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File #: 17-126    Version: Name: CHEROKEE NATION CORPORATION EMERGENCY DIVIDEND RESERVE FUND ACT OF 2017
Type: Legislative Act Status: Passed
File created: 10/12/2017 In control: TRIBAL COUNCIL
On agenda: 10/26/2017 Final action: 12/12/2017
Enactment date: 12/11/2017 Enactment #: LA-34-17
Title: ACT RELATING TO AMENDMENT OF TITLE 18 ARTICLE 3 SECTION 18 OF THE CHEROKEE NATION GENERAL CORPORATION ACT, INCREASING THE DIVIDENDS, PROVIDING FOR SEVERABILITY AND DECLARING AN EMERGENCY
Sponsors: Dick Lay
Indexes: Cherokee Nation Businesses, Dividends , General Corporation Act
Code sections: Title 18 - Corporations
Attachments: 1. LA-34-17.PDF
Related files: LA-02-03, 07-046, LA-04-04, LA-16-96, LA-36-05, 11-109, CNCA-18, 20-035
Title
ACT RELATING TO AMENDMENT OF TITLE 18 ARTICLE 3 SECTION 18 OF THE CHEROKEE NATION GENERAL CORPORATION ACT, INCREASING THE DIVIDENDS, PROVIDING FOR SEVERABILITY AND DECLARING AN EMERGENCY
Body
BE IT ENACTED BY THE CHEROKEE NATION:

Section 1. Title and Codification

This act shall be known as the “Cherokee Nation Corporation Emergency Dividend Reserve Fund Act of 2017” and codified under Title 18 Article 3 Section 18 of the Cherokee Nation Code Annotated (“CNCA”).

Section 2. Purpose

The puopse of this Act is to increase the monthly dividend of corporation in which the Cherokee Nation is the sole or majority shareholder by Two Percent (2%) with said percentage being set aside exclusively for unexpected and extraordinary revenue loss.

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 Legislatvie Act 25-11 is hereby amended so as to read:

§ 18. Monthly cash dividend 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-five percent (35%) of net income. Five percent (5%) of said dividend 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 provided the amount of increase (over current thirty percent [30%]) 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. Funds expended under this section shall be expended to Cherokee Nation citizens who reside anywhere within the fourteen- (14) county jurisdictional area.


§18. Monthly cash dividend

A. T...

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