header-left header-right
File #: 10-019    Version: Name: Jobs Growth Amendment Act of 2010
Type: Legislative Act Status: Passed
File created: 2/12/2010 In control: TRIBAL COUNCIL
On agenda: 3/15/2010 Final action: 3/14/2010
Enactment date: 3/14/2010 Enactment #: LA-11-10
Title: AN ACT AMENDING LEGISLATIVE ACT 37-05 RELATING TO CREATING OF JOBS GROWTH
Sponsors: Meredith Frailey
Indexes: Jobs Growth Act , Jobs, Language & Community
Code sections: Title 18 - Corporations, Title 62 - Public Finance
Attachments: 1. LA-11-10
Related files: LA-16-96, LA-37-05, LA-32-04, 23-067, 13-124, 12-056
Title
AN ACT AMENDING LEGISLATIVE ACT 37-05 RELATING TO CREATING OF JOBS GROWTH
Body
BE IT ENACTED BY THE CHEROKEE NATION:
 
Section 1.      Title and Codification
 
This Act shall be referred as the "Jobs Growth Amendment Act of 2010" and codified under Title ____ Section ______ of the Cherokee Nation Code Annotated (CNCA).
 
Section 2.      Purpose
 
The purpose of this Act is to allow the formulation of one common Board of Directors for major corporations owned by the Cherokee Nation and allow the dissolution of the Board of Directors for CNE and CNI.  An overarching goal of the consolidation is to provide a method whereby all companies are aligned strategically.  This can only be accomplished with one governing body providing direct oversight of the consolidated group of companies.
 
Section 3.      Legislative History
 
            Legislative Act 96-16      Cherokee Nation General Corporation Act
            Legislative Act 32-04      Cherokee Nation Limited Liability Corporation Act
            Legislative Act 37-05      Jobs Growth Act
 
Section 4.      Definitions
 
            For the Purposes of this Act:
 
"Parent Company" means a company that owns a majority of the shares in another company or companies.
 
"Subsidiary" means a company owed by another company.  If a subsidiary is wholly owned, all its stock is held by the parent company.
 
Section 5.      Substantive Provisions
 
            (Amendment)
 
A.      Jobs Growth.
 
d.      CNB Board of Directors shall be comprised of no more than seventeen (17) members and shall, upon the dissolution of the CNE and CNI boards, be comprised of the then-current CNB directors the former members of the dissolved CNE and CNI boards. Other subsidiaries may have directors as allowed by Cherokee law.
 
Section 6.      Provisions as cumulative
 
      The provisions of this act shall be cumulative to existing law.
 
Section 7.      Severability
 
      The provisions of this act are severable and if any part of provision hereof shall be held void the decision of the court so holding shall not affect or impair any of the remaining parts or provisions of this act.
 
Section 8.      Effective Date
 
      The provisions of this act shall become effective thirty (30) days from and after the date of its passage and approval.
 
 
Enacted by the Council of the Cherokee Nation on the 15th day of March, 2010.