§1627 Merger of Native Corporations

Summary

Corporations set up under sections 1606(d), 1607(a), 1613(h)(2), or 1613(h)(3) inside any of Alaska’s 12 regions may join together or combine with other corporations from the same region under Alaska law. The deals must be approved by the corporations’ shareholders (votes before or after January 2, 1976 are allowed). While the Settlement Common Stock is still limited by alienability restrictions, Alaska law rights for dissenting shareholders cannot be used. After a merger, the new corporation and its owners get the chapter’s benefits (such as lands, money, and tax exemptions) and must follow the chapter’s rules and limits. If a Village Corporation merges with its Regional Corporation or another village corp, that merger does not change regional enrollments for Alaska Native Fund distributions, land selection eligibility, or revenue sharing under sections 1605(c), 1606(m), 1611(b), 1613(h)(8), and 1606(i). If non‑resident shareholders vote as a separate class, the merger can change or remove their dividend rights under section 1606(j) or (m); if the merger does not change those rights, they keep receiving the same dividends they would have gotten otherwise. No merger may happen without shareholder approval. The merger plan must transfer any Village Corporation’s right under section 1613(f) to withhold consent to mineral exploration or development inside the village to a separate entity made up of the village’s Native residents.