Ahtna shareholders voted on June 7, 2008 to approve the issuance of Class L stock to descendants of original Ahtna shareholders born after December 18, 1971 and meeting certain eligibility requirements.
Class L Eligibility Criteria
- Descendants of an original Ahtna shareholder (meaning a direct descendant such as a child, grandchild, etc.) and;
- ¼ or more Alaska Native blood quantum and;
- Born after December 18, 1971 and;
- United States Citizen and;
- Are not shareholders of another ANCSA Regional Corporation (except by gifting or inheritance)
Eligible descendants receive 100 shares of Class L Stock. If the descendant is a minor, they receive 30 shares upon enrollment, and an additional 70 shares upon reaching 18 years of age and receiving a High School Diploma, GED or equivalent, or reaching 21 years of age without a High School Diploma, GED or equivalent.
Note: If you are a Class L shareholder who was enrolled as a minor, are now at least 18 years of age and have received your high school diploma, GED or equivalent, Shareholder Services needs proof of graduation/completion (such as a copy of your diploma) so they can issue your remaining shares to you. Class L stock is managed under a separate program from Graduate Gift requests and requires its own proof of graduation for shares to be issued.
Here are some responsibilities and benefits of becoming an Ahtna shareholder.
Dividends & Distributions
Class L shareholders receive dividends from Ahtna on the same basis as other classes of Ahtna stock, except that Class L shares are not entitled to receive special distributions of natural resource revenues under 7(j).
One of the main responsibilities of being an Ahtna shareholder is to vote in Ahtna elections and on other matters presented to the shareholders for a vote. Shareholders who own voting shares are responsible for ensuring the long-term strength of Ahtna by electing a Board of Directors. Class L shares are considered voting shares. If you are under 18 years of age, your 30 shares of Class L stock can be voted by your custodian until you reach the age of 18.
Class L stock is “life estate” stock, which means that it is only issued for your lifetime. Upon your death, the stock is cancelled without compensation to your heirs. Class L stock and the right to receive dividends and distributions may not be sold, pledged, assigned in present or future, or transferred by gift, even if restrictions on transfer end for other Ahtna stock.
It is each shareholder’s responsibility to promptly advise Ahtna of any change in: address; name; direct deposit instructions; power of attorney; or guardian/conservator or custodian.