Section 17 Corporation

What is section 17.

Section 17 corporation. To form a section 17 corporation a tribe must draft a charter submit it for approval to the bureau of indian affairs and receive an approval article or certificate signed by the secretary of the interior. 182 is seeking economic diversification that will benefit the tribe into the. A section 17 corporation may be used by a tribe as its vehicle for carrying out business activities as discussed in more detail in section 2 below.

Section 17 corporations state law corporations and limited liability companies tribally chartered corporations tribally chartered limited liability companies no one structure will work for every tribe or even every tribally owned business. A section 17 corporation provides a framework by which a tribe can segregate tribal business assets and liabilities from the assets and liability of tribal governmental assets. 182 2014 authorizing a draft to be crafted for a section 17 corporate charter for the eastern band of cherokee indians.

The allocation limit of section 4 c. Actions of the section 17 corporation may require approvals by the governing body of the tribe or again by the general council. Section 477 section 17.

It also preserves the integrity of the decision making process of tribal governmental officials by separating business decisions. Of this notice for any one indian tribal government applies to the applicant without regard to how the proposed bonds are issued i e whether the issuer is a subdivision of an indian tribal government a section 17 corporation or a pool bond issuer f. An ira section 17 corporation is only authorized to exercise the powers specified in the corporation s charter.

A tribe may incorporate under section 17 of the indian reorganization act ira of 1934 25t u s c. The main goal per res. It s been over a year since tribal council passed a resolution no.

Section 17 describes the powers that may be conferred on a corporation by its charter. A section 17 chartered corporation is a federally chartered corporation so we said that we need to diversify our revenues he said. An approval article or certificate signed by the secretary of the interior is evidence of incorporation under the indian reorganization act.