Title
TITLE 18 - CORPORATIONS (INCLUDES 2019 POCKET PART PLUS AMENDMENTS)
Body
*NOTICE: This document is provided as a courtesy. This document includes amendments to the Title 18 2019 Pocket Part as listed below and have not yet been officially codified. To ensure accuracy, anyone using this document should compare it to the official amendments available at: https://cherokee.legistar.com/Legislation.aspx
Includes: LA 11-20, LA 01-22, LA 07-22, LA-15-22, AND LA 24-23
TITLE 18
CORPORATIONS
Chapter
1. Cherokee Nation General Corporation Act
2. Cherokee Nation Limited Liability Company Act
4. Jobs Growth
CHAPTER 1
CHEROKEE NATION GENERAL CORPORATION ACT
ARTICLE 3. POWERS
Section
18. Monthly cash dividend
ARTICLE 3
POWERS
? 18. Monthly cash dividend
A. Those for-profit corporations in which 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 thirty (30%) of
net income. Any dividend payment required by this section shall be
conditioned upon such corporation remaining in compliance with any
financial covenant or guaranty and not otherwise in default of any credit
agreement. In addition, the Board of Directors of such Corporations will
have the discretion to declare any special quarterly dividend that they
deem appropriate.
B. Those for-profit corporations in which 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 five percent (5%) of net
income which will be set aside exclusively for contract health services for
Cherokee Nation citizens, including, but not limited to, eyeglasses, dentures,
prostheses, cancer treatments and hearing aids. Funds expended under this
Section shall be expended for Cherokee Nation citizens who reside anywhere
within the fourteen county jurisdictional area, except for the Cherokee Nation
Health Services Eyeglass and Hearing Aid Pr...
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