Ninilchik Natives Association, Inc. (NNAI) was incorporated in November of 1972 following the passage of the Alaska Native Claims Settlement Act (ANCSA) by congress in 1971. NNAI is an Alaskan Village Corporation owned by a total of 367 shareholders. The corporation’s shares are divided into two classes; essentially distinguishing between Native and non-Native shareholders.
Class A Common Stock is held by a total of 329 Native Shareholders and Native descendants, representing approximately 93% of the total shares issued. Class A Common Stockholders are entitled to receive dividends and hold voting rights. Class A Common Stock may be converted to Class B Common Stock and left to beneficiaries who are non-Native via a Stock Will.
Class B Common Stock is held by 38 non-Native shareholders; recipients of shares through willed inheritance from Native shareholders. Class B stockholders are entitled to dividends but do not retain voting rights.
Should shares pass back to a Native they are once again entitled to voting rights and revert to Class A Common Stock.