§ 1625. — Securities laws exemption.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 43USC1625]
TITLE 43--PUBLIC LANDS
CHAPTER 33--ALASKA NATIVE CLAIMS SETTLEMENT
Sec. 1625. Securities laws exemption
(a) Laws; termination date of exempt status
A Native Corporation shall be exempt from the provisions, as
amended, of the Investment Company Act of 1940 (54 Stat. 789) [15 U.S.C.
80a-1 et seq.], the Securities Act of 1933 (48 Stat. 74) [15 U.S.C. 77a
et seq.], and the Securities Exchange Act of 1934 (48 Stat. 881) [15
U.S.C. 78a et seq.] until the earlier of the day after--
(1) the date on which the corporation issues shares of stock
other than Settlement Common Stock in a transaction where--
(A) the transaction or the shares are not otherwise exempt
from Federal securities laws; and
(B) the shares are issued to persons or entities other
than--
(i) individuals who held shares in the corporation on
February 3, 1988;
(ii) Natives;
(iii) descendants of Natives;
(iv) individuals who have received shares of Settlement
Common Stock by inheritance pursuant to section 1606(h)(2)
of this title;
(v) Settlement Trusts; or
(vi) entities established for the sole benefit of
Natives or descendants of Natives; or
(2) the date on which alienability restrictions are terminated;
or
(3) the date on which the corporation files a registration
statement with the Securities and Exchange Commission pursuant to
either the Securities Act of 1933 [15 U.S.C. 77a et seq.] or the
Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.].
(b) Status of Native Corporations after termination date
No provision of this section shall be construed to require or imply
that a Native Corporation shall, or shall not, be subject to provisions
of the Acts listed in subsection (a) of this section after any of the
dates described in subsection (a) of this section.
(c) Annual report to shareholders; shareholders of record
(1) A Native Corporation that, but for this section, would be
subject to the provisions of the Securities Exchange Act of 1934 [15
U.S.C. 78a et seq.] shall annually prepare and transmit to its
shareholders a report that contains substantially all the information
required to be included in an annual report to shareholders by a
corporation subject to that Act.
(2) For purposes of determining the applicability of the
registration requirements of the Securities Exchange Act of 1934 on or
after the date described in subsection (a) of this section, holders of
Settlement Common Stock shall be excluded from the calculation of the
number of shareholders of record pursuant to section 12(g) of that Act
[15 U.S.C. 78l(g)].
(d) Wholly owned subsidiaries; Settlement Trusts; voluntary registration
as Investment Company
(1) Notwithstanding any other provision of law, prior to January 1,
2001, the provisions of the Investment Company Act of 1940 [15 U.S.C.
80a-1 et seq.] shall not apply to any Native Corporation or any
subsidiary of such corporation if such subsidiary is wholly owned (as
that term is defined in the Investment Company Act of 1940) by the
corporation and the corporation owns at least 95 per centum of the
equity of the subsidiary.
(2) The Investment Company Act of 1940 shall not apply to any
Settlement Trust.
(3) If, but for this section, a Native Corporation would qualify as
an Investment Company under the Investment Company Act of 1940, it shall
be entitled to voluntarily register pursuant to such Act and any such
corporation which so registered shall thereafter comply with the
provisions of such Act.
(Pub. L. 92-203, Sec. 28, as added Pub. L. 94-204, Sec. 3, Jan. 2, 1976,
89 Stat. 1147; amended Pub. L. 100-241, Sec. 14, Feb. 3, 1988, 101 Stat.
1811.)
References in Text
The Investment Company Act of 1940, referred to in subsecs. (a) and
(d), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, as amended,
which is classified generally to subchapter I (Sec. 80a-1 et seq.) of
chapter 2D of Title 15, Commerce and Trade. For complete classification
of this Act to the Code, see section 80a-51 of Title 15 and Tables.
The Securities Act of 1933 (48 Stat. 74), referred to in subsec.
(a), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended,
which is classified generally to subchapter I (Sec. 77a et seq.) of
chapter 2A of Title 15. For complete classification of this Act to the
Code, see section 77a of Title 15 and Tables.
The Securities Exchange Act of 1934, referred to in subsecs. (a) and
(c), is act June 6, 1934, ch. 404, 48 Stat. 881, as amended, which is
classified principally to chapter 2B (Sec. 78a et seq.) of Title 15. For
complete classification of this Act to the Code, see section 78a of
Title 15 and Tables.
Amendments
1988--Pub. L. 100-241 amended section generally. Prior to amendment,
section read as follows: ``Any corporation organized pursuant to this
chapter shall be exempt from the provisions of the Investment Company
Act of 1940 (54 Stat. 789) [15 U.S.C. 80a-1 et seq.], the Securities Act
of 1933 (48 Stat. 74) [15 U.S.C. 77a et seq.], and the Securities
Exchange Act of 1934 (48 Stat. 881), as amended [15 U.S.C. 78a et seq.],
through December 31, 1991. Nothing in this section, however, shall be
construed to mean that any such corporation shall or shall not, after
such date, be subject to the provisions of such Acts. Any such
corporation which, but for this section, would be subject to the
provisions of the Securities Exchange Act of 1934 shall transmit to its
stockholders each year a report containing substantially all the
information required to be included in an annual report to stockholders
by a corporation which is subject to the provisions of such Act.''
Construction of Alaska Native Claims Settlement Act With Pub. L. 94-204
Section 18 of Pub. L. 94-204 provided that: ``Except as specifically
provided in this Act [enacting this section and sections 1626 and 1627
of this title, amending sections 1615, 1616, 1620 and 1621 of this
title, and enacting provisions set out as notes under this section and
sections 1604, 1605, 1611, 1613, and 1618 of this title], (i) the
provisions of the Settlement Act [this chapter] are fully applicable to
this Act, and (ii) nothing in this Act shall be construed to alter or
amend any of such provisions.''
