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43 U.S.C. § 1629e — Settlement Trust option

Federal law — U.S. Code and appendices · legal_authorities

43 U.S.C. § 1629e — Settlement Trust option

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Source file: Laws/federal/codes/united-states-code/title-43/section-1629e-settlement-trust-option--bc410ce2c5.md
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Source location: Title 43, Chapter 33, § 1629e; chapter-033-alaska-native-claims-settlement.md

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**(a) Conveyance of corporate assets** (1) (A) A Native Corporation may convey assets (including stock or beneficial interests therein) to a Settlement Trust in accordance with the laws of the State (except to the extent that such laws are inconsistent with this section and [section 1629b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1629b&num=0&edition=prelim)). (B) The approval of the shareholders of the corporation in the form of a resolution shall be required to convey all or substantially all of the assets of the corporation to a Settlement Trust. A conveyance in violation of this clause shall be void ab initio and shall not be given effect by any court. (2) No subsurface estate in land shall be conveyed to a Settlement Trust. A conveyance of title to, or any other interest in, subsurface estate in violation of this subparagraph shall be void ab initio and shall not be given effect by any court. (3) Conveyances made pursuant to this subsection— (A) shall be subject to applicable laws respecting fraudulent conveyance and creditors rights; and (B) shall give rise to dissenters rights to the extent provided under the laws of the State only if— (i) the rights of beneficiaries in the Settlement Trust receiving a conveyance are inalienable; and (ii) a shareholder vote on such transfer is required by [section 1629b(a)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1629b/a/4&num=0&edition=prelim). (4) The provisions of this subsection shall not prohibit a Native Corporation from engaging in any conveyance, reorganization, or transaction not otherwise prohibited under the laws of the State or the United States. **(b) Authority and limitations of a Settlement Trust** (1) The purpose of a Settlement Trust shall be to promote the health, education, and welfare of its beneficiaries and preserve the heritage and culture of Natives. A Settlement Trust shall not— (A) operate as a business; (B) alienate land or any interest in land received from the settlor Native Corporation (except if the recipient of the land is the settlor corporation or the land is conveyed for a homesite by the Trust to a beneficiary of the Trust who is also a legal resident under Alaska law of the Native village of the settlor corporation and the conveyance does not exceed 1.5 acres); or (C) discriminate in favor of a group of individuals composed only or principally of employees, officers, or directors of the settlor Native Corporation. An alienation of land or an interest in land in violation of this paragraph shall be void ab initio and shall not be given effect by any court. (2) A Native Corporation that has established a Settlement Trust shall have exclusive authority to— (A) appoint the trustees of the trust, and (B) remove the trustees of the trust for cause. Only a natural person shall be appointed a trustee of a Settlement Trust. An appointment or removal of a trustee in violation of this paragraph shall be void ab initio and shall not be given effect by any court. (3) A Native Corporation that has established a Settlement Trust may expand the class of beneficiaries to include holders of Settlement Common Stock issued after the establishment of the trust without compensation to the original beneficiaries. (4) A Settlement Trust shall not be held to violate any laws against perpetuities. **(c) Savings** (1) The provisions of this chapter shall continue to apply to any land or interest in land received from the Federal Government pursuant to this chapter and later conveyed to a Settlement Trust as if the land or interest in land were still held by the Native Corporation that conveyed the land or interest in land. (2) No timber resources subject to [section 1606(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1606/i&num=0&edition=prelim) conveyed to a Settlement Trust shall be sold, exchanged, or otherwise conveyed except as necessary to— (A) dispose of diseased or dying timber or to prevent the spread of disease or insect infestation; (B) prevent or suppress fire; or (C) ensure public safety. The revenue, if any, from such timber harvests shall be subject to [section 1606(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1606/i&num=0&edition=prelim) as if such conveyance had not occurred. (3) The conveyance of assets (including stock or beneficial interests) pursuant to subsection (a) shall not affect the applicability or enforcement (including specific performance) of a valid contract, judgment, lien, or other obligation (including an obligation arising under [section 1606(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1606/i&num=0&edition=prelim)) to which such assets, stock, or beneficial interests were subject immediately prior to such conveyance. (4) A claim based upon paragraph (1), (2), or (3) shall be enforceable against the transferee Settlement Trust holding the land, interest in land, or other assets (including stock or beneficial interests) in question to the same extent as such claim would have been enforceable against the transferor Native Corporation, and valid obligations arising under [section 1606(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1606/i&num=0&edition=prelim) as well as claims with respect to a conveyance in violation of a valid contract, judgment, lien, or other obligation shall also be enforceable against the transferor corporation. (5) Except as provided in paragraphs (1), (2), (3), and (4), once a Native Corporation has made, pursuant to subsection (a), a conveyance to a Settlement Trust that does not— (A) render it— (i) unable to satisfy claims based upon paragraph (1), (2), or (3); or (ii) insolvent; or (B) occur when the Native Corporation is insolvent; the assets so conveyed to the Settlement Trust shall not be subject to attachment, distraint, or sale on execution of judgment or other process or order of any court, except with respect to the lawful debts or obligations of the Settlement Trust. (6) No transferee Settlement Trust shall make a distribution or conveyance of assets (including cash, stock, or beneficial interests) that would render it unable to satisfy a claim made pursuant to paragraph (1), (2), or (3). A distribution or conveyance made in violation of this paragraph shall be void ab initio and shall not be given effect by any court. (7) Except where otherwise expressly provided, no provision of this section shall be construed to require shareholder approval of an action where shareholder approval would not be required under the laws of the State. (8) A beneficiary’s interest in a settlement trust and the distributions thereon shall be subject to creditor action (including without limitation, levy attachment, pledge, lien, judgment execution, assignment, and the insolvency and bankruptcy laws) only to the extent that Settlement Common Stock and the distributions thereon are subject to such creditor action under [section 1606(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1606/h&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

