WHAT PROTECTIONS AND RIGHTS DO THE “1991 AMENDMENTS” PROVIDE?
The “1991 Amendments” to ANCSA became law on February 3, 1988. They provide several critical protections for Native corporations. LAND PROTECTIONS: Land cannot be taxed unless or until developed, cannot be taken through adverse possession or by creditors unless mortgaged, cannot be lost through bankruptcy, and cannot be lost if the corporation is voluntarily dissolved. However, in the Investment Company Act of 1940, under the liquidation provision, all assets, including the land must be sold. STOCK RESTRICTIONS: Corporation stock cannot be sold, pledged as collateral, traded or taken away to pay a debt (except through gifting, death or court order). STOCK OPTIONS/BENEFITS (by shareholder vote): If shareholders approve, stock can be issued to shareholder descendants or elders. ANCSA corporations can create an Elders Settlement Trust. New shares can be issued in a number of varieties, including voting/non-voting, preferred stock, life estate stock and others. To date, Kavilco shareholder
