The trust is dissolved and title reverts on formal resolution
What the document says“on formal resolution by the Village Corporation and the residents of the Native village requesting dissolution of the trust, the trust shall be dissolved and title to the land shall revert to the Village Corporation, subject to subclause (III).”
The operative words of subclause (I). Where its conditions are met, two things follow: the trust is dissolved, and title to the land reverts to the Village Corporation. Both turn on a formal resolution, and the text requires one from two parties, the Village Corporation and the residents of the Native village. The reversion is made subject to subclause (III). The subclause does not name who dissolves the trust and sets no deadline for it.
What the document actually says“on formal resolution by the Village Corporation and the residents of the Native village requesting dissolution of the trust, the trust shall be dissolved and title to the land shall revert to the Village Corporation, subject to subclause (III).”
The village group and the people of the village must both ask. They ask in a formal vote. Then the trust ends. The land goes back to the group.
Going back means the group owns it again. Part three sets limits on that. This part does not say how long it takes.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.