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§ 1627. —  Merger of Native corporations.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 43USC1627]

 
                         TITLE 43--PUBLIC LANDS
 
               CHAPTER 33--ALASKA NATIVE CLAIMS SETTLEMENT
 
Sec. 1627. Merger of Native corporations


(a) Applicability of State law

    Notwithstanding any provision of this chapter, any corporation 
created pursuant to section 1606(d), 1607(a), 1613(h)(2), or 1613(h)(3) 
of this title within any of the twelve regions of Alaska, as established 
by section 1606(a) of this title, may, at any time, merge or 
consolidate, pursuant to the applicable provisions of the laws of the 
State of Alaska, with any other of such corporation or corporations 
created within or for the same region. Any corporations resulting from 
mergers or consolidations further may merge or consolidate with other 
such merged or consolidated corporations within the same region or with 
other of the corporations created in said region pursuant to section 
1606(d), 1607(a), 1613(h)(2), or 1613(h)(3) of this title.

(b) Terms and conditions of merger; rights of dissenting shareholders; 
        rights and liabilities of successor corporation

    Such mergers or consolidations shall be on such terms and conditions 
as are approved by vote of the shareholders of the corporations 
participating therein, including, where appropriate, terms providing for 
the issuance of additional shares of Regional Corporation stock to 
persons already owning such stock, and may take place pursuant to votes 
of shareholders held either before or after January 2, 1976: Provided, 
That the rights accorded under Alaska law to dissenting shareholders in 
a merger or consolidation may not be exercised in any merger or 
consolidation pursuant to this chapter effected while the Settlement 
Common Stock of all corporations subject to merger or consolidation 
remains subject to alienability restrictions..\1\ Upon the effectiveness 
of any such mergers or consolidations the corporations resulting 
therefrom and the shareholders thereof shall succeed and be entitled to 
all the rights, privileges, and benefits of this chapter, including but 
not limited to the receipt of lands and moneys and exemptions from 
various forms of Federal, State, and local taxation, and shall be 
subject to all the restrictions and obligations of this chapter as are 
applicable to the corporations and shareholders which and who 
participated in said mergers or consolidations or as would have been 
applicable if the mergers or consolidations and transfers of rights and 
titles thereto had not taken place: Provided, That, where a Village 
Corporation organized pursuant to section 1618(b) of this title merges 
or consolidates with the Regional Corporation of the region in which 
such village is located or with another Village Corporation of that 
region, no provision of such merger or consolidation shall be construed 
as increasing or otherwise changing regional enrollments for purposes of 
distribution of the Alaska Native Fund; land selection eligibility; or 
revenue sharing pursuant to sections 1605(c), 1606(m), 1611(b), 
1613(h)(8), and 1606(i) of this title.
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    \1\ So in original.
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(c) Alteration or elimination of dividend rights

    Notwithstanding the provisions of section 1606(j) or (m) of this 
title, in any merger or consolidation in which the class of stockholders 
of a Regional Corporation who are not residents of any of the villages 
in the region are entitled under Alaska law to vote as a class, the 
terms of the merger or consolidation may provide for the alteration or 
elimination of the right of said class to receive dividends pursuant to 
said section 1606(j) or (m) of this title. In the event that such 
dividend right is not expressly altered or eliminated by the terms of 
the merger or consolidation, such class of stockholders shall continue 
to receive such dividends pursuant to section 1606(j) or (m) of this 
title as would have been applicable if the merger or consolidation had 
not taken place and all Village Corporations within the affected region 
continued to exist separately.

(d) Approval of merger or consolidation by shareholders

    Notwithstanding any other provision of this section or of any other 
law, no corporation referred to in this section may merger or 
consolidate with any other such corporations unless that corporation's 
shareholders have approved such merger or consolidation.

(e) Conveyance of right to withhold consent to mineral exploration, 
        development, etc., as part of merger or consolidation

    The plan of merger or consolidation shall provide that the right of 
any affected Village Corporation pursuant to section 1613(f) of this 
title to withhold consent to mineral exploration, development, or 
removal within the boundaries of the Native village shall be conveyed, 
as part of the merger or consolidation, to a separate entity composed of 
the Native residents of such Native village.

(Pub. L. 92-203, Sec. 30, as added Pub. L. 94-204, Sec. 6, Jan. 2, 1976, 
89 Stat. 1148; amended Pub. L. 100-241, Sec. 12(c), Feb. 3, 1988, 101 
Stat. 1810.)


                               Amendments

    1988--Subsec. (b). Pub. L. 100-241 substituted ``while the 
Settlement Common Stock of all corporations subject to merger or 
consolidation remains subject to alienability restrictions.'' for 
``prior to December 19, 1991''.



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