REINSTATEMENT NATIVE CORPS/ANCSA REPORTS, the official text

Enrolled HB 126 
 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. 
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 * Section 1. AS 10.06.960(k) is amended to read: 
 (k) Notwithstanding (i) of this section and the requirement provided under 
 AS 10.06.633(e) that a corporation may only be reinstated within two years from 
 the date of the certificate of involuntary dissolution, a corporation that is organized 
 as a Native village corporation under the Act and [,] that has been involuntarily 
 dissolved by the commissioner under AS 10.06.633 [, AND THAT HAS FAILED TO 
 APPLY FOR REINSTATEMENT DURING THE PERIOD ESTABLISHED UNDER 
 AS 10.06.633(e)] may be reinstated under AS 10.06.633(e) at any time [ON OR 
 BEFORE DECEMBER 31, 2020]. The reinstated corporation and its shareholders 
 have all of the rights, privileges, liabilities, and obligations that would have applied to

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