Alaska Native Claims Settlement Act Amendments of 1987
PL 100-241 (H.R.278), enacted 02/03/1988

T 101 STAT. 1788 
PUBLIC LAW 100-241—FEB. 3, 1988 
Public Law 100-241 
' -
v 
• - ^-^'^ • 
100th Congress , 
An Act 
Fph S 1988 
'^° amend the Alaska Native Claims Settlement Act to provide Alaska Natives with 
' 
certain options for the continued ownership of lands and corporate shares received 
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pursuant to the Act, and for other purposes. 
Be it enacted by the Senate and House of Representatives of the 
Alaska Native 
United States of America in Congress assembled, That (a) this Act 
Claims 
may be cited as the "Alaska Native Claims Settlement Act Amend-
Amendmentl'of 
merits of 1987". 
1987. 
(b) Unless otherwise expressly provided, whenever in this Act an 
Securities. 
amendment is expressed in terms of an amendment to a section or 
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subsection, the reference shall be considered to be made to a section 
^ 
or subsection of the Alaska Native Claims Settlement Act (43 U.S.C. 
1601 and following). 
CONGRESSIONAL FINDINGS AND DECLARATION OF POLICY 
43 use 1601 
SEC. 2. The Congress finds and declares that— 
"°*®- 
(1) the Alaska Native Claims Settlement Act was enacted in 
1971 to achieve a fair and just settlement of all aboriginal land 
and hunting and fishing claims by Natives and Native groups of 
Alaska with maximum participation by Natives in decisions 
affecting their rights and property; 
(2) the settlement enabled Natives to participate in the subse-
quent expansion of Alaska's economy, encouraged efforts to 
address serious health and welfare problems in Native villages, 
and sparked a resurgence of interest in the cultural heritage of 
the Native peoples of Alaska; 
(3) despite these achievements and Congress's desire that the 
settlement be accomplished rapidly without litigation and in 
conformity with the real economic and social needs of Natives, 
the complexity of the land conveyance process and frequent and 
costly litigation have delayed implementation of the settlement 
and diminished its value; 
(4) Natives have differing opinions as to whether the Native 
Corporation, as originally structured by the Alaska Native 
Claims Settlement Act, is well adapted to the reality of life in 
Native villages and to the continuation of traditional Native 
cultural values; 
(5) to ensure the continued success of the settlement and to 
guarantee Natives continued participation in decisions affecting 
their rights and property, the Alaska Native Claims Settlement 
Act must be amended to enable the shareholders of each Native 
Corporation to structure the further implementation of the 
settlement in light of their particular circumstances and needs; 
(6) among other things, the shareholders of each Native Cor-
poration must be permitted to decide— 
(A) when restrictions on alienation of stock issued as part 
of the settlement should be terminated, and 
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PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1789 
(B) whether Natives born after December 18,1971, should 
participate in the settlement; 
(7) by granting the shareholders of each Native Corporation 
options to structure the further implementation of the settle-
ment, Congress is not expressing an opinion on the manner in 
which such shareholders choose to balance individual rights and 
communal rights; 
(8) no provision of this Act shall— 
(A) unless specifically provided, constitute a repeal or 
modification, implied or otherwise, of any provision of the 
Alaska Native Claims Settlement Act; or 
(B) confer on, or deny to, any Native organization any 
degree of sovereign governmental authority over lands 
(including management, or regulation of the taking, of fish 
and wildlife) or persons in Alaska; and 
(9) the Alaska Native Claims Settlement Act and this Act are 
Indian legislation enacted by Congress pursuant to its plenary 
authority under the Constitution of the United States to regu-
late Indian affairs. 
