A Section 17 corporation is a federally chartered entity established under Section 17 of the Indian Reorganization Act of 1934 (IRA). This provision, codified at 25 U.S.C. 5124, grants the Secretary of the Interior the authority to issue corporate charters to IRA-organized tribes.
The Securities Exchange Act requires disclosure of important information by anyone seeking to acquire more than 5 percent of a company's securities by direct purchase or tender offer.
In order to establish a Section 17 corporation, a tribe must submit a resolution adopted by its tribal council petitioning for the issuance of a Federal Charter of Incorporation to the appropriate Bureau of Indian Affairs (BIA) regional office.
Section 17 (a) of the Securities Act of 1933 prohibits companies, their executives, and others from engaging in fraudulent contact that negatively impacts investors.
In recent years, the Securities and Exchange Commission has increasingly relied on Section 17 (a) of the 1933 Securities Act. Indeed, many of the cases the SEC has brought in the wake of the recent financial crisis have been charged solely under Section 17 (a).
Section 17 incorporation provides a separation of the business entity from the tribal government body. A Section 17 corporation holds assets or property separately from the tribal governing...
(a) It shall be unlawful for any person in the offer or sale of any securities by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, directly or indirectly-
It’s been over a year since Tribal Council passed a resolution (No. 182 — 2014) authorizing a draft to be crafted for a Section 17 corporate charter for the Eastern Band of Cherokee Indians.