Section 1 Short title
This Act may be cited as the “ANCSA Corporation Reinstatement Act of 2017”.
ANCSA Corporation Reinstatement Act of 2017
A BILL
To amend the definition of Village Corporation in the Alaska Native Claims Settlement Act, and for other purposes.
Sec. 2 Reinstatement of dissolved Village or Group Corporations
Section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602) is amended by striking subsection (j) and inserting the following:
“(j) Village Corporation—The term Village Corporation—
“(1) means an Alaska Native Village Corporation organized under the laws of the State of Alaska as a business for profit or nonprofit corporation to hold, invest, manage, or distribute lands, property, funds, and other rights and assets for and on behalf of a Native village in accordance with the terms of this Act; and
“(2) shall include any successor corporation of a Village Corporation involuntarily dissolved under the laws of the State of Alaska if—
“(A) the successor has received all or substantially all of the assets of the original Village Corporation;
“(B) the shareholders of the successor are comprised of all shareholders of record or heirs of such shareholders at the time of such involuntary dissolution; and
“(C) the successor corporation is organized under the laws of the State of Alaska;”