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 344 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 323 Native Shareholders and Native descendants, representing 19,045 shares of the total 20,604 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. A total of 1,559 shares of Class B stock have been issued. Class B stockholders are entitled to dividends but do not retain voting rights.