Title
AN ACT AMENDING TITLE 18 OF THE CHEROKEE NATION CODE ANNOTATED
Body
BE IT ENACTED BY THE CHEROKEE NATION:
Section 1. Title and Codification
This act shall be known as the "Jobs Growth Act Real Estate Acquisition Amendment of 2021" and codified at Title 18, Section 404 of the Cherokee Nation Code Annotated (CNCA).
Section 2. Purpose
This amendment expands the Tribal Council's authority to pre-approve real property acquisitions up to a certain percentage, to enhance economic development and tribal self-sufficiency within the Cherokee Nation.
Section 3. Legislative History
LA-16-96
LA-4-04
LA-37-05
LA-11-10
LA-27-11
LA-23-12
Section 4. Substantive Amendment
Title 18, Section 404, Subsection B shall be amended as follows:
? 404. Ownership of certain Cherokee Nation business entities
B. Acquisitions
1. Real Estate Acquisitions. CNB shall be subject to Legislative Act 4-04, as amended, which requires that all real estate acquisitions be corporations in which the Nation is a majority shareholder, greater than $6 million in the aggregate annually be approved by the Council of the Cherokee Nation. CNB shall be subject to Legislative Act 4-04, as amended, provided that the Cherokee Nation Tribal Council hereby pre-approves real property acquisitions in the aggregate during each fiscal year by CNB (including its wholly-owned subsidiaries) in an amount not to exceed three and one-half percent (3.5%) of CNB's total assets as reflected in its certified annual audit for the immediately preceding fiscal year.
2. Notice to Council. Notice for business acquisitions shall be provided to the Council of the Cherokee Nation, prior to notification to the public or to members of the press. Such notification will include, but not be limited to, notice in writing or presentation to special and regular committee meetings.
Section 6. Provisions as cumulative
The provisions of this act shall be cumulative to existing law.
Section 7. Severabili...
Click here for full text