NEW DEFINITIONS 
SEC. 3. Section 3 (43 U.S.C. 1602) is amended— 
(1) by inserting "group," after "individual," in subsection (h); 
(2) by striking out "and" at the end of subsection (k); 
(3) by striking out the period at the end of subsection (1) and 
inserting in lieu thereof a semicolon; 
(4) by striking out "Native Group." in subsection (m) and 
inserting in lieu thereof "Group Corporation;"; and 
(5) by adding at the end thereof the following new subsections: 
"(n) 'Group Corporation' means an Alaska Native Group Corpora-
tion organized under the laws of the State of Alaska as a business 
for profit or nonprofit corporation to hold, invest, manage and/or 
distribute lands, property, funds, and other rights and assets for and 
on behalf of members of a Native group in accordance with the 
terms of this Act; 
"(o) 'Urban Corporation' means an Alaska Native Urban Corpora-
tion organized under the laws of the State of Alaska as a business 
for profit or nonprofit corporation to hold, invest, manage and/or 
distribute lands, property, funds, and other rights and assets for and 
on behalf of members of an urban community of Natives in accord-
ance with the terms of this Act; 
"(p) 'Settlement Common Stock' means stock of a Native Corpora-
tion issued pursuant to section 7(g)(1) that carries with it the rights 
and restrictions listed in section 7(h)(1); 
"(q) 'Replacement Common Stock' means stock of a Native Cor-
poration issued in exchange for Settlement Common Stock pursuant 
to section 7(h)(3); 
"(r) 'Descendant of a Native' means— 
"(1) a lineal descendant of a Native or of an individual who 
would have been a Native if such individual were alive on 
December 18, 1971, or 
"(2) an adoptee of a Native or of a descendant of a Native, 
whose adoption— 
"(A) occurred prior to his or her majority, and 
"(B) is recognized at law or in equity; 
101 STAT. 1790 
PUBLIC LAW 100-241—FEB. 3, 1988 
"(s) 'Alienability restrictions' means the restrictions imposed on 
Settlement Common Stock by section 7(h)(1)(B); 
"(t) 'Settlement Trust' means a trust— 
"(1) established and registered by a Native Corporation under 
the laws of the State of Alaska pursuant to a resolution of its 
shareholders, and 
"(2) operated for the sole benefit of the holders of the corpora-
tion's Settlement Common Stock in accordance with section 39 
and the laws of the State of Al£iska.". 
ISSUANCE OF STOCK 
SEC. 4. Subsection (g) of section 7 (43 U.S.C. 1606(g)) is amended to 
read as follows: 
"(gXD SETTLEMENT COMMON STOCK.—(A) The Regional Corpora-
tion shall be authorized to issue such number of shares of Settle-
ment Common Stock (divided into such classes as may be specified 
in the articles of incorporation to reflect the provisions of this Act) 
as may be needed to issue one hundred shares of stock to each 
Native enrolled in the region pursuant to section 5. 
"(B)(i) A Regional Corporation may amend its articles of incorpo-
ration to authorize the issuance of additional shares of Settlement 
Common Stock to— 
"(I) Natives born after December 18,1971, 
"(II) Natives who were eligible for enrollment pursuant to 
section 5 but were not so enrolled, or 
"(III) Natives who have attained the age of 65, 
for no consideration or for such consideration and upon such terms 
and conditions as may be specified in such amendment or in a 
resolution approved by the board of directors pursuant to authority 
expressly vested in the board by the amendment. The amendment to 
the articles of incorporation may specify which class of Settlement 
Common Stock shall be issued to the various groups of Natives. 
"(ii) Not more than one hundred shares of Settlement Common 
Stock shall be issued to any one individual pursuant to clause (i). 
"(iii) The amendment authorized by clause (i) may provide that 
Settlement Common Stock issued to a Native pursuant to such 
amendment (or stock issued in exchange for such Settlement 
Common Stock pursuant to subsection (h)(3) or section 37(d)) shall be 
deemed canceled upon the death of such Native. No compensation 
for this cancellation shall be paid to the estate of the deceased 
Native or to any person holding the stock. 
"(iv) Settlement Common Stock issued pursuant to clause (i) shall 
not carry rights to share in distributions made to shareholders 
pursuant to subsections (j) and (m) unless, prior to the issuance of 
such stock, a majority of the class of existing holders of Settlement 
Common Stock carrying such rights separately approve the granting 
of such rights. The articles of incorporation of the Regional Corpora-
tion shall be deemed to be amended to authorize such class vote. 
"(CXi) A Regional Corporation may amend its articles of incorpo-
ration to authorize the issuance of additional shares of Settlement 
Common Stock as a dividend or other distribution (without regard to 
surplus of the corporation under the laws of the State) upon each 
outstanding share of Settlement Common Stock issued pursuant to 
subparagraphs (A) and (B). 
"(ii) The amendment authorized by clause (i) may provide that 
shares of Settlement Common Stock issued as a dividend or other 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1791 
distribution shall constitute a separate class of stock with greater 
per share voting power than Settlement Common Stock issued 
pursuant to subparagraphs (A) and (B). 
"(2) OTHER FORMS OF STOCK.—(A) A Regional Corporation may 
amend its articles of incorporation to authorize the issuance of 
shares of stock other than Settlement Common Stock in accordance 
with the provisions of this paragraph. Such amendment may pro-
vide that— 
"(i) preemptive rights of shareholders under the laws of the 
State shall not apply to the issuance of such shares, or 
"(ii) issuance of such shares shall permanently preclude the 
corporation from— 
"(I) conveying