43 U.S.C. § 1629b — Procedures for considering amendments and resolutions

**(a) Coverage** Notwithstanding any provision of the articles of incorporation and bylaws of a Native Corporation or of the laws of the State, except those related to proxy statements and solicitations that are not inconsistent with this section— (1) an amendment to the articles of incorporation of a Native Corporation authorized by subsections (g) and (h) of [section 1606 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1606&num=0&edition=prelim), subsection (d)(1)(B) of this section, or [section 1629c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1629c&num=0&edition=prelim); (2) a resolution authorized by [section 1629d(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1629d/a/2&num=0&edition=prelim); (3) a resolution to establish a Settlement Trust; or (4) a resolution to convey all or substantially all of the assets of a Native Corporation to a Settlement Trust pursuant to [section 1629e(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1629e/a/1&num=0&edition=prelim); shall be considered in accordance with the provisions of this section. **(b) Basic procedure** (1) An amendment or resolution described in subsection (a) may be approved by the board of directors of a Native Corporation in accordance with its bylaws. If the board approves the amendment or resolution, it shall direct that the amendment or resolution be submitted to a vote of the shareholders at the next annual meeting or at a special meeting (if the board, at its discretion, schedules such special meeting). One or more such amendments or resolutions may be submitted to the shareholders and voted upon at one meeting.

Source: Supplied U.S. Code snapshot — release unconfirmed · 43 U.S.C. § 1629b

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 247 — Contributions to Alaska Native Settlement Trusts

**(a) In general** In the case of a Native Corporation, there shall be allowed a deduction for any contributions made by such Native Corporation to a Settlement Trust (regardless of whether an election under section 646 is in effect for such Settlement Trust) for which the Native Corporation has made an annual election under subsection (e). **(b) Amount of deduction** The amount of the deduction under subsection (a) shall be equal to— (1) in the case of a cash contribution (regardless of the method of payment, including currency, coins, money order, or check), the amount of such contribution, or (2) in the case of a contribution not described in paragraph (1), the lesser of— (A) the Native Corporation’s adjusted basis in the property contributed, or (B) the fair market value of the property contributed. **(c) Limitation and carryover** (1) **In general** — Subject to paragraph (2), the deduction allowed under subsection (a) for any taxable year shall not exceed the taxable income (as determined without regard to such deduction) of the Native Corporation for the taxable year in which the contribution was made. (2) **Carryover** — If the aggregate amount of contributions described in subsection (a) for any taxable year exceeds the limitation under paragraph (1), such excess shall be treated as a contribution described in subsection (a) in each of the 15 succeeding years in order of time. **(d) Definitions** For purposes of this section, the terms “Native Corporation” and “Settlement Trust” have the same meaning given such terms under section 646(h). **(e) Manner of making election** (1) **In general** — For each taxable year, a Native Corporation may elect to have this section apply for such taxable year on the income tax return or an amendment or supplemen

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 247

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Federal law — U.S. Code and appendices · legal_authorities

