When Evansville, Inc. was established under the Alaska Native Claims Settlement Act (ANCSA) 82 shareholders were initially given 100 shares of voteable stock. Each share of stock is equivalent to 7 votes so that translates to 57,400 votes in total. Over the years, the number of shareholders and voteable shares has fluctuated depending on how shares were transferred to heirs. Voting shares are held by a person who is either "Native" or a "descendant of a Native" and are labeled 'Class A'. A non-Native who has inherited shares owns stocks labeled 'NV' and are non-voting shares.
Though you may not own 100 shares, your shares are critically important to this relatively small corporation. With that stock ownership comes three important responsibilities:
1. Keeping current records. Stock records are the only way Evansville, Inc. can maintain contact with its shareholders so it is vitally important every shareholder keeps their name (in the event of marriage), mailing address, phone number and e-mail address up-to-date.
2. Voting in corporate elections. Voting in the annual election of directors and participating in any other votes that may arise is important because it not only shows that the shareholders care about their corporation but it is also mandatory that a quorum of more than 50% of votes are cast in order for the annual meeting to be valid. If less than 50% of votes are received the meeting must be rescheduled which means time and money have been spent that could impact the determination of any distributions made to shareholders.
3. Maintaining a current Stock Will. Keeping a valid, up-to-date Stock Will ensures your stock will be inherited by those you intend. Without a Stock Will, we are required by law to follow the State of Alaska Intestate laws. This means your shares may not end up going to those you assume.
In order for stocks to be transferred, law requires certain steps must be followed. On the back of every stock certificate is a "Stock Will". We always encourage shareholders to complete this because it will ensure shares will pass to whomever is listed. This must be completed on EACH stock certificate a shareholder owns. If a Stock Will is not completed, a "General Will" completed with another agency or attorney may be taken into account for passing on an individual's shares to heirs, provided Evansville, Inc. shares are specifically mentioned in the General Will or if it contains a residual clause. If no stock will or general will exists, shares will be distributed by the Alaska State Laws of Intestacy. This means the closest relative(s) will receive the shares, usually in order of: 1) spouse, 2) children (if spouse deceased), 3) grandchildren (if spouse & children deceased)
It is important to update your stock will when changes in life occur, such as: marriage, birth, death or divorce.