.458?
A common citation format is "Alaska Statutes § 14.40.458" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 14.40.458 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.