Tanadgusix Corporation (Company) was incorporated according to the Alaska Native Claims Settlement Act (Act), which settled the Alaska Native land claims. Under the terms of the Act (and amendments), the Company received a share of the Alaska Native Fund and the surface estate of 138,240 acres of land. At September 30, 1998, the Company has received patent to 462.28 acres and interim conveyances to approximately 112,860 acres of land. The regional corporation within whose designated boundaries the Company is located will receive title to the subsurface estate. Until developed, leased or sold to third parties, lands conveyed to the Company according to the Act are exempt from adverse possession and similar claims and real property taxes with certain exceptions.
Under the provisions of the Act, the Company’s stock and rights thereto may not be sold or pledged or treated as an asset under Title 11. However, the stock may be transferred to a Native or a descendant of a Native in certain circumstances or by inheritance. The stock carries voting rights only if the holder thereof is an eligible Native or a descendant of a Native.
In addition to the basic settlement under the Act, under Section 7(i), regional corporations are required to distribute 70% of any net revenues derived from timber resources and subsurface estate to the other regional corporations who then redistribute to the village corporations and at-large shareholders in their regions. The Company’s primary businesses include hotels, leasing of facilities and equipment, fuel distribution, and fishing and transportation vessels operations. Also included are environmental contracting, power development and distribution.