Sec. 1407. shareholder homesites
176 words·~1 min read·
/statute-compilations/comps-209/sec-1407A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 1407 shareholder homesites Section 21 of the Alaska Native Claims Settlement Act is amended by adding a new subsection at the end thereof, as follows: > > ### “(j) > > A real property interest distributed prior to December 18, 1991, pursuant to a program to provide homesites to its shareholders, shall be deemed conveyed and received pursuant to this Act: *Provided,* That the land received is restricted by covenant for a period not less than ten years to single-family (including traditional extended family customs) residential occupancy, and by such other covenants and retained interests as the Village Corporation deems appropriate; *Provided further,* That the land conveyed does not exceed one and one-half acres: *Provided further,* That the shareholder receiving the homesite, if the shareholder subdivides the land received, shall pay all Federal, State, and local taxes which would have been incurred but for this subsection, together with simple interest at six percent per annum calculated from the date of receipt of the land to be paid to the appropriate taxing authority.” > .