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
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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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