00HOUSE BILL NO. 71 am S                                                                                                  
01 "An Act relating to the involuntary dissolution of Native corporations; and                                             
02 providing for an effective date."                                                                                       
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 10.06.960(i) is amended to read:                                                                    
05  (i)  In this section,                                                                                                 
06   (1)  "act" means 43 U.S.C. 1601 - 1641 [43 U.S.C. 1601 - 1629E]                                                  
07 (Alaska Native Claims Settlement Act);                                                                                 
08   (2)  "Native corporation" has the meaning given in 43 U.S.C.                                                         
09 1602(m).                                                                                                               
10    * Sec. 2.  AS 10.06.960 is amended by adding new subsections to read:                                                
11  (j)  Notwithstanding AS 10.06.633(e), a corporation that is organized as a                                            
12 Native corporation under the act, that has been involuntarily dissolved by the                                          
13 commissioner under AS 10.06.633, and that has failed to apply for reinstatement                                         
14 during the period established under AS 10.06.633(e), may be reinstated under                                            

01 AS 10.06.633(e) within one year of the effective date of this Act.  The reinstated                                      
02 corporation and its shareholders have all of the rights, privileges, liabilities, and                                   
03 obligations that would have applied to them if the corporation had not been dissolved,                                  
04 and all corporate and shareholder actions taken during the period of dissolution are                                    
05 considered to be as valid as if dissolution had not occurred.                                                           
06  (k)  If a corporation is formed before the effective date of this Act to replace                                      
07 a Native corporation that has been involuntarily dissolved under AS 10.06.633, and if                                   
08 the replacing corporation has the same name as the dissolved corporation, the replacing                                 
09 corporation and its shareholders succeed, upon payment of any amounts that would                                        
10 have been required for the reinstatement of the dissolved corporation under                                             
11 AS 10.06.633(e), to all of the rights, privileges, liabilities, and obligations that would                              
12 have applied to the dissolved corporation and its shareholders if the dissolved                                         
13 corporation had been reinstated under AS 10.06.633(e).                                                                  
14    * Sec. 3.  In sec. 2 of this Act, "the effective date of this Act" refers to the effective date                      
15 under sec. 4 of this Act, not to the effective date of the Alaska Native Claims Settlement Act.                         
16    * Sec. 4.  This Act takes effect immediately under AS 01.10.070(c).