[Congressional Record Volume 152, Number 23 (Tuesday, February 28, 2006)]
[House]
[Pages H393-H394]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
FACILITATING SHAREHOLDER CONSIDERATION OF PROPOSALS TO MAKE SETTLEMENT
COMMON STOCK AVAILABLE UNDER THE ALASKA NATIVE CLAIMS SETTLEMENT ACT
Mr. RENZI. Mr. Speaker, I move to suspend the rules and pass the
Senate bill (S. 449) to facilitate shareholder consideration of
proposals to make
[[Page H394]]
Settlement Common Stock under the Alaska Native Claims Settlement Act
available to missed enrollees, eligible elders, and eligible persons
born after December 18, 1971, and for other purposes.
The Clerk read as follows:
S. 449
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. TECHNICAL AMENDMENT TO ALASKA NATIVE CLAIMS
SETTLEMENT ACT.
Section 36(d)(3) of the Alaska Native Claims Settlement Act
(43 U.S.C. 1629b) is amended--
(1) by striking ``(d)(3)'' and inserting ``(3)'';
(2) in the matter preceding subparagraph (A), by striking
``of this section'' and inserting ``or an amendment to
articles of incorporation under section 7(g)(1)(B)'';
(3) in subparagraph (A)--
(A) by striking ``, or'' and inserting ``; or''; and
(B) by striking ``such resolution'' and inserting ``the
resolution or amendment to articles of incorporation''; and
(4) in subparagraph (B), by striking ``such resolution''
and inserting ``the resolution or amendment to articles of
incorporation''.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Arizona (Mr. Renzi) and the gentleman from West Virginia (Mr. Rahall)
each will control 20 minutes.
The Chair recognizes the gentleman from Arizona.
General Leave
Mr. RENZI. Mr. Speaker, I ask unanimous consent that all Members may
have 5 legislative days within which to revise and extend their remarks
and include extraneous material on the bill under consideration.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Arizona?
There was no objection.
Mr. RENZI. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, S. 449, which is sponsored by Alaska Senator Lisa
Murkowski, corrects a problem related to the issuance of stock by
Native corporations pursuant to the Native Alaska Claims Settlement Act
of 1971.
The bill eases certain restrictions placed on Native corporations
that have made it practically impossible for many of them to issue new
stock to young Alaska Natives. The same legislation has already been
passed by the House as part of H.R. 3351, the Native American Technical
Corrections Act.
In passing this bill today, we should recognize and applaud the
efforts of the congressman for all of Alaska, Mr. Young, who has
labored for years to bring this bill before the House today.
I urge adoption of the bill.
Mr. Speaker, I reserve the balance of my time.
Mr. RAHALL. Mr. Speaker, I yield myself such time as I may consume.
(Mr. RAHALL asked and was given permission to revise and extend his
remarks.)
Mr. RAHALL. Mr. Speaker, S. 449 is noncontroversial legislation to
make it easier for Alaska Native corporations to issue new stock.
Although S. 449 has neither been the subject of a hearing nor a
markup in the Committee on Resources, it is sensible legislation which
seeks to allow for expanded partition by Alaska Natives in the Native
corporations established pursuant to the Alaska Native Claims
Settlement Act of 1971. I am not aware of any opposition to S. 449 and
urge support for its passage.
Mr. YOUNG of Alaska. Mr. Speaker, I rise in support of S. 449, a bill
to facilitate shareholder consideration of proposals to make settlement
common stock under the Alaska Native Claims Settlement Act (ANCSA)
available to missed enrollees, eligible elders, and eligible persons
born after December 18, 1971.
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 Descendants''),
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 Descendants, in part because the
standard of adopting a resolution is too high.
As the law now exists, Alaska Native Corporations (ANCs) may issue
new stock to children of their original shareholders born after 1971
and missed enrollees and additional stock to Native Elders, but they
may not do so unless a majority of the corporation's shares approve
such a change at a meeting of the corporation's shareholders. However,
because not all shareholders attend corporation meetings, it is
difficult at any meeting to achieve a vote in which a majority of all
shareholders, whether or not represented at the meeting, agree to have
new stock issued.
S. 449 amends the law to require that only a majority of shares
represented at the meeting itself assent to the issuance of new stock,
so long as a quorum is present, in order for new stock to be issued.
Mr. Speaker, I urge my colleagues to vote in favor of this important
legislation.
Mr. RAHALL. Mr. Speaker, I yield back the balance of my time.
Mr. RENZI. Mr. Speaker, I yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Arizona (Mr. Renzi) that the House suspend the rules and
pass the Senate bill, S. 449.
The question was taken; and (two-thirds having voted in favor
thereof) the rules were suspended and the Senate bill was passed.
A motion to reconsider was laid on the table.
____________________