The Board of Directors is in the process of setting up a sustainable and predictable way in which to provide a permanent source of long term distributions to the shareholders. Thank you shareholders for approving this during the 2023 Annual Meeting via proxy.
A Settlement Trust is a trust organized under ANSCA and Alaska Law to provide certain benefits to the shareholders of a specific corporation. The trust will make a special tax election, which permits the trust to be taxed at a very favorable rate of 10% on ordinary income such as interest income and 0% on capital gains and dividends. The main advantage of a trust is that once it is set up it cannot be changed. The executive officers of Deloycheet, Inc. will be the trustees. Under Alaska Law, a director must always act in good faith for the benefit of the shareholders, exercising the same judgement a reasonable and prudent person would exercise. Alaska Law requires a trustee to act in the same manner.
Once this trust has sufficient funds, the principal amount will remain in place and the interest distributed. This is one means of providing a distribution.
