366 



Alaska elect, pursuant to section 1604(c) of this 

 title, to be enrolled in a thirteenth region for Natives 

 who are non-residents of Alaska, the Secretary shall 

 establish such a region for the benefit of the Natives 

 who elected to be enrolled therein, and they may 

 establish a Regional Corporation pursuant to this 

 chapter. 



(d) Incorporation; business for profits; eligibility for 

 benefits; provisions in articles for. carrying out 

 chapter. 



Five incorporators within each region, named by 

 the Native association in the region, shall incorpo- 

 rate under the laws of Alaska a Regional Corpora- 

 tion to conduct business for profit, which shall be 

 eligible for the benefits of this chapter so long as it 

 is organized and functions in accordance with this 

 chapter. The articles of incorporation shall include 

 provisions necessary to carry out the terms of this 

 chapter. 



(e) Original articles and bylaws; approval by Secre- 

 tary prior to filing, submission for approval; 

 amendments to articles; approval by Secretary; 

 withholding approval in event of creation of 

 inequities among Native individuals or groups. 



The original articles of incorporation and bylaws 

 shall be approved by the Secretary before they are 

 filed, and they shall be submitted for approval within 

 eighteen months after December 18, 1971. The arti- 

 cles of incorporation may not be amended during 

 the Regional Corporation's first five years without 

 the approval of the Secretary. The Secretary may 

 withhold approval under this section if in his judg- 

 ment inequities among Native individuals or groups 

 of Native individuals would be created. 



(f) Board of directors; management; stockholders; 

 provisions in articles or bylaws for number, term, 

 and method of election. 



The management of the Regional Corporation 

 shall be vested in a board of directors, all of whom, 

 with the exception of the initial board, shall be stock- 

 holders over the age of eighteen. The number, terms, 

 and method of election of members of the board of 

 directors shall be fixed in the articles of incorpora- 

 tion or bylaws of the Regional Corporation. 



(g) Stock; issuance; provision in articles for divi- 

 sion into classes and issuance of one hundred 

 shares to Native regional enrollees. 



The Regional Corporation shall be authorized to 

 Issue such niunber of shares of common stock, 

 divided into such classes of shares as may be spec- 

 ified in the articles of incorporation to reflect the 

 provisions of this chapter, as may be needed to issue 

 one hundred shares of stock to each Native enrolled 

 in the region pursuant to section 1604 of this title. 



(h) Stockholders' rights; alienation restriction: pe- 

 riod; exception, certain stock transfers pursuant 

 to court decree; stock transfer: voting rights, 

 escheat; stock, reissuance without restrictions 

 after prescribed period. 

 (1) Except as otherwise provided in paragraph 

 (2) of this subsection, stock issued pursuant to sub- 

 section (g) of this section shall carry a right to 

 vote in elections for the board of directors and on 

 such other questions as properly may be presented 

 to stockholders, shall permit the holder to receive 

 dividends or other distributions from the Regional 

 Corporation, and shall vest In the holder all rights of 



a stockholder in a business corporation organized 

 under the laws of the State of Alaska, except that 

 for a period of twenty years after December 18, 

 1971, the stock, inchoate rights thereto, and any 

 dividends paid or distributions made with respect 

 thereto may not be sold, pledged, subjected to a lien 

 or judgment execution, assigned in present or future, 

 or otherwise alienated: Provided, That such limita- 

 tion shall not apply to transfers of stock pursuant 

 to a court decree of separation, divorce or child 

 support. 



(2) Upon the death of any stockholder, owner- 

 ship of such stock shall be transferred in accordance 

 with his last will and testament or imder the appli- 

 cable laws of intestacy, except that (A) during the 

 twenty-year period after December 18, 1971, such 

 stock shall carry voting rights only if the holder 

 thereof through inheritance also is a Native, and 

 (B), in the event the deceased stockholder fails to 

 dispose of his stock by will and has no heirs under 

 the applicable laws of intestacy, such stock shall 

 escheat to the Regional Corporation. 



(3) On January 1 of the twenty-first year after 

 the year in which this chapter is enacted, all stock 

 previously issued shall be deemed to be canceled, and 

 shares of stock of the appropriate class shall be 

 issued without restrictions required by this chapter 

 to each stockholder share for share. 



(i) Certain natural resource revenues; distribution 

 among twelve Regional Corporations; computa- 

 tion of amount; subsection inapplicable to thir- 

 teenth Regional Corporation. 



Seventy per centum of all revenues received by 

 each Regional Corporation from the timber re- 

 sources and subsurface estate patented to it pur- 

 suant to this chapter shall be divided annually by 

 the Regional Corporation among all twelve Regional 

 Corporations organized pursuant to this section ac- 

 cording to the number of Natives enrolled in each 

 region pursuant to section 1604 of this title. The 

 provisions of this subsection shall not apply to the 

 thirteenth Regional Corporation if organized pur- 

 suant to subsection (c) hereof. 



(j) Corporate funds and other net income, distribu- 

 tion among: stockholders of Regional Corpora- 

 tions; Village Corporations and nonresident 

 stockholders; and stockholders of thirteenth 

 Regional Corporation. 

 During the five years following December 18, 1971, 

 not less than 10% of all corporate funds received by 

 each of the twelve Regional Corporations under 

 section 1605 of this title (Alaska Native Fund), and 

 under subsection (i) of this section (revenues from 

 the timber resources and subsurface estate patented 

 to it pursuant to this chaprter) , and all other net 

 income, shall be distributed among the stockholders 

 of the twelve Regional Corporations. Not less than 

 45 % of funds from such sources during the first five- 

 year period, and 50% thereafter, shall be distributed 

 among the Village Corp>orations in the region and 

 the class of stockholders who are not residents of 

 those villages, as provided in subsection' to it. In 

 the case of the thirteenth Regional Corporation, if 

 organized, not less than 50% of all corporate funds 

 received under section 1605 of this title shall be dis- 

 tributed to the stockholders. 



> So In original. 



