Title
AN ACT RELATING TO AMENDMENT OF LA-25-11, THE CHEROKEE NATION GENERAL CORPORATION ACT, AS AMENDED BY LA-2-03, LA-4-04, LA-36-05 AND LA-16-96 INCREASING DIVIDENDS, PROVIDING FOR SERVERABILITY AND DECLARING AN EMERGENCY
Body
BE IT ENACTED BY THE CHEROKEE NATION:
Section 1. Title and Codification
This Legislative Act shall be titled as the "Cherokee Nation Corporation Health Dividend Act of 2014" and codified under Title 18 Article 3 Section 18 of the Cherokee Nation Code Annotated ("CNCA").
Section 2. Purpose
The purpose of this Act is to facilitate Contract Health Care Services for Washington, Nowata, Craig, Delaware, Mayes, McIntosh, Wagoner, Muskogee, Ottawa, Tulsa and Rogers Counties to ensure all Cherokee Nation citizens are treated equitably and fairly with access to Contract Health Services including, but not limited to, eyeglasses, dentures, prosthesis, cancer treatments and hearing aids regardless of where they live in the 14-County Jurisdictional Service Area of the Cherokee Nation.
Section 3. Legislative History
L.A. 16-96
L.A. 2-03
L.A. 4-04
L.A. 36-05
L.A. 25-11
Section 4. Substantive Provisions
Article 3, Section 18 of Legislative Act 25-11 is hereby amended so as to read:
18. Those Corporations in which the Cherokee Nation is the sole or majority shareholder, and that are incorporated under Cherokee Nation law, shall issue a monthly cash dividend in the amount of 35% of net income. Five Percent of said dividend will be set aside exclusively for contract health services for Cherokee Nation Citizens, including, but not limited to, eyeglasses, dentures, prosthesis, cancer treatments and hearing aids is conditioned upon CNE and CNB remaining in compliance with the financial covenants of any credit agreement and guaranty. In addition, the Board of Directors of such Corporations will have the discretion to declare any special quarterly dividend that they deem appropriate and declare the Special Quarterly Divi...
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