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File #: 23-067    Version: 1 Name: DIVIDEND TECHNICAL AMENDMENT ACT OF 2023
Type: Legislative Act Status: Passed
File created: 10/25/2023 In control: TRIBAL COUNCIL
On agenda: 11/6/2023 Final action: 11/20/2023
Enactment date: 11/6/2023 Enactment #: LA-24-23
Title: AN ACT AMENDING TITLE 18 OF THE CHEROKEE NATION CODE ANNOTATED
Sponsors: Mike Shambaugh, Victoria Vazquez, Dora Patzkowski, Johnny Kidwell , Daryl Legg, E. O. "JR." Smith
Indexes: corporations, Dividends
Code sections: Title 18 - Corporations
Attachments: 1. LA-24-23
Related files: CNCA-18, 12-056, LA-32-04, LA-37-05, 10-019, 13-124, LA-16-96, 21-119, 22-033
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 "Dividend Technical Amendment Act of 2023" and codified under Title 18, Chapter 1, Section 18 of the Cherokee Nation Code Annotated.

Section 2. Purpose

The purpose of this legislative act is to amend and clarify the legislative provision relating to the dividend.

Section 3. Legislative History

LA-16-96
LA-4-04
LA-32-04
LA-37-05
LA-11-10
LA-27-11
LA-23-12
LA-15-22

Section 4. Substantive Provisions

Title 18, Chapter 1, Section 18 shall be amended as follows:

? 18. Monthly cash dividend

A. Those business entities in which Cherokee Nation is the sole or majority shareholder, and that are organized 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. In addition to the dividend required to be issued under Subsection (A) of this Section, those business entities in which Cherokee Nation is the sole or majority shareholder, and that are organized 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 to Cherokee Nation citizens who reside anywhere within the fourteen county jurisdictional area, except for the Cherokee Nation Health Services Eyeglass and Heari...

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