Shareholder FAQ's

Can I give shares to my children while I am alive?
What do I need to do to change my address?
How do I get my name changed?
How do I devise my shares of stock to my heirs?
What happens if I leave no will devising my shares of stock?
What are my rights as a shareholder?
Can I sell my stock?
What is 7(i) or 7(j)?
Does BSNC provide for funeral expenses?

Can I give shares to my children while I am alive?[top]
Yes you may. Under the 1991 Amendments to ANCSA (43. U.S.C 1601 et seq.), you may only give stock to a person who is your child, grandchild, great-grandchild, niece, nephew, brother or sister and who is also a Native or a descendant of a Native.

What do I need to do to change my address? [top]
In order to process an address change, we must have the change in writing from you, the shareholder. This is to ensure that only you are requesting this change. If you call with an address change, we will request that you send a letter. You can also download our address change form on the web and mail or fax it to (907) 443-2985.

How do I get my name changed? [top]
We require a legal document that reflects the new name. Mail in the document with our Name Change Form, or fax them to (907) 443-2985.

How do I devise my shares of stock to my heirs? [top]
You can download from the website BSNC Alaska Statute 13.16.705(b) will form and execute it. This will must be notarized. You can also write or call the Shareholder Department for the form. You may also devise your shares to your heirs in a formal will or stock will. This will ensure that your shares of stock are distributed the way you wish.

What happens if I leave no will devising my shares of stock? [top]
Your shares of stock will be transferred to heirs under the Alaska State laws on intestate succession. This means that your shares will be transferred to your heirs by representation. (100 percent to spouse, no children; 50 percent spouse, 50 percent to children, and so on).

What are my rights as a shareholder? [top]
You have the right to vote in elections for the Board of Directors. (If you are a Non-Native shareholder by inheritance, you do not have the right to vote.) You also have the right to receive dividends or other distributions from the corporations.

Can I sell my stock? [top]
The 1991 Amendments to ANCSA continue the stock restrictions. (These restrictions were originally going to end December 18, 1991.) Native stock cannot be sold, cannot be pledged as an asset, cannot be subjected to a lien or judgment, cannot be assigned, cannot be treated as an asset in bankruptcy or insolvency and cannot otherwise be taken away.

What is 7(i) or 7(j)? [top]
BSNC receives, from other regional corporations, revenues that come from the development of subsurface resources and timber referred to as 7(i). The amount BSNC receives is based on a per-capita basis (our original enrollment number). BSNC in turn redistributes 50% of that revenue to its village corporations, referred to as 7(j). This is also on a per-capita basis for each village. The At-Large shareholders receive a 7(j) distribution based on enrollment per capita. They do not belong to a village corporation, therefore they receive a direct distribution.

Does BSNC provide for funeral expenses? [top]
Yes, BSNC provides Shareholder Bereavement Assistance in the amount of $500 for the death of an original BSNC shareholder, the spouse of an original shareholder, and lineal descendants of an original shareholder.