HB 470: "An Act relating to the voting of shares in Native corporations."
00HOUSE BILL NO. 470 01 "An Act relating to the voting of shares in Native corporations." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 10.06.960 is amended by adding new subsections to read: 04 (j) Notwithstanding AS 10.06.420(d), 10.06.453(e), 10.06.455(b), and 05 10.06.460(a)(2), if a corporation was organized under the act and under former 06 AS 10.05 before July 1, 1989, and if the corporation's bylaws, as the bylaws existed 07 on June 30, 1989, provided for noncumulative voting by its shareholders, the 08 corporation may continue to operate without cumulative voting. 09 (k) Notwithstanding other provisions of this chapter to the contrary, a 10 governmental agency or entity may not exercise the voting privileges of the stock of 11 a corporation organized under the act. 12 * Sec. 2. Section 10, ch. 166, SLA 1988, is amended by adding a new subsection to read: 13 (d) Notwithstanding (a) of this section and AS 10.06.420(d), 10.06.453(e), 14 10.06.455(b), and 10.06.460(a)(2), an amendment to the articles of incorporation of a
01 corporation organized under 43 U.S.C. 1601 - 1629e (Alaska Native Claims Settlement 02 Act) and incorporated under former AS 10.05.005 to add a provision prohibiting 03 cumulative voting may be adopted by the affirmative vote of a majority of the shares 04 represented at a regular or special meeting at which a quorum is present in person or 05 by proxy. 06 * Sec. 3. Section 58, ch. 82, SLA 1989, is amended to read: 07 Sec. 58. APPLICABILITY OF CUMULATIVE VOTING PROVISIONS TO 08 CERTAIN CORPORATIONS. Notwithstanding AS 10.06.420(d) and 10.06.460(a)(2), 09 and except as provided in AS 10.06.960(j), if a corporation is organized under former 10 AS 10.05 and if the corporation's bylaws, as the bylaws exist immediately before 11 July 1, 1989, contain a provision that complies with former AS 10.05 and prohibits 12 cumulative voting, the corporation may continue to operate without cumulative voting 13 until July 1, 1994.