§1627 Merger of Native corporations

Summary

Native corporations created under the Alaska Native laws in any of the 12 Alaska regions may merge or join together with other corporations from the same region under Alaska law. The people who own the stock must vote to approve the deal. Votes held before or after January 2, 1976 are allowed. The merger agreement can include giving extra regional shares to current owners. If the Settlement Common Stock cannot be sold, then Alaska law rights for dissenting shareholders cannot be used while that restriction remains. After a merger, the new corporation and its owners get the same lands, money, tax exemptions, and other rights and must follow the same rules and duties that applied before. If a Village Corporation joins its Regional Corporation or another Village Corporation, the merger cannot change regional enrollments for Alaska Native Fund distribution, land selection eligibility, or revenue sharing under sections 1605(c), 1606(m), 1611(b), 1613(h)(8), and 1606(i). If a class of regional shareholders made up of non-village residents votes as a separate group, the merger can change or remove their dividend rights under sections 1606(j) or 1606(m); if it does not, those dividends continue as before. The merger plan must also transfer any Village Corporation’s right to withhold consent to mineral work inside the village to a separate entity made up of that village’s Native residents.