Legislature(1995 - 1996)

03/25/1996 01:30 PM JUD

Audio Topic
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
txt
              HB 392 NATIVE VILLAGE CORPORATIONS                              
                                                                              
 PAT WALKER, legislative aide to Representative Ivan, sponsor of the           
 measure, explained the legislation.  HB 392 amends the Alaska                 
 Corporations Code to allow ANCSA village corporations to amend                
 their articles of incorporation to authorize a classified or                  
 staggered term board of directors by a majority vote by the shares            
 represented at a meeting of shareholders.  Under current law, for             
 those villages which did not have classified boards in place by               
 July 1, 1989, such an amendment requires a vote of two-thirds of              
 all outstanding shares entitled to vote.  This has been difficult             
 for village corporations to achieve.  In addition, HB 392 was                 
 amended to allow ANCSA village corporations that have been                    
 involuntarily dissolved by the state an opportunity to reinstate              
 one year after the effective date of this act.  A similar provision           
 was provided by the 18th Alaska Legislature in 1994 under HB 71.              
 According to the Division of Banking, Securities, and Corporations            
 there remain five Native village corporations that did not take               
 advantage of the 1994 reinstatement.                                          
                                                                               
 There being no questions, SENATOR ADAMS moved and asked unanimous             
 consent that HB 392am be moved from committee.  There being no                
 objection, the motion carried.                                                

Document Name Date/Time Subjects