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U.S. Code as of:
01/19/04
Section 1625. Securities laws exemption
(a) Laws; termination date of exempt status
A Native Corporation shall be exempt from the provisions, as
amended, of the Investment Company Act of 1940 (54 Stat. 789) [15
U.S.C. 80a-1 et seq.], the Securities Act of 1933 (48 Stat. 74) [15
U.S.C. 77a et seq.], and the Securities Exchange Act of 1934 (48
Stat. 881) [15 U.S.C. 78a et seq.] until the earlier of the day
after -
(1) the date on which the corporation issues shares of stock
other than Settlement Common Stock in a transaction where -
(A) the transaction or the shares are not otherwise exempt
from Federal securities laws; and
(B) the shares are issued to persons or entities other than -
(i) individuals who held shares in the corporation on
February 3, 1988;
(ii) Natives;
(iii) descendants of Natives;
(iv) individuals who have received shares of Settlement
Common Stock by inheritance pursuant to section 1606(h)(2) of
this title;
(v) Settlement Trusts; or
(vi) entities established for the sole benefit of Natives
or descendants of Natives; or
(2) the date on which alienability restrictions are terminated;
or
(3) the date on which the corporation files a registration
statement with the Securities and Exchange Commission pursuant to
either the Securities Act of 1933 [15 U.S.C. 77a et seq.] or the
Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.].
(b) Status of Native Corporations after termination date
No provision of this section shall be construed to require or
imply that a Native Corporation shall, or shall not, be subject to
provisions of the Acts listed in subsection (a) of this section
after any of the dates described in subsection (a) of this section.
(c) Annual report to shareholders; shareholders of record
(1) A Native Corporation that, but for this section, would be
subject to the provisions of the Securities Exchange Act of 1934
[15 U.S.C. 78a et seq.] shall annually prepare and transmit to its
shareholders a report that contains substantially all the
information required to be included in an annual report to
shareholders by a corporation subject to that Act.
(2) For purposes of determining the applicability of the
registration requirements of the Securities Exchange Act of 1934 on
or after the date described in subsection (a) of this section,
holders of Settlement Common Stock shall be excluded from the
calculation of the number of shareholders of record pursuant to
section 12(g) of that Act [15 U.S.C. 78l(g)].
(d) Wholly owned subsidiaries; Settlement Trusts; voluntary
registration as Investment Company
(1) Notwithstanding any other provision of law, prior to January
1, 2001, the provisions of the Investment Company Act of 1940 [15
U.S.C. 80a-1 et seq.] shall not apply to any Native Corporation or
any subsidiary of such corporation if such subsidiary is wholly
owned (as that term is defined in the Investment Company Act of
1940) by the corporation and the corporation owns at least 95 per
centum of the equity of the subsidiary.
(2) The Investment Company Act of 1940 shall not apply to any
Settlement Trust.
(3) If, but for this section, a Native Corporation would qualify
as an Investment Company under the Investment Company Act of 1940,
it shall be entitled to voluntarily register pursuant to such Act
and any such corporation which so registered shall thereafter
comply with the provisions of such Act.
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