Records & Stock — Northway Natives, Inc.

Your NNI Stock

Stock is an ownership interest in a corporation, in this case Northway Natives, Inc. Each unit of ownership is called a share, and a stock certificate states how many shares you own and their class.

Under ANCSA, each of NNI's 206 original enrollees, including adults of all ages and any child born on or before December 17, 1971, was issued 100 shares. As the years have passed, many original shareholders' shares have been transferred to their descendants or heirs.

The 1991 ANCSA Amendments, signed into law in February 1988, extended voting rights to heirs of shareholders regardless of blood quantum, and gave shareholders the right to gift some or all of their stock to eligible descendants.

NNI stock may not be sold.

It may only be transferred in two ways:

Gifting, within the restrictions set by ANCSA
Inheritance, through a will, stock will, or Alaska law

Inheritance of Stock

Alaska Statutes set out how NNI stock is inherited through estate settlement. When a shareholder passes away, the process works like this:

01

Notification of Death

NNI receives notification of the shareholder's death, usually a death certificate.

02

Affidavit of Inheritance

A family member of the deceased fills out an affidavit of inheritance form to begin the process. This written statement, made under oath before a notary public, lists the names of the deceased's surviving relatives.

03

Will Search

If no will or stock will is on file with NNI, letters of request are sent to family members, the Alaska Probate Office, Alaska Legal Services, and Tanana Chiefs Conference.

04

Transfer of Shares

If a valid will or stock will is found, shares are transferred as it specifies, using whichever has the most recent date. If no will can be found, ANCSA directs NNI to follow Alaska's laws of intestate succession, based on the inheritance affidavit.

Stock Wills

NNI has a testamentary disposition, or stock will, form that any shareholder may use to name who will inherit their NNI stock. Completed stock wills are kept in a fireproof safe at the NNI office.

To request a copy, contact the NNI office at (907) 778-2298.

Custodians for Minors

Some NNI shareholders are under 18. Like adults, they own shares, are entitled to distributions, and have their votes represented. Under Alaska Statutes, a custodian, usually a parent or legal guardian, receives distributions and votes on their behalf.

Every minor must have a custodian appointment form on file before any money is released or shares are voted.
If a custodian is appointed by a court or an adoption takes place, copies of the court orders or signed adoption papers must be sent to NNI.
At 18, the custodian is removed from the record and the shareholder gains full control of their stock.

Shareholder Records

Your shareholder information is confidential.

All NNI shareholder records are kept in a fireproof safe at the NNI office and in an online shareholder records database. To protect your information, social security numbers are not stored online. Shareholder files are only released to the shareholder, or to a third party with the shareholder's written permission.

Updating Your Information

Maintaining over 260 shareholder records is an ongoing task. Any changes, such as a new address or a name change after marriage, must be submitted in writing along with the appropriate documentation.

Mail Updates To

Northway Natives, Inc.
P.O. Box 401
Northway, Alaska 99764

Questions

Call the NNI office at (907) 778-2298 for address or name change forms, stock will forms, or custodian appointment forms.