Ouzinkie Native Corporation, a village corporation, was formed July 23rd, 1973, as part of the Alaska Native Claims Settlement Act of 1971. In accordance with ANCSA, the US federal Government returned Alaska natives 44 million acres and $962.5 million in exchange for the termination of aboriginal land claims.
Under ANCSA, ONC was given a broad mission to manage an entitlement of 115,200 acres of surface estate and its share of $2,036,000, distributed out over a ten year period, of the $962.5 million dollar Alaska native fund resolved from this settlement. This settlement soon led to the development of thirteen regional corporations and close to two hundred village corporations.
Upon formation, Ouzinkie Native Corporation (ONC) had 339 original shareholders, all of Alutiiq descent, living in the village of Ouzinkie on Spruce Island, or who were originally from the village. Each shareholder received one hundred shares at incorporation, of which, cannot be sold or traded. Today there are approximately 527 shareholders by way of shares either inherited by new shareholders or were gifted to family members.