|
U.S. Code as of:
01/19/04
Section 695. Tribal property
(a) Procedure for transfer
Upon request of a tribe, the Secretary is authorized within two
years from August 13, 1954, to transfer to a corporation or other
legal entity organized by the tribe in a form satisfactory to the
Secretary title to all or any part of the tribal property, real and
personal, or to transfer to one or more trustees designated by the
tribe and approved by the Secretary, title to all or any part of
such property to be held in trust for management or liquidation
purposes under such terms and conditions as may be specified by the
tribe and approved by the Secretary, or to sell all or any part of
such property and make a pro rata distribution of the proceeds of
sale among the members of the tribe after deducting, in his
discretion, reasonable costs of sale and distribution.
(b) Property not transferred in accordance with recognized
procedure; election to retain property
Title to any tribal property that is not transferred in
accordance with the provisions of subsection (a) of this section
shall be transferred by the Secretary to one or more trustees
designated by him for the liquidation and distribution of assets
among the members of the tribe under such terms and conditions as
the Secretary may prescribe: Provided, That the trust agreement
shall provide for the termination of the trust not more than three
years from the date of such transfer unless the term of the trust
is extended by order of a judge of a court of record designated in
the trust agreement: Provided further, That the trust agreement
shall provide that at any time before the sale of tribal property
by the trustees the tribe may notify the trustees that it elects to
retain such property and to transfer title thereto to a
corporation, other legal entity, or trustee in accordance with the
provisions of subsection (a) of this section, and that the trustees
shall transfer title to such property in accordance with the notice
from the tribe if it is approved by the Secretary.
(c) Compensation of agents or attorneys
The Secretary shall not approve any form of organization pursuant
to subsection (a) of this section that provides for the transfer of
stock or an undivided share in corporate assets as compensation for
the services of agents or attorneys unless such transfer is based
upon an appraisal of tribal assets that is satisfactory to the
Secretary.
(d) Selection of trustees; approval by Secretary
When approving or disapproving the selection of trustees in
accordance with the provisions of subsection (a) of this section,
and when designating trustees pursuant to subsection (b) of this
section, the Secretary shall give due regard to the laws of the
State of Oregon that relate to the selection of trustees.
|
|