[Congressional Record (Bound Edition), Volume 152 (2006), Part 2]
[House]
[Pages 2200-2201]
[From the U.S. 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 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

[[Page 2201]]

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. 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.

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