00 HOUSE 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.