The voting standard that allows a resolution to pass only if it has the support of a majority of all the eligible voting shares of the Corporation. This standard is more difficult to attain.
FAQ Category: Glossary of Terms
Simple Majority
The voting standard that allows a resolution to pass with 50% plus one share of all shares present at a meeting in person or by proxy; this is the standard that would be used for the resolution on descendant enrollment.
Shareholder Descendant
A person who is, by blood or adoption, the child, grandchild, great-grandchild, etc. of an original shareholder of CAC.
Quorum
The minimum number of shares that must be present in person or by proxy to validate an election. This number is usually 33% plus one of the total eligible voting shares of the Corporation.
Capitalize Voting Stock This is a class of stock that does not carry voting rights. Non-voting stock results when a non-Native receives shares. Original Shareholder
A shareholder who received stock in CAC pursuant to original issue under ANCSA.
Non-Capitalize Voting Stock
This is a class of stock that does not carry voting rights. Non-voting stock results when a non-Native receives shares.
Lineal Descendant
A person who is the child, grandchild, great-grandchild, etc. of an original shareholder of CAC. A lineal descendant must be able to trace a direct ancestor (parent, grandparent, great-grandparent, etc.) as an original CAC shareholder.
Life Estate Stock
Shares that cease to exist upon the death of the owner of the shares. They extinguish entirely, without compensation, and no further voting or distribution rights are recognized. Life estate stock cannot be gifted or passed by inheritance.
Inherited Shares
Original shares that have passed to an heir or heirs upon the death of the original shareholder, by will or testamentary disposition, or according to the Alaska statutes governing intestate succession.
Gifted Shares
Shares that a shareholder has gifted, while the shareholder is still alive, to an individual or individuals like a child, grandchild, great-grandchild, brother, sister, niece or nephew. If the recipient has any amount of Alaska Native blood quantum, the shares remain voting shares. If the recipient is non-Native, the shares become non-voting shares. If the nonvoting shares revert to Native ownership, they become voting shares again.