Enrolled HB 410: Relating to the reinstatement of Native corporations; and providing for an effective date.
00Enrolled HB 410 01 Relating to the reinstatement of Native corporations; and providing for an effective date. 02 _______________ 03 * Section 1. AS 10.06.960(k) is amended to read: 04 (k) Notwithstanding (i) of this section and AS 10.06.633(e), a corporation that 05 is organized as a Native village corporation under the Act, that has been involuntarily 06 dissolved by the commissioner under AS 10.06.633, and that has failed to apply for 07 reinstatement during the period established under AS 10.06.633(e) may be reinstated 08 under AS 10.06.633(e) on or before December 31, 2020 [2006]. The reinstated 09 corporation and its shareholders have all of the rights, privileges, liabilities, and 10 obligations that would have applied to them if the corporation had not been dissolved, 11 and all corporate and shareholder actions taken during the period of dissolution are 12 considered to be as valid as if dissolution had not occurred. If a corporation elects to 13 reinstate under this subsection and if the corporation's previously used corporate name 14 is no longer available for use by the corporation, then, notwithstanding AS 10.06.502 -
01 10.06.510, an amendment to the articles of incorporation changing the previously used 02 corporate name may be adopted by action of the corporation's board of directors alone. 03 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).