Section 10.06.961. Distributions by native corporations to minors in the custody of a state.

   (a) Notwithstanding AS 13.46.085 or the appointment of a guardian of the property of the child under AS 47.10.010, when a child who is in the custody of this state under AS 47.10 or a minor who is in the custody of this state under AS 47.12 or of another state under a provision similar to AS 47.10 or AS 47.12 becomes entitled to receive dividends or other distributions resulting from the ownership of stock or a membership in a corporation organized under this chapter and under 43 U.S.C. 1601 et seq. (Alaska Native Claims Settlement Act), the corporation paying the dividends or making the other distributions shall retain the dividends and other distributions in an interest bearing account for the benefit of the child or minor during the state custody.
   (b) The corporation may not spend, obligate, or otherwise use the property held in an account established under (a) of this section unless the use is approved by a court.
   (c) Upon presentation of proof of entitlement by the person entitled to distribution, the corporation shall distribute the property remaining in an account established under (a) of this section to the
        (1) minor when the minor reaches the age of 18 years, whether or not the minor is still in the state custody;
        (2) legal guardian of the minor, when the state custody terminates while the minor is less than 18 years of age;
        (3) minor's heirs if the minor dies before the distribution.
   (d) The retention and distribution of dividends and distributions under this section is not subject to AS 13.46.
   (e) In this section, "minor" means a person under 18 years of age.

Notes

History

(Sec. 1 ch 81 SLA 1993; am Sec. 1 ch 59 SLA 1996; am Sec. 2 ch 99 SLA 1998; am Sec. 15 ch 56 SLA 2005)