Shareholder FAQs

Shareholder FAQs

Can I give shares to my children while I am alive?
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?
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 here and mail or fax it to (907) 443-2985.

How do I get my name changed?
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?
You can download the Will Form and execute it. This will must be notarized. You can also write to or call the Shareholder Department for the form. You may also devise your shares to your heirs in a formal will or stock will.

What happens if I leave no will devising my shares of stock?
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 to spouse, 50 percent to children; and so on)

What are my rights as a shareholder?
You have the right to vote in elections for the board of directors. You also have the right to receive dividends or other distributions from the corporation. If you are a non-Native shareholder by inheritance, you do not have the right to vote.

Can I sell my stock?
The 1991 Amendments to ANCSA continue the stock restrictions. These restrictions were originally going to end Dec. 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.

Does BSNC provide for funeral expenses?
Yes, BSNC provides Shareholder Bereavement Assistance in the amount of $2,500 for the death of an original BSNC shareholder, a lineal descendent of an original BSNC shareholder, or the spouse of a living original BSNC shareholder.

What about Elder dividends?
BSNC honors the contributions of our Elder shareholders. The BSNC Board of Directors voted to issue a special Elder dividend of $1,000 for fiscal year 2018. This special dividend was paid to original BSNC shareholders who were 65 years of age or older on Nov. 5, 2018, the date of record.

Resource Revenue FAQs

7(i), 7(j) and at-large shareholders

The framers of the Alaska Native Claims Settlement Act (ANCSA) anticipated that tensions would arise over the split estate of ownership between subsurface estate, which are owned by regional corporations and surface estate, which are owned by village corporations. They designed ANCSA to require a mechanism to redistribute a major portion of all proceeds from resource development such as oil and gas development, mineral development and timber sales, to all regional and village corporations. This helps balance the benefits of resource rich and resource poor regions and allows these benefits to be redistributed to many more shareholders and communities.

What is Section 7(i)?
Section 7(i) of ANCSA requires that, after certain allowable costs are deducted, each corporation is able to keep 30% of its net resource revenues, with the remaining 70% divided among the twelve Alaska-based regional corporations–including the distributing region. The portion of the 70% pool that each regional corporation receives is calculated based on the number of original enrollees to the corporation under ANCSA. Because the payments made to the regional corporations are required by Section 7(i) of ANCSA, they are known as 7(i) payments.

What is Section 7(j)?
Of the 70% pool that each regional corporation receives, 50% is kept and may be used for operating expense, payment toward its own shareholder dividend or investment. The other 50%, called a 7(j) payment, is divided among at-large shareholders and village corporations (based on their proportion of shareholders) in the BSNC region.

It is important to note that congress did not mandate that the village corporations distribute 7(j) payments to their own shareholders. Directors of each respective village corporation decide how to use their revenues in a wide variety of ways. At-large shareholders receive the payments directly because they do not have a village corporation to decide how the money will be used.

What are Class A and Class B shares?
BSNC currently issues two classes of shares: Class A shares are held by at-large shareholders who are not associated with a village corporation in the region or who may have inherited or been gifted at-large shares. Class B shares are held by shareholders also enrolled with a village corporation in the region.

Who owns at-large shares (Class A)?
At-large shareholders are shareholders who did not enroll in a BSNC village corporation. At the time of enrollment, these shares were generally issued to people who were living outside the region but whose family was originally from the region. A shareholder may own class A shares through inheritance or gifting. Please contact the shareholder department at (907) 443-5252 to see if you have inherited or been gifted at-large shares.

How much is the at-large dividend and when will they be mailed?
Because the amount of 7(i) monies distributed in any given year depends on each corporation’s resource revenue activities for that year, it is not possible to predict 7(i) or 7(j) amounts. The amount is usually announced in February of each year and mailed out shortly thereafter. Sometimes there is variation due to the time that BSNC receives these payments from the other regional corporations.

Are at-large dividends taxable?
Yes. BSNC at-large shareholders will receive a 1099-MISC form for this distribution. The distribution must be reported as income on personal income tax returns.