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[Congressional Record Volume 141, Number 67 (Tuesday, April 25, 1995)]
[Senate]
[Pages S5681-S5682]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

                            MORNING BUSINESS
             ALASKA NATIVE CLAIMS SETTLEMENT AMENDMENT ACT

                                 ______

  Mr. GORTON. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 43, H.R. 421, 
the Cook Inlet Region bill, that the bill be deemed read a third time, 
passed, that the motion to reconsider be laid upon the table, and that 
any statements relating to the bill be placed at the appropriate place 
in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. MURKOWSKI. Mr. President, the Senate is about to take up H.R. 
421, the Alaska Native Claims Act Amendment Act of 1995. I wish to take 
a few moments to describe H.R. 421 and importance of passing the bill 
this evening.
  On March 15, 1995, the Committee on Energy and Natural Resources 
unanimously reported nearly identical legislation for consideration by 
the full Senate.
  The bill allows the Cook Inlet Region Incorporated Native 
corporation, called CIRI, to consider creating a system to buy back the 
stock of willing sellers, provided that stockholders vote to set up 
such a system. It will serve as a test for an alternate system of stock 
distribution that could later be expanded for use by any of the State's 
Native regional corporations.
  The goal of H.R. 421 is simple: to provide a responsible middle 
ground so that shareholders will have access to the capital value of 
their stock, while preserving the Native control and ownership of the 
ANCSA corporations.
  Originally under the 1971 Alaska Native Claims Settlement Act, Native 
shareholders were prevented from selling their stock for 20 years. This 
was to give the corporations time to mature. As part of a series of 
1991 amendments to the corporations, Congress changed the law, at the 
request of the Natives, so that stock restrictions on alienability--the 
right of Natives to sell their shares--automatically continued unless 
and until the shareholders of a corporation voted to remove them.
  H.R. 421 will provide another alternative. Shareholders will be able 
to sell their stock back to the corporation, helping preserve Native 
control if: First the corporation's board votes to participate; second, 
the majority of the entire membership of the corporation votes to 
permit buybacks; and third, if 
[[Page S5682]] individual shareholders then want to participate. All 
three conditions must be met before any sale of stock is possible.
  When the legislation was considered in the House, an issue arose 
regarding that section of the bill that provides protection from 
liability to CIRI, its directors and officers and evaluation advisors 
when making an offer to purchase stock. I have reviewed the amendment 
and find it acceptable. It contains the protection needed by CIRI, and 
is consistent with the Alaska Native Claims Settlement Act. The 
protections from liability provided in the language are intended to 
apply to all causes of action under any provisions of State or Federal 
law and are limited to stock re-purchase offerings made pursuant to 
this legislation.
  H.R. 421 provides a test case for Native corporation stock 
distribution. Senator Stevens and myself have proposed this bill at the 
request of CIRI and the Alaska Federation of Natives. The other 
corporations have said they would like to see how this works in CIRI's 
case before deciding whether they would like the option extended to 
them.
  The important thing to remember is that this legislation has several 
safeguards to ensure that any stock repurchases will be conducted 
fairly--the biggest safeguard is that the program can't happen unless 
approved by a majority vote of shareholders.
  This bill provides a fair alternate means for distributing 
corporation stock while preserving Native control of the ANCSA 
corporations.
  I have worked with Alaska's Native community for the last 15 years 
and I am sure that the Native people are more than capable of making 
their own decisions that affect their own corporate affairs. The Alaska 
Native people should have the same choices that all other stockholders 
in America have.
  I urge my colleagues to support H.R. 421.
  The bill (H.R. 421) was deemed read three times and passed.

                          ____________________
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