The Alaska state legislature recently passed a bill reducing quorum requirements for certain Alaska Native Corporations at their annual shareholder meetings. Under HB 149, which is expected to be signed into law by Alaska Governor Bill Walker, ANCs established before July 1989 would be able to adopt a quorum requirement of only one-third of voting shares. Current rules stipulate that a minimum quorum requirement for these corporations is more than 50 percent of voting shares.
In order for pre-July 1989 ANCs to adopt the lower quorum standards, a two-thirds majority of shares represented in person or by proxy at an annual meeting must approve an amendment to the Articles. Going forward, the reduced quorum requirement may not be used to adopt other amendments to the Articles, or to adopt resolutions governed by ANCSA voting rules, such as the creation of a new settlement trust. Other routine business matters—including electing new board officers, directors, etc.—could be conducted with a quorum of just one-third of shareholders. The full text of the bill can be read here.