# Alaska Stat. § 14.40.040: General powers and duties of the university > Alaska · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.040 ## Section - **Citation:** Alaska Stat. § 14.40.040 - **Heading:** General powers and duties of the university - **Jurisdiction:** Alaska - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** AK Code / Title 14 / Chapter 14.40 / Section 14.40.040 ## Text (a) There is created and established a corporation to be called the University of Alaska. It may in that name (1) sue and be sued; (2) receive and hold real and personal property; (3) contract and be contracted with; a contract entered into by the University of Alaska for the (A) rent or lease of premises for use and occupancy by the University of Alaska is subject to AS 36.30.080 (c); however, notwithstanding the limitation imposed by AS 36.30.080 (c)(2), the Board of Regents of the University of Alaska (i) may enter into a lease with a term described in (ii) of this subparagraph if the rent under the lease will be paid solely from a grant or contract made by the federal government or an agency of the federal government, and the grant or contract contains a firm commitment of not more than two years, or if the rent payable under the lease will be paid solely from university receipts as that term is defined in AS 14.40.491 ; and (ii) when authorized by (i) of this subparagraph, may enter into a lease with an initial term equal to the period of the firm commitment of the grant or contract, or with an initial term not to exceed two years when the rent is payable from university receipts; the lease may contain one or more optional renewal periods, but the total of all optional renewal periods may not exceed an additional five years; (B) acquisition of property by a lease-purchase or lease-financing agreement for the benefit of the University of Alaska is subject to AS 36.30.085 ; (4) adopt, use, and alter a corporate seal; (5) borrow money, issue debt, or enter into long-term obligations for the purchase of facilities, goods, or services; the obligations may secure, in whole or in part, debt issued by another party; (6) do and have done all matters necessary for the purpose of any function set out in this chapter. (b) The Board of Regents of the University of Alaska shall provide scholarship information to school districts as required by AS 14.43.930 (a). ## Nearby sections - [Alaska Stat. § 14.40.010 University of Alaska.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.010.md) - [Alaska Stat. § 14.40.020 Site of university.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.020.md) - [Alaska Stat. § 14.40.030 Transfer of powers, duties, and obligations of Agricultural College and School of Mines under Acts of Congress.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.030.md) - [Alaska Stat. § 14.40.040 General powers and duties of the university.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.040.md) - [Alaska Stat. § 14.40.043 University of Alaska office of public safety.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.043.md) - [Alaska Stat. § 14.40.045 Religious or partisan instruction, tests, and appointments.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.045.md) - [Alaska Stat. § 14.40.050 Discrimination because of sex, color, or nationality prohibited.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.050.md) - [Alaska Stat. § 14.40.055 Educational expansion program.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.055.md) - [Alaska Stat. § 14.40.057 Extension of compliance acts.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.057.md) - [Alaska Stat. § 14.40.060 University curriculum.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.060.md) - [Alaska Stat. § 14.40.065 Student practicums immunity.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.065.md) - [Alaska Stat. § 14.40.070 Collection of fossil remains authorized.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.070.md) - [Alaska Stat. § 14.40.075 Alaska Earthquake and Volcanic Hazards Assessment Project; state seismologist.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.075.md) - [Alaska Stat. § 14.40.080 Establishment of Institute of Marine Sciences.](https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.080.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AK_T14_C14.40_S14.40.040. Check the current official text before relying on it. Not legal advice.