CSHB 217(JUD): "An Act relating to Native corporation dividends and other distributions due to minors in the custody of a state."

00CS FOR HOUSE BILL NO. 217(JUD) 01 "An Act relating to Native corporation dividends and other distributions due to 02 minors in the custody of a state." 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 THE CUSTODY OF A STATE. (a) Notwithstanding AS 13.46.085 or 07 the appointment of a guardian of the property of the minor under AS 47.10.010(c), 08 when a minor who is in the custody of this state under AS 47.10.010(a)(2) or of 09 another state under a provision similar to AS 47.10.010(a)(2) becomes entitled to 10 receive dividends or other distributions resulting from the ownership of stock or a 11 membership in a corporation organized under this chapter and under 43 U.S.C. 1601 -1641 (Alaska Native Claims 12 Settlement Act), the corporation paying the dividends or 13 making the other distributions shall retain the dividends and other distributions in an 14 interest bearing account for the benefit of the minor during the state custody.

01  (b) The corporation may not spend, obligate, or otherwise use the property 02 held in an account established under (a) of this section unless the use is approved by 03 a court. 04  (c) Upon presentation of proof of entitlement by the person entitled to 05 distribution, the corporation shall distribute the property remaining in an account 06 established under (a) of this section to the 07  (1) minor when the minor reaches the age of 18 years, whether or not 08 the minor is still in the state custody; 09  (2) legal guardian of the minor, when the state custody terminates while 10 the minor is less than 18 years of age; 11  (3) minor's heirs if the minor dies before the distribution. 12  (d) The retention and distribution of dividends and distributions under this 13 section is not subject to AS 13.46. 14  (e) In this section, "minor" means a person under 18 years of age. 15 * Sec. 2. This Act does not apply to a dividend paid, or a distribution made, by a 16 corporation before the effective date of this Act.