Established as an Alaskan Native Village Corporation, Cully Corporation was organized in 1971 under the Alaska Native Land Claims Settlement Act (ANSCA). Alaskan Native Corporations were created by ANCSA as the mechanism for distributing land and monetary benefits to Alaska Natives. With ANCSA’s passage, Alaska Natives relinquished their land claims for the return promise of the establishment of Alaskan Native Corporations, which are state-chartered for-profit corporations, with the ability and resources to advance the real economic and social needs of Alaska Natives.
Under ANCSA, an Alaskan Native Corporation is considered to be owned and controlled by Alaska Natives and to be a minority and economically disadvantaged business enterprise as long as the stock that is held by Natives and their descendants represents a majority of both the total equity of the corporation and the total voting power of the corporation for electing directors.
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