‘‘(II) entitling the holder of the share to
the proportional share of the distributions made
under such subsections;
‘‘(ii) may be sold to Cook Inlet Region, Inc.;
and
‘‘(iii) shall otherwise be subject to the restric-
tions under paragraph (1)(B).
‘‘(H) Any shares of Settlement Common Stock pur-
chased pursuant to this paragraph shall be canceled on
the conditions that—
‘‘(i) non-village shares with the nonresident
rights that attach to such shares that are purchased
pursuant to this paragraph shall be considered to
be—
‘‘(I) outstanding shares; and
‘‘(II) for the purposes of subsection (m),
shares of stock registered on the books of the
Cook Inlet Regional Corporation in the names
of nonresidents of villages; and
‘‘(ii) any amount of funds that would be distrib-
utable with respect to non-village shares or non-vot-
ing securities pursuant to subsection (j) or (m) shall
be distributed by Cook Inlet Regional Corporation to
itself; and
‘‘(iii) village shares that are purchased pursu-
ant to this paragraph shall be considered to be—
‘‘(I) outstanding shares, and
‘‘(II) for the purposes of subsection (k)
shares of stock registered on the books of the
Cook Inlet Regional Corporation in the names
of the residents of villages.
‘‘(I) Any offer to purchase Settlement Common Stock
made pursuant to this paragraph shall exclude from the
offer—
‘‘(i) any share of Settlement Common Stock
held, at the time the offer is made, by an officer (in-
cluding a member of the board of directors) of Cook
Inlet Regional Corporation or a member of the im-
mediate family of the officer; and
‘‘(ii) any share of Settlement Common Stock
held by any custodian, guardian, trustee, or attorney
representing a shareholder of Cook Inlet Regional
Corporation in fact or law, or any other similar per-
son, entity, or representative.
‘‘(J)(i) The board of directors of Cook Inlet Regional
Corporation, in determining the terms of an offer to pur-
chase made under this paragraph, including the amount
of any premium paid with respect to a non-village share,
may rely upon the good faith opinion of a recognized firm
of investment bankers or valuation experts.
‘‘(ii) Notwithstanding any other provision of law,
Cook Inlet Regional Corporation, a member of the board
of directors of Cook Inlet Regional Corporation, and any
firm or member of a firm of investment bankers or valu-
ation experts who assists in a determination made under
this subparagraph shall not be liable for damages resulting
from terms made in an offer made in connection with any
purchase of Settlement Common Stock if the offer was
made—
‘‘(I) in good faith;
‘‘(II) in reliance on a determination made pur-
suant to clause (i); and
‘‘(III) otherwise in accordance with this para-
graph.
‘‘(K) The consideration given for the purchase of Set-
tlement Common Stock made pursuant to an offer to pur-
chase that provides for such consideration may be in the
form of cash, securities, or a combination of cash and se-
curities, as determined by the board of directors of Cook
Inlet Regional Corporation, in a manner consistent with
an amendment made pursuant to subparagraph (B).
‘‘(L) Sale of Settlement Common Stock in accordance
with this paragraph shall not diminish a shareholder’s sta-
tus as an Alaska Native or descendant of a Native for
the purpose of qualifying for those programs, benefits and
services or other rights or privileges set out for the benefit
of Alaska Natives and Native Americans. Proceeds from
the sale of Settlement Common Stock shall not be ex-
cluded in determining eligibility for any needs-based pro-
grams that may be provided by Federal, State or local
agencies.’’.
(b) CONFORMING AMENDMENT.—Section 8(c) of
such Act (43 U.S.C. 1607(c)) is amended by striking
‘‘(h)’’ and inserting ‘‘(h) (other than paragraph (4))’’.
Passed the House of Representatives October 3,
1994.
Attest:
Clerk.
103D CONGRESS
2D SESSION
H. R. 3612
AN ACT
To amend the Alaska Native Claims Settlement
Act, and for other purposes.