29.02.100 Shares in Corporations Wholly Owned by the Tribe; Shareholders; Voting

(a) Shares in wholly tribally owned corporations. Share certificates (or transaction statements for uncertificated shares) of corporations wholly owned, directly, by the Tribe shall be issued in the name of the Tribe, and all such shares shall be held by and for the Tribe. No member of the Tribe shall have any personal ownership interest in any corporation wholly owned, directly or indirectly, by the Tribe, whether by virtue of such person's status as a member of the Tribe or otherwise.

(b) Shares. A corporation wholly owned, directly, by the Tribe may not issue preferred or special shares.

(c) Voting. A member of the Tribal Council or Board shall be authorized to vote shares of the corporation owned by the Tribe in the following manner: Each member shall have the right to vote that number of shares which is equal to a fraction of the total shares owned by the Tribe. The fraction is calculated by dividing the total number of shares owned by the Tribe by the number of Tribal Council members holding such office at the date on which the vote is taken. Each member of the Tribal Council shall enjoy such voting rights in the corporation as is provided by the Constitution and bylaws of the Tribe to such person as a member of the Tribal Council. Such voting rights shall be enjoyed for as long as such council member remains a duly elected member of the Tribal Council. In voting the shares of a corporation wholly owned by the Tribe, the members of the Tribal Council are acting not in a personal capacity but in a representative capacity on behalf of the Tribe itself and shall have a duty to act in the best interest of the Tribe.

(d) Proxies illegal. Any proxy given for the voting of shares in a corporation wholly owned, directly or indirectly, by the Tribe shall be void and unenforceable.

(e) Voting trusts illegal. Any voting trust agreement for any interest held in a corporation wholly owned, directly or indirectly, by the Tribe shall be void and unenforceable.

(f) Shareholder control agreements illegal. Any shareholder control agreement, sometimes referenced as a pooling agreement, for any interest held in a corporation wholly owned, directly or indirectly, by the Tribe shall be void and unenforceable.