In the cross motions for partial summary judgment, the court is asked to determine the distribution requirements of § 7(j) of ANCSA. 43 U.S.C. § 1606(j). Section 1606(j) requires a Regional Corporation to make certain cash distributions to Village Corporations and to region at-large stock-holders.
Plaintiff, Ukpeagvik Inupiat Corporation, initiated this action to obtain an accounting of all funds received by defendant, Arctic Slope Regional Corporation, pursuant to the Alaska Native Claims Settlement Act of 1971, 43 U.S.C. §§ 1601 et seq. (1976) (“ANCSA” or “the Act”), and to obtain payments of all ANCSA funds to which it is entitled. Plaintiff is a Village Corporation organized pursuant to § 8 of ANCSA. Defendant is a Regional Corporation organized pursuant to § 7 of ANCSA.In the cross motions for partial summary judgment, the court is asked to determine the distribution requirements of § 7(j) of ANCSA. 43 U.S.C. § 1606(j). Section 1606(j) requires a Regional Corporation to make certain cash distributions to Village Corporations and to region at-large stock-holders.In enacting ANCSA, Congress intended to provide “a fair and just settlement of all claims by Natives and Native groups of Alaska, based on aboriginal land claims.” 43 U.S.C. § 1601(a); see generally United States v. Atlantic Richfield Co., 435 F. Supp. 1009, 1014-19 (D.Alaska 1977), aff’d, 612 F.2d 1132 (9th Cir. 1980) (court traces history of Alaska Native land claims). To this end, Congress declared that “the settlement should be accomplished rapidly, with certainty, in conformity with the real economic and social needs of Natives … with maximum participation by Natives in decisions affecting their rights and property….” 43 U.S.C. § 1601(b).
Reinforces board discretion and the legal boundaries around dividends and distributions�often a flashpoint in shareholder trust.