Corporate Structures
6. (1) The following bodies shall be responsible for the management of the compensation and benefits received by the Inuvialuit pursuant to this Agreement:
(a) The Inuvialuit Regional Corporation, a corporation without share capital, to generally represent the Inuvialuit and their rights and benefits, to receive initially the Settlement lands and financial compensation, for transfer, in respect of lands, to the Inuvialuit Land Corporation and, in respect of financial compensation, to the Inuvialuit development Corporation, the Inuvialuit Investment Corporation and the Inuvialuit Petroleum Corporation, in such amounts as the Inuvialuit Regional Corporation may determine; also to administer the Inuvialuit lands through its division, the Inuvialuit Land Administration, and to take responsibility for matters related to the supervision, management and administration of such lands, and to hold 100% of all voting shares in each of the Inuvialuit development Corporation, Inuvialuit Investment Corporation, Inuvialuit Land Corporation, and Inuvialuit Petroleum Corporation which receives financial compensation (subsection 15(2) capital transfer payments).
As amended by P.C. 1987-26, January 15, 1987 and by P.C. 2004-337, March 30, 2004
(b) One Inuvialuit community corporation, without share capital, for each community, together to control the Inuvialuit Regional Corporation;
As amended by P.C. 1987-26, January 15, 1987
(c) the Inuvialuit Land Corporation, a corporation to own the lands received in the Settlement ;
As amended by P.C. 1987-26, January 15, 1987
(d) the Inuvialuit development Corporation, a corporation to receive a portion of the financial compensation and to carry on business either directly or through ownership of shares in, or participation in ventures with, other businesses;
As amended by P.C. 1987-26, January 15, 1987
(e) the Inuvialuit Investment Corporation, a corporation to receive a portion of the financial compensation and to invest in portfolio securities of whatsoever nature; and
As amended by P.C. 1987-26, January 15, 1987
(f) the Inuvialuit Trust, of which the capital and income beneficiaries would be the Inuvialuit Regional Corporation and the eligible individual Inuvialuit beneficiaries holding trust unit certificates, to acquire by Settlement from Inuvialuit Regional Corporation, 100% of the non-voting shares of Inuvialuit Land Corporation, Inuvialuit development Corporation, Inuvialuit Investment Corporation and Inuvialuit Petroleum Corporation acquired by Inuvialuit Regional Corporation on the transfer of land and financial compensation pursuant to subsection 6(1)(a).
As amended by P.C. 1987-26, January 15, 1987 and by P.C. 2004-337, March 30, 2004
6. (2) Subject to subsection (1), the internal structures and the powers and responsibilities of the bodies described in that subsection shall be determined by the Inuvialuit .
6. (3) The rule against perpetuities shall not apply to the Inuvialuit Trust.
6. (4) The following principles shall apply to the bodies described in subsection (1):
(a) the Inuvialuit enrolled in the Inuvialuit Land Rights Settlement shall share equally in the benefits received by the various Inuvialuit corporations and distributed through the Inuvialuit Trust; therefore, each eligible Inuvialuk, upon attaining eighteen (18) years of age, shall be entitled to enrol as a beneficiary and, upon enrolment, to receive a life interest only in the same number of trust units, which units shall be non-transferable, in the Inuvialuit Trust. Any profits derived from any development of Inuvialuit lands and distributed through the Inuvialuit Trust shall be shared equally by all enrolled Inuvialuit , but each community corporation shall have control over any development activity approved by the Inuvialuit Land Administration or the Inuvialuit Regional Corporation in respect of the block of land slected near that community pursuant to p aragraph 7(1)(a) ;
As amended by P.C. 1987-26, January 15, 1987 and P.C. 1988-1644, August 11, 1988
(b) no tax shall be levied by federal, territorial, provincial or municipal Government s in respect of any transactions occurring from time to time whereby shares or interests are allotted and issued by the Inuvialuit corporations in respect of receipt of financial compensation (section 15(2) capital transfer payments) and whereby such shares or interests are received by any of the Inuvialuit who became enrolled under the Settlement from time to time, whether they are received directly from any of the Inuvialuit corporations or by a trustee acting on behalf of such Inuvialuit ;
As amended by P.C. 2004-337, March 30, 2004
(c) control of the Inuvialuit corporations shall be vested in the Inuvialuit beneficiaries through the Inuvialuit Regional Corporation and their community corporations. Control of each community corporation shall be vested in the Inuvialuit resident in that community;
(d) restrictions shall be placed by the Inuvialuit Regional Corporation from time to time on any financial distributions from the Inuvialuit corporations to encourage the preservation of the financial compensation for the benefit of future generations of Inuvialuit .
Repealed and replaced by P.C. 1988-1644, August 11, 1988
6. (5) The financial compensation received by the Inuvialuit Regional Corporation on behalf of the Inuvlaluit pursuant to subsection 15(2) shall, when transferred to the Inuvialuit development Corporation, the Inuvialuit Investment Corporation, and the Inuvialuit Petroleum Corporation as received from time to time by each corporation, be added to the stated capital accounts maintained for the class or classes of shares settled on the Inuvialuit Trust and Inuvialuit Regional Corporation, and shall constitute paid-up capital in respect of such class or classes of shares of the corporations for purposes of the Income Tax Act; and the adjusted cost base to the Inuvialuit Regional Corporation of such shares shall be equal to such paid up capital.
As amended by P.C. 2004-337, March 30, 2004
6. (6) The Inuvialuit Investment Corporation, the Inuvialuit development Corporation and the Inuvialuit Land Corporation shall be deemed to be Canadian Controlled Private Corporations within the meaning of the Income Tax Act of Canada .
As amended by P.C. 2004-337, March 30, 2004