20 CFR 416.1228 – Exclusion of Alaskan natives’ stock in regional or village corporations
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(a) In determining the resources of a native of Alaska (and spouse, if any) there will be excluded from resources, shares of stock held in a regional or village corporation during the period of 20 years in which such stock is inalienable, as provided by sections 7(h) and 8(c) of the Alaska Native Claims Settlement Act (43 U.S.C. § 1606, 1607). The 20-year period of inalienability terminates on January 1, 1992.
Terms Used In 20 CFR 416.1228
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) As used in this section, native of Alaska has the same meaning as that contained in section 3(b) of the Alaska Native Claims Settlement Act (43 U.S.C. § 1602(b)).