00SENATE BILL NO. 194                                                                                                     
01 "An Act relating to annual reports and amendments to articles of incorporation                                          
02 of corporations organized under 43 U.S.C. 1601 - 1629e, as amended (Alaska                                              
03 Native Claims Settlement Act)."                                                                                         
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 10.06.433(b) is amended to read:                                                                    
06  (b)  In addition to the financial statement required by (a) of this section, unless                                   
07 a corporation has a nonexempt class of securities registered under Section 12 of the                                    
08 Securities Exchange Act of 1934 [OR FILES REPORTS UNDER SECTIONS 7(c),                                                  
09 8(c), AND 28 OF THE ALASKA NATIVE CLAIMS SETTLEMENT ACT], the                                                           
10 annual report of a corporation having 100 or more holders of record of its shares must                                  
11 also briefly describe                                                                                                   
12   (1)  all transactions, excluding compensation of officers and directors,                                             
13 during the previous fiscal year involving an amount in excess of $40,000, other than                                    
14 contracts let at competitive bid or services rendered at prices regulated by law, to                                    

01 which the corporation or its parent or subsidiary was a party, and in which a director                                  
02 or officer of the corporation or of a subsidiary or, if known to the corporation, its                                   
03 parent, or subsidiary, a holder of more than 10 percent of the outstanding voting shares                                
04 of the corporation had a direct or indirect material interest; the report shall include the                             
05 name of the person, the person's relationship to the corporation, the nature of the                                     
06 person's interest in the transaction, and, if practicable, the amount of the interest; in                             
07 the case of a transaction with a partnership of which the person is a partner, only the                                 
08 interest of the partnership need be stated; a report is not required in the case of                                     
09 transactions approved by the shareholders under AS 10.06.478;                                                           
10   (2)  the amount and circumstances of indemnifications or advances                                                    
11 aggregating more than $10,000 paid during the fiscal year to an officer or director of                                  
12 the corporation under AS 10.06.490; a report is not required in the case of                                             
13 indemnification approved by the shareholders under AS 10.06.490(d)(3).                                                  
14    * Sec. 2.  AS 10.06.960(n) is repealed.