Under the 1991 Amendments to the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et. seq.), shareholders may give stock to a person who is their child, grandchild, great-grandchild, niece, nephew, brother or sister and who also is a Native or descendent of a Native. H.R. 3157 “The Alaska Land Status Technical Corrections Act of 1992,” allows for gift of stock to siblings. The law defines a Native as a person who is at least one-fourth degree Alaska Indian, Eskimo, Aleut blood, or any combination; a descendant of a Native is a lineal descendant (child, grandchild, great-grandchild, etc.) of a Native or an adoptee of a Native or descendant of a Native who is adopted before the age of 18.
Once your gift is completed on the corporate books, the recipient of your shares will own and have all the stock rights for those shares, including the right to vote the shares at the shareholder meetings, to receive dividends and distributions on the shares, to bequeath the shares upon death, or to give the shares to a relative. Once gifting is completed, you will have no rights with respect to the shares you gave away.
If you are interested in the gift process, please contact:
BSNC Shareholder Department
P.O. Box 1008
Nome, AK 99762