P.L. 92–203, Approved December 18, 1971 (85 Stat. 688)

SEC. 3. [43 U.S.C. 1602]  Definitions

For purposes of this chapter, the term—

(c)  “Native Village” means any tribe, band, clan, group, village, community, or association in Alaska listed in sections 1610 and 1615 of this title, or which meets the requirements of this chapter, and which the Secretary determines was, on the 1970 census enumeration date (as shown by the census or other evidence satisfactory to the Secretary, who shall make findings of fact in each instance), composed of twenty-five or more Natives;

(d)  “Native group” means any tribe, band, clan, village, community, or village association of Natives in Alaska composed of less than twenty-five Natives, who comprise a majority of the residents of the locality;

(g)  “Regional Corporation” means an Alaska Native Regional Corporation established under the laws of the State of Alaska in accordance with the provisions of this chapter;

(j)  “Village Corporation” means an Alaska Native Village Corporation organized under the laws of the State of Alaska as a business for profit or nonprofit corporation to hold, invest, manage and/or distribute lands, property, funds, and other rights and assets for and on behalf of a Native village in accordance with the terms of this chapter.^[305]

SEC. 7. [43 U.S.C. 1606] (a)  For purposes of this Act, the State of Alaska shall be divided by the Secretary within one year after the date of enactment at ^[306] this Act into twelve geographic regions, with each region composed as far as practicable of Natives having a common heritage and sharing common interests. In the absence of good cause shown to the contrary, such regions shall approximate the areas covered by the operations of the following existing Native associations:

(1)  Arctic Slope Native Association (Barrow, Point Hope);

(2)  Bering Straits Association (Seward Peninsula, Unalakleet, Saint Lawrence Island);

(3)  Northwest Alaska Native Association (Kotzebue);

(4)  Association of Village Council Presidents (southwest coast, all villages in the Bethel area, including all villages on the Lower Yukon River and the Lower Kuskokwim River);

(5)  Tanana Chiefs’ Conference (Koyukuk, Middle and Upper Yukon Rivers, Upper Kuskokwim, Tanana River);

(6)  Cook Inlet Association (Kenai, Tyonek, Eklutna, Iliamna);

(7)  Bristol Bay Native Association (Dillingham, Upper Alaska Peninsula);

(8)  Aleut League (Aleutian Islands, Pribilof Islands and that part of the Alaska Peninsula which is in the Aleut League);

(9)  Chugach Native Association (Cordova, Tatitlek, Port Graham, English Bay, Valdez, and Seward);

(10)  Tlingit-Haida Central Council (southeastern Alaska, including Metlakatla);

(11)  Kodiak Area Native Association (all villages on and around Kodiak Island); and

(12)  Copper River Native Association (Copper Center, Glennallen, Chitina, Mentasta).

Any dispute over the boundaries of a region or regions shall be resolved by a board of arbitrators consisting of one person selected by each of the Native associations involved, and an additional one or two persons, whichever is needed to make an odd number of arbitrators, such additional person or persons to be selected by the arbitrators selected by the Native associations involved.

(h)(1)  Rights and Restrictions.—(A) Except as otherwise expressly provided in this Act, Settlement Common Stock of a Regional Corporation shall—

(i)  carry a right to vote in elections for the board of directors and on such other questions as properly may be presented to shareholders;

(ii)  permit the holder to receive dividends or other distributions from the corporation; and

(iii)  vest in the holder all rights of a shareholder in a business corporation organized under the laws of the State.

(B)  Except as otherwise provided in this subsection, Settlement Common Stock, inchoate rights thereto, and rights to dividends or distributions declared with respect thereto shall not be—

(i)  sold;

(ii)  pledged;

(iii)  subjected to a lien or judgment execution;

(iv)  assigned in present or future;

(v)  treated as an asset under—

(I)  title 11 of the United States Code or any successor statute,

(II)  any other insolvency or moratorium law, or

(III)  other laws generally affecting creditors’ rights; or

(vi)  otherwise alienated.

(C)  Notwithstanding the restrictions set forth in subparagraph (B), Settlement Common Stock may be transferred to a Native or a descendant of a Native—

(i)  pursuant to a court decree of separation, divorce, or child support;

(ii)  by a holder who is a member of a professional organization, association, or board that limits his or her ability to practice his or her profession because he or she holds Settlement Common Stock; or

(iii)  as an inter vivos gift from a holder to his or her child, grandchild, great-grandchild, niece, nephew, or (if the holder has reached the age of majority as defined by the laws of the State of Alaska) brother or sister, notwithstanding an adoption, relinquishment, or termination of parental rights that may have altered or severed the legal relationship between the gift donor and recipient.

(2)  Inheritance of Settlement Common Stock.—(A) Upon the death of a holder of Settlement Common Stock, ownership of such stock (unless canceled in accordance with subsection (g)(1)(B)(iii)) shall be transferred in accordance with the lawful will of such holder or pursuant to applicable laws of intestate succession. If the holder fails to dispose of his or her stock by will and has no heirs under applicable laws of intestate succession, the stock shall escheat to the issuing Regional Corporation and be canceled.

(B)  The issuing Regional Corporation shall have the right to purchase at fair value Settlement Common Stock transferred pursuant to applicable laws of intestate succession to a person not a Native or a descendant of a Native after the date of the enactment of the Alaska Native Claims Settlement Act Amendments of 1987 if—

(i)  the corporation—

(I)  amends its articles of incorporation to authorize such purchases, and

(II)  gives the person receiving such stock written notice of its intent to purchase within ninety days after the date that the corporation either determines the decedent’s heirs in accordance with the laws of the State or receives notice that such heirs have been determined, whichever later occurs; and

(ii)  the person receiving such stock fails to transfer the stock pursuant to paragraph (1)(C)(iii) within sixty days after receiving such written notice.

(C)  Settlement Common Stock of a Regional Corporation—

(i)  transferred by will or pursuant to applicable laws of intestate succession after the date of the enactment^[307] of the Alaska Native Claims Settlement Act Amendments of 1987, or

(ii)  transferred by any means prior to the date of the enactment of the Alaska Native Claims Settlement Act Amendments of 1987,

to a person not a Native or a descendant of a Native shall not carry voting rights. If at a later date such stock is lawfully transferred to a Native or a descendant of a Native, voting rights shall be automatically restored.

(3)  Replacement Common Stock.—(A) On the date on which alienability restrictions terminate in accordance with the provisions of section 37, all Settlement Common Stock previously issued by a Regional Corporation shall be deemed canceled, and shares of Replacement Common Stock of the appropriate class shall be issued to each shareholder, share for share, subject only to subparagraph (B) and to such restrictions consistent with this Act as may be provided by the articles of incorporation of the corporation or in agreements between the corporation and individual shareholders.

(B)(i)  Replacement Common Stock issued in exchange for Settlement Common Stock issued subject to the restriction authorized by subsection (g)(1)(B)(iii) shall bear a legend indicating that the stock will eventually be canceled in accordance with the requirements of that subsection.

(ii)  Prior to the termination of alienability restrictions, the board of directors of the corporation shall approve a resolution to provide that each share of Settlement Common Stock carrying the right to share in distributions made to shareholders pursuant to subsections (j) and (m) shall be exchanged either for—

(I)  a share of Replacement Common Stock that carries such right, or

(II)  a share of Replacement Common Stock that does not carry such right together with a separate, non-voting security that represents only such right.

(iii)  Replacement Common Stock issued in exchange for a class of Settlement Common Stock carrying greater per share voting power than Settlement Common Stock issued pursuant to subsections (g)(1)(A) and (g)(1)(B) shall carry such voting power and be subject to such other terms as may be provided in the amendment to the articles of incorporation authorizing the issuance of such class of Settlement Common Stock.

(C)  The articles of incorporation of the Regional Corporation shall be deemed amended to authorize the issuance of Replacement Common Stock and the security described in subparagraph (B)(ii)(II).

(D)  Prior to the date on which alienability restrictions terminate, a Regional Corporation may amend its articles of incorporation to impose upon Replacement Common Stock one or more of the following—

(i)  a restriction denying voting rights to any holder of Replacement Common Stock who is not a Native or a descendant of a Native;

(ii)  a restriction granting the Regional Corporation, or the Regional Corporation and members of the shareholder’s immediate family who are Natives or descendants of Natives, the first right to purchase, on reasonable terms, the Replacement Common Stock of the shareholder prior to the sale or transfer of such stock (other than a transfer by will or intestate succession) to any other party, including a transfer in satisfaction of a lien, writ of attachment, judgment execution, pledge, or other encumbrance; and

(iii)  any other term, restriction, limitation, or provision authorized by the laws of the State.

(E)  Replacement Common Stock shall not be subjected to a lien or judgment execution based upon any asserted or unasserted legal obligation of the original recipient arising prior to the issuance of such stock.

SEC. 8. [43 U.S.C. 1607] 

(c)  Applicability of Section 7.—The provisions of subsections (g), (h) (other than paragraph (H), and (o) of section 7 shall apply in all respects to Village Corporations, Urban Corporations, and Group Corporations.