Stock Transfers
Stock transfers are accepted in the occurrence of Death or may be made as a Gift.
All transfers must be made in whole shares.
Stock transfers through the death of a shareholder are without restriction. The recipient (donee) is neither required to be of Alaska Native descent or related to the deceased shareholder; however, shares transferred to non-Alaska Natives will become non-voting shares.
Transfers due to Death fall under three categories:
1. The first category is that in which the deceased shareholder leaves a valid Will. In this case, the shares of stock belonging to the deceased shareholder will be transferred as directed in his/her Will.
2. The second category is where the deceased shareholder has utilized the form on the back of his/her stock certificate to direct the disposition of their stock, and has signed this form in front of a Notary Public. In this case, the shares of stock belonging to the deceased shareholder will be transferred as directed by the decedent in the signed disposition form.
3. The third category is the one that presents the most problems. In this case, the shareholder dies without validly completing the form on the back of their stock certificate and without leaving a Will. Alaska law governs ANCSA stock, no matter where a shareholder resides, and therefore the laws of the State of Alaska governing intestate (without a Will) succession apply. There are several specific rules that may apply, and often the results in a disposition of shares is not what the shareholder would have chosen.
A Haida Corporation shareholder may give some or all of their stock to another person as a Gift; however, there are several conditions that must be met.
1) The recipient must be an Alaska Native or the descendant of an Alaska Native (including adopted descendants).
2) The recipient must be related to the person giving them the stock. In particular, a shareholder can only Gift stock to their child (including adopted children), grandchild, niece, nephew, brother or sister (if the recipient is over 18). Stock cannot be transferred in the other direction, that is, a child cannot make a Gift of stock to one or both of their parents.
A Gift of stock can be made to a minor who is otherwise qualified to be a recipient of stock; however, a Custodian must be named for the child. The Custodian is responsible for exercising all privileges that go with those shares of stock, but acts in the name of the child, and in the interests of the child. For example, if a dividend is paid by the corporation, the Custodian will receive a check payable to "John Doe as Custodian for Jane Doe". That money does not belong to the Custodian. It belongs to the minor child, and the Custodian is required to use that distribution to the child's benefit.
A Gift of stock cannot be revoked or undone at a later time. All Gifted stock is permanent.
A transfer of Haida Corporation shares will automatically transfer the same number of Units in the Haida Shareholders Trust. Haida Corporation shares and the Trust Unit are tied together and cannot be separated.
If you are interested in transferring stock, please contact us to request the Stock Transfer Form.