Title
AN ACT AMENDING LA#2-03; CORPORATION LAW INCREASING DIVIDENDS FROM CORPORATION TO THE CHEROKEE NATION
Body
BE IT ENACTED BY THE CHEROKEE NATION:
SECTION 1. TITLE AND CODIFICATION
This Act should be known as the Cherokee Nation Corporation Act Reform Act of 2005.
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. LEGISLATIVE HISTORY AND CONSTITUTIONAL AUTHORITY
A. That Corporations in which the Cherokee Nation is a majority shareholder are assets of the Cherokee Nation and its people.
B. That Corporations in which the Cherokee Nation is a majority shareholder gain assets and incur debt.
C. That the Cherokee Nation Tribal Council is given great oversight over the fiscal affairs of the Cherokee Nation. Cherokee Nation Constitution Art. X.
D. Article 6, Section 10 of the Cherokee Nation Constitution provides:
The Principal Chief shall cause the laws of the Cherokee Nation to be faithfully executed, and shall conduct in person and in such manner as shall be prescribed by law, all communications and business of the Cherokee Nation. (emphasis added)
E. Article 5, Section 7 of the Cherokee Nation Constitution provides:
The Council shall have the power to establish laws, which it shall deem necessary and proper for the good of the Nation, which shall not be contrary to the provisions of this Constitution.
F. Article 4, of the Cherokee Nation Constitution provides:
The powers of the government of the Cherokee Nation shall be divided into three (3) separate departments: Legislative, Executive and Judicial; and except as provided in this Constitution, the Legislative, Executive and Judicial departments of government shall be separate and distinct and neither shall exercise the powers properly belonging to either of the others.
SECTION 4. DEFINITIONS
A. "Cherokee Nation" means the Cherokee Nation, located in Tahlequah, Oklahoma.
B. "Tribal Council" means the duly elected and confirmed person(s) of the legislative branch of the Cherokee Nation.
C. "Net Revenue" according to Generally Accepted Accounting Principles means Gross Revenue after gaming payout. Net Income as defined by Generally Accepted Accounting Principles, excluding depreciation expense.
A. Article 3 of Legislative Act 96-16 is hereby amended to read in full as follows:
18. "Those Corporations engaged in gaming 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 60% of Net Revenue. In addition, the Board of Directors of such Corporations will have the discretion to declare any special quarterly dividend that they deem appropriate".
SECTION 6. SEVERABILITY
The provisions of this Act are severable and if any part of provision hereof shall be held void the decision of the court so holding shall not affect or impair any of the remaining parts or provisions of this Act.
SECTION 7. EFFECTIVE DATE
Emergency Declared. It being immediately necessary for the welfare of the Cherokee Nation, the Cherokee citizens hereby declare that an emergency exists, by reason whereof this act shall take effect and be in full force after its passage and approval.