Alaska HB 126: An Act establishing November as Alaska Native Heritage Month.

Bill Text

Enrolled HB 126
LAWS OF ALASKA

2026

Source Chapter No.
SCS CSHB 126(L&C) _______

AN ACT

Relating to the reinstatement of Native village corporations; relating to proxy solicitations to
shareholders of corporations organized under state law under the Alaska Native Claims
Settlement Act; and providing for an effective date.

_______________

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:

THE ACT FOLLOWS ON PAGE 1

-1- Enrolled HB 126

AN ACT

Relating to the reinstatement of Native village corporations; relating to proxy solicitations to 1
shareholders of corporations organized under state law under the Alaska Native Claims 2
Settlement Act; and providing for an effective date. 3
_______________ 4
* Section 1. AS 10.06.960(k) is amended to read: 5
(k) Notwithstanding (i) of this section and the requirement provided under 6
AS 10.06.633(e) that a corporation may only be reinstated within two years from 7
the date of the certificate of involuntary dissolution, a corporation that is organized 8
as a Native village corporation under the Act and [,] that has been involuntarily 9
dissolved by the commissioner under AS 10.06.633 [, AND THAT HAS FAILED TO 10
APPLY FOR REINSTATEMENT DURING THE PERIOD ESTABLISHED UNDER 11
AS 10.06.633(e)] may be reinstated under AS 10.06.633(e) at any time [ON OR 12
BEFORE DECEMBER 31, 2020]. The reinstated corporation and its shareholders have 13
all of the rights, privileges, liabilities, and obligations that would have applied to them 14

Enrolled HB 126 -2-
if the corporation had not been dissolved, and all corporate and shareholder actions 1
taken during the period of dissolution are considered to be as valid as if dissolution had 2
not occurred. If a corporation elects to reinstate under this subsection and if the 3
corporation's previously used corporate name is no longer available for use by the 4
corporation, then, notwithstanding AS 10.06.502 - 10.06.510, an amendment to the 5
articles of incorporation changing the previously used corporate name may be adopted 6
by action of the corporation's board of directors alone. 7
* Sec. 2. AS 45.55.139 is amended to read: 8
Sec. 45.55.139. Reports of corporations. A copy of all annual reports, proxies, 9
consents or authorizations, proxy statements, and other materials relating to proxy 10
solicitations distributed, published, or made available by any person to at least 30 Alaska 11
resident shareholders of a corporation organized under Alaska law under 43 U.S.C. 1601 12
et seq. (Alaska Native Claims Settlement Act) with [THAT HAS TOTAL ASSETS 13
EXCEEDING $1,000,000 AND] a class of equity security held of record by 500 or more 14
original shareholders when the corporation was originally organized [PERSONS] 15
shall be filed with the administrator concurrently with its distribution to shareholders. 16
* Sec. 3. This Act takes effect immediately under AS 01.10.070(c). 17