Title
AN ACT RELATING TO CHEROKEE NATION OF OKLAHOMA LAW REGARDING INDIAN OWNED BUSINESS; AMENDING CNCA SECTION 15-2-29; ADDING NEW ITEMS AND DECLARING AN EMERGENCY
Body
Enrolled
Legislative Act 22 -87
BE IT ENACTED BY THE CHEROKEE NATION:
SECTION 15-2-29. Indian-owned business.
Indian-owned business shall mean a business entity of which at least 51% is owned by Indians.
(1) The firm or joint venture must be 51% or more
Indian owned. The applicant must demonstrate the following:
(a) Formal Ownership
That an Indian or Indians own(s) 51% or more of the partnership corporation, joint venture, or other arrangement for which the application is being submitted. Such ownership must be embodied in the firm's organic documents, such as its stock ownership, or partnership agreement. Ownership included: (1) financial ownership - i.e., the Indian(s) own 51% or more of the assets and equipment, will receive 51% or more of the firm's assets upon dissolution, and received 51% or more of the profits and (2) control - i.e., the Indian(s) 51% or more ownership provides him or her with majority of voting rights or other decisional mechanism and that all decisions of the firm are to be made by majority vote except where otherwise required by law:
(b) Value
The Indian owner(s) provided real value for his or her 51% or more ownership by providing capital, equipment, real property or similar assets commensurate with the value of his or her ownership share directly or indirectly, through a promissory note, the ultimate creditor of which is the non-Indian owner of the firm or an immediate relation thereof, or any similar arrangement, unless a convincing showing can be made that the Indian owner(s) brought such special skills, marketing connections, or similar benefits to the firm that there is a good reason to believe the arrangement would have been entered into even if there were not an Indian preference program in existence.
Passed by the Cherokee Nation T...
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