00               SENATE CS FOR CS FOR HOUSE BILL NO. 126(L&C)                                                             
01 "An Act relating to the reinstatement of Native village corporations; relating to proxy                                 
02 solicitations to shareholders of corporations organized under state law under the Alaska                                
03 Native Claims Settlement Act; and providing for an effective date."                                                     
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 10.06.960(k) is amended to read:                                                                   
06 (k)  Notwithstanding (i) of this section and the requirement provided under                                         
07 AS 10.06.633(e) that a corporation may only be reinstated within two years from                                     
08 the date of the certificate of involuntary dissolution, a corporation that is organized                             
09 as a Native village corporation under the Act and [,] that has been involuntarily                                   
10 dissolved by the commissioner under AS 10.06.633 [, AND THAT HAS FAILED TO                                              
11 APPLY FOR REINSTATEMENT DURING THE PERIOD ESTABLISHED UNDER                                                             
12 AS 10.06.633(e)] may be reinstated under AS 10.06.633(e) at any time [ON OR                                         
13 BEFORE DECEMBER 31, 2020]. The reinstated corporation and its shareholders                                              
14 have all of the rights, privileges, liabilities, and obligations that would have applied to                             

01 them if the corporation had not been dissolved, and all corporate and shareholder                                       
02 actions taken during the period of dissolution are considered to be as valid as if                                      
03 dissolution had not occurred. If a corporation elects to reinstate under this subsection                                
04 and if the corporation's previously used corporate name is no longer available for use                                  
05 by the corporation, then, notwithstanding AS 10.06.502 - 10.06.510, an amendment to                                     
06 the articles of incorporation changing the previously used corporate name may be                                        
07       adopted by action of the corporation's board of directors alone.                                                  
08    * Sec. 2. AS 45.55.139 is amended to read:                                                                         
09 Sec. 45.55.139. Reports of corporations. A copy of all annual reports,                                                
10 proxies, consents or authorizations, proxy statements, and other materials relating to                                  
11 proxy solicitations distributed, published, or made available by any person to at least                                 
12 30 Alaska resident shareholders of a corporation organized under Alaska law under 43                                    
13 U.S.C. 1601 et seq. (Alaska Native Claims Settlement Act) with [THAT HAS                                            
14 TOTAL ASSETS EXCEEDING $1,000,000 AND] a class of equity security held of                                               
15 record by 500 or more original shareholders when the corporation was originally                                     
16 organized [PERSONS] shall be filed with the administrator concurrently with its                                     
17       distribution to shareholders.                                                                                     
18    * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).