HB 217: "An Act relating to Native corporation dividends and other distributions due to minors in state custody."

00HOUSE BILL NO. 217 01 "An Act relating to Native corporation dividends and other distributions due to 02 minors in state custody." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 10.06 is amended by adding a new section to read: 05  Sec. 10.06.961. DISTRIBUTIONS BY NATIVE CORPORATIONS TO 06 MINORS IN STATE CUSTODY. (a) Notwithstanding AS 13.46.085 or the 07 appointment of a guardian of the property of the minor under AS 47.10.010(c), when 08 a minor in the custody of the state under AS 47.10.010(a)(2) becomes entitled to 09 receive dividends or other distributions resulting from the ownership of stock or a 10 membership in a corporation organized under this chapter and under 43 U.S.C. 1601 -1641 (Alaska Native Claims 11 Settlement Act), the corporation paying the dividends or 12 making the other distributions shall retain the dividends and other distributions in an 13 interest bearing account for the benefit of the minor during the state custody. 14  (b) The corporation may not spend, obligate, or otherwise use the property

01 held in an account established under (a) of this section unless the use is approved by 02 a court. 03  (c) Upon presentation of proof of entitlement by the person entitled to 04 distribution, the corporation shall distribute the property remaining in an account 05 established under (a) of this section to the 06  (1) minor when the minor reaches the age of 18 years, whether or not 07 the minor is still in the state custody; 08  (2) legal guardian of the minor, when the state custody terminates while 09 the minor is less than 18 years of age; 10  (3) minor's heirs if the minor dies before the distribution. 11  (d) The retention and distribution of dividends and distributions under this 12 section is not subject to AS 13.46. 13  (e) In this section, "minor" means a person under 18 years of age. 14 * Sec. 2. This Act does not apply to a dividend paid, or a distribution made, by a 15 corporation before the effective date of this Act.