An Act
LEGISLATIVE AC 2-03
Title
ACT AMENDING CHEROKEE NATION GENERAL CORPORATION ACT
AND DECLARING AN EMERGENCY
Body
BE IT ENACTED BY THE CHEROKEE NATION
Section 1 Title
This Act should be known as the Cherokee Nation Corporation Act Reform Act of 2002
Section 2. Purpose
The purpose of this Act is to provide Constitutionally required protections in the procurement and divesting of the Cherokee Nation assets.
Section 3. Findin2s
The Tribal Council of the Cherokee Nation makes the following findings
A. That Corporations in which the Cherokee Nation is a majority shareholder
are assets of the Cherokee Nation and its people.
That Corporations in which the Cherokee Nation is a majority shareholder gain assets and incur debt.
C. The Cherokee Nation Constitution requires that the Tribal Council give
prior approval before the credit of the Cherokee Nation is given. Cherokee Nation Constitution Art. X ? 7.
D. That the Cherokee Nation Tribal Council is given great oversight over the
fiscal affairs of the Cherokee Nation. Cherokee Nation Constitution Art. X
Section 4 Amendments
A Article 3 of Legislative Act 96-16 is hereby amended to read in full as
follows:
16. Specific Powers
New sub-section 17 to read "17. Provided that Corporations in which the Cherokee Nation is the sole or majority shareholder can not purchase real property or give, pledge or loan its credit to any individual, firm, company, corporation or association without prior approval of the Cherokee Nation Tribal Council. The Tribal Council shall develop procedures to facilitate this Act without interfering with the daily operations of tribally owned Corporations or businesses."
18. "Those Corporations in which the Cherokee Nation is the sole or majority
shareholder shall issue a monthly cash dividend in the amount of 25% of net income. In addition, the Board of Directors of such Corporations will have the discretion to declare any special quarterly dividend that they deem appropriate".
Secti...
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