43 U.S.C. § 1602 — Definitions

For the purposes of this chapter, the term— **(a)** “Secretary” means the Secretary of the Interior; **(b)** “Native” means a citizen of the United States who is a person of one-fourth degree or more Alaska Indian (including Tsimshian Indians not enrolled in the Metlaktla 11 So in original. Probably should be “Metlakatla”. Indian Community) Eskimo, or Aleut blood, or combination thereof. The term includes any Native as so defined either or both of whose adoptive parents are not Natives. It also includes, in the absence of proof of a minimum blood quantum, any citizen of the United States who is regarded as an Alaska Native by the Native village or Native group of which he claims to be a member and whose father or mother is (or, if deceased, was) regarded as Native by any village or group. Any decision of the Secretary regarding eligibility for enrollment shall be final; **(c)** “Native village” means any tribe, band, clan, group, village, community, or association in Alaska listed in sections 1610 and 1615 of this title, or which meets the requirements of this chapter, and which the Secretary determines was, on the 1970 census enumeration date (as shown by the census or other evidence satisfactory to the Secretary, who shall make findings of fact in each instance), composed of twenty-five or more Natives; **(d)** “Native group” means any tribe, band, clan, village, community, or village association of Natives in Alaska composed of less than twenty-five Natives, who comprise a majority of the residents of the locality; **(e)** “Public lands” means all Federal lands and interests therein located in Alaska except: (1) the smallest practicable tract, as determined by the Secretary, enclosing land actually used in connection with the administration of any Federal instal

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Federal law — U.S. Code and appendices · legal_authorities

43 U.S.C. § 1636 — Alaska land bank

**(a) Establishment; agreements** (1) In order to enhance the quantity and quality of Alaska’s renewable resources and to facilitate the coordinated management and protection of Federal, State, and Native and other private lands, there is hereby established the Alaska Land Bank Program. Any private landowner is authorized as provided in this section to enter into a written agreement with the Secretary if his lands adjoin, or his use of such lands would directly affect, Federal land, Federal and State land, or State land if the State is not participating in the program. Any private landowner described in subsection (d)(1) whose lands do not adjoin, or whose use of such lands would not directly affect either Federal or State lands also is entitled to enter into an agreement with the Secretary. Any private landowner whose lands adjoin, or whose use of such lands would directly affect, only State, or State and private lands, is authorized as provided in this section to enter into an agreement with the State of Alaska if the State is participating in the program. If the Secretary is the contracting party with the private landowner, he shall afford the State an opportunity to participate in negotiations and become a party to the agreement. An agreement may include all or part of the lands of any private landowner: Provided, That no lands shall be included in the agreement unless the Secretary, or the State, determines that the purposes of the program will be promoted by their inclusion. (2) If a private landowner consents to the inclusion in an agreement of the stipulations provided in subsections (b)(1), (b)(2), (b)(4), (b)(5), and (b)(7), and if such owner does not insist on any additional terms which are unacceptable to the Secretary or the State, as appropriate, the own

Source: Supplied U.S. Code snapshot — release unconfirmed · 43 U.S.C. § 1636

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Federal law — U.S. Code and appendices · legal_authorities

43 U.S.C. § 1629e — Settlement Trust option

Page 495 TITLE 43—PUBLIC LANDS § 1629e 1 So in original. Probably should not be capitalized. proved a resolution providing for the purchase of Settlement Common Stock from dissenting shareholders. (B) A demand for payment made pursuant to paragraph (1)(B) shall be honored. (b) Relationship to State procedure (1) Except as otherwise provided in this sec- tion, the laws of the State governing the right of a dissenting shareholder to demand and receive payment for his or her shares shall apply to de- mands for payment honored pursuant to sub- section (a)(2). (2) The board of directors of a Native Corpora- tion may approve a resolution to provide a dis- senting shareholder periods of time longer than those provided under the laws of the State to take actions required to demand and receive payment for his or her shares. (c) Valuation of stock (1) Prior to a vote described in subsection (a)(1), the board of directors of a Native Corpora- tion may approve a resolution to provide that one or more of the following conditions will apply in the event a demand for payment is hon- ored pursuant to subsection (a)(2)— (A) the Settlement Common Stock shall be valued as restricted stock; and (B) the value of— (i) any land conveyed to the corporation pursuant to section 1613(h)(1) of this title or any other land used as a cemetery; and (ii) the surface estate of any land that is both— (I) exempt from real estate taxation pur- suant to section 1636(d)(1)(A) of this title, and (II) used by the shareholders of the cor- poration for subsistence uses (as defined in section 3113 of title 16); or (iii) any land or interest in land which the board of directors believes to be only of spec- ulative value; shall be excluded by the shareholder making the demand for payme

Source: Supplied 2024 U.S. Code historical extraction · 43 U.S.C. § 1629e

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