367 



(k) Distributions among Village Corporation; compu- 

 tation of amount. 



Funds distributed among the Village Corporations 



shall be divided among them according to the ratio 



that the number of shares of stock registered on 



the books of the Regional Corporation in the names 



of residents of each village bears to the number of 



shares of stock registered in the names of residents 



in all villages. 



(0 Distributions to Village Corporations; village 

 plan: withholding funds until submission of plan 

 for use of money; joint ventures and joint 

 financing of projects; disagreements, arbitration 

 of issues as provided in articles of Regional 

 Corporation. 

 Funds distributed to a Village Corporation may 

 be withheld imtil the village has submitted a plan 

 for the use of the money that is satisfactory to the 

 Regional Corporation. The Regional Corporation 

 may require a village plan to provide for joint ven- 

 tures with other villages, and for joint financing of 

 projects undertaken by the Regional Corporation 

 that will benefit the region generally. In the event 

 of disagreement over the provisions of the plan, the 

 issues in disagreement shall be submitted to arbi- 

 tration, as shall be provided for in the articles of 

 incorporation of the Regional Corporation. 



(m) Distributions among Village CorporatioYis in'a 

 region; computation of dividends for nonresi- 

 dents of village; financing regional projects with 

 equitably withheld dividends and Village Cor- 

 poration funds. 

 When funds are distributed among Village Cor- 

 porations in a region, an amount computed as fol- 

 lows shall be distributed as dividends to the class 

 of stockholders who are not residents of those vil- 

 lages: The amount distributed as dividends shall 

 bear the same ratio to the amount distributed among 

 the Village Corporations that the number of shares 

 of stock registered on the books of the Regional 

 Conwration in the names of nonresidents of villages 

 bears to the number of shares of stock registered In 

 the names of village residents: Provided, That an 

 equitable portion of the amount distributed as divi- 

 dends may be withheld and combined with Village 

 Corporation funds to finance projects that will bene- 

 fit the region generally. 



(n) Projects for Village Corporations. 



The Regional Corporation may undertake on be- 

 half of one or more of the Village Corporations in 

 the region any project authorized and financed by 

 them. 



(o) Annual audit; place; availability of papers, 

 things, or property to auditors to facilitate audits; 

 verification of transactions; report to stockhold- 

 ers. Secretary, and Congressional committees. 

 The accounts of the Regional Corporation shall 

 be audited annually in accordance with generally 

 accepted auditing standards by independent certified 

 public accountants or independent licensed public 

 accountants, certified or licensed by a regulatory 

 authority of the State or the United States. The 

 audits shall be conducted at the place or places 

 where the accoimts of the Regional Corporation are 

 normally kept. All books, accounts, financial records, 

 reports, files, and other papers, things, or property 



belonging to or in use by the Regional Corporation 

 and necessary to facilitate the audits shall be avail- 

 able to the person or persons conducting the audits; 

 and full facilities for verifying transactions with the 

 balances or securities held by depositories, fiscal 

 agent, and custodians shall be afforded to such per- 

 son or persons. Each audit report or a fair and rea- 

 sonably detailed summary thereof shall be transmit- 

 ted to each stockholder, to the Secretary of the 

 Interior and to the Committees on Interior and 

 Insular Affairs of the Senate and the House of 

 Representatives. 



(p) Federal-State conflict of laws. 



In the event of any conflict between the provisions 

 of this section and the laws of the State of Alaska, 

 the provisions of this section shall prevail. 



(q) Business management group; investment serv- 

 ices contracts. 



Two or more Regional Corporations may contract 

 with the same business management group for in- 

 vestment services and advice regarding the invest- 

 ment of corporate funds. (Pub. L. 92-203, § 7 Dec 18 

 1971, 85 Stat. 691.) 



§ 1607. Village Corporations. 



(a) Organization of Corporation prerequisite to re- 

 ceipt of patent to lands or benefits under chapter. 



The Native residents of each Native village en- 

 titled to receive lands and benefits under this chap- 

 ter shall organize as a business for profit or non- 

 profit corporation under the laws of the State before 

 the Native village may receive patent to lands or 

 benefits under this chapter, except as otherwise 

 provided. 



(b) Regional Corporation: approval of initial arti- 

 cles; review and approval of amendments to 

 articles and annual budgets; assistance in prep- 

 aration of articles and other documents. 



The initial articles of incorporation for each Vil- 

 lage Corporation shall be subject to the approval of 

 the Regional Corporation for the region in which 

 the village is located. Amendments to the articles 

 of incorporation and the annual budgets of the Vil- 

 lage Corporations shall, for a period of five years, 

 be subject to review and approval by the Regional 

 Corporation. The Regional Corporation shall assist 

 and advise Native villages.*in the preparation of 

 articles of incorporation and other documents neces- 

 sary to meet the requirements of this subsection. 



(c) Regional Corporation stock alienation, annual 

 audit, and transfer of stock ownership on death 

 or by court decree: provisions applicable to Vil- 

 lage Corporations; permissive transmittal of 

 audits to congressional committees. 



The provisions concerning stock alienation, an- 

 nual audit, and transfer of stock ownership on death 

 or by court decree provided for Regional Corpora- 

 tions in section 1606 of this title shall apply to Vil- 

 lage Corporations except that audits need not be 

 transmitted to the Committees on Interior and In- 

 sular Affairs of the Senate and the House of Repre- 

 sentatives. (Pub. L. 92-203, 5 8, Dec. 18, 1971, 85 Stat. 

 694.) 



§ 1608. Revenue sharing, 

 (a) Minerals within section. 



The provisions of this section shall apply to all 



