03/06/2002 03:20 PM House L&C

HB 418-ELECTRONIC PROXY VOTING & NOTIFICATION                                                                                 
                                                                                                                                
Number 023                                                                                                                      
                                                                                                                                
CHAIR MURKOWSKI briefly brought attention  to HOUSE BILL NO. 418,                                                               
"An Act  amending the Alaska  Corporations Code as it  relates to                                                               
delivery  of annual  reports, notice  of shareholders'  meetings,                                                               
proxy  statements, and  other  information  to shareholders,  and                                                               
providing for electronic proxy voting."                                                                                         
                                                                                                                                
CHAIR MURKOWSKI  informed the committee  that she received  an e-                                                               
mail from Terry Elder in regards to  HB 418.  A question had been                                                               
asked in committee as to  what happens when shareholder dividends                                                               
are  not  claimed.   She  said  she  has  learned that  once  the                                                               
property is presumed to have  been abandoned and was unclaimed by                                                               
the  owner for  more  than seven  years  after becoming  payable,                                                               
provided   that  there   have  been   at  least   seven  dividend                                                               
distributions  or  other payments  made  during  the period,  the                                                               
corporation  is  required  to  report it  to  the  Department  of                                                               
Revenue.    At  that  point the  Department  of  Revenue  assumes                                                               
custody and  control of  the property and  the cash  is deposited                                                               
into the  general fund.   She added that  the person to  whom the                                                               
payment  was  initially  made  can   make  a  claim  against  the                                                               
Department of Revenue for the property  after the fact, but it is                                                               
a seven-year time period.