[Congressional Record Volume 151, Number 52 (Tuesday, April 26, 2005)]
[Extensions of Remarks]
[Page E759]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   INTRODUCTION OF SHAREHOLDER DESCENDENTS VOTING STANDARD AMENDMENT

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                             HON. DON YOUNG

                               of alaska

                    in the house of representatives

                        Tuesday, April 26, 2005

  Mr. YOUNG of Alaska. The Alaska Native Claims Settlement Act (ANCSA), 
as originally enacted, limited Alaska Native Regional Corporations from 
enrolling Natives born after December 18, 1971, as shareholders in 
their respective corporations. Subsequent amendments to ANCSA have 
allowed Regional Corporations to include Natives born after December 
18, 1971 (often referred to as ``New Natives'' or ``Shareholder 
Descendents''), if existing shareholders of the Corporation adopt a 
resolution at an annual meeting. Thus far, very few Native Corporations 
have adopted resolutions to include Shareholder Descendents, in part 
because the standard for adopting a resolution is too high.
  Existing law provides that a resolution is considered approved by the 
shareholders of a Native Corporation if it receives an affirmative vote 
from a ``majority of the total voting power of the corporation''. At 
any given annual meeting; however, the total voting power of the 
corporation is not exercised.
  Accordingly, it is possible that eighty-five to ninety percent of the 
voting proxies at an annual meeting would be required to vote in favor 
of a Shareholder Descendents resolution. This is an extremely difficult 
threshold to meet. Accordingly, the attached proposed amendment would 
allow a Shareholder Descendents resolution to be approved by a majority 
of the shares present or represented by proxy at an annual meeting. If 
a change is not made to the existing voting standard for adoption of a 
Shareholder Descendents resolution, the promises of ANCSA are 
potentially left unfulfilled, at present, two generations of 
Shareholder Descendents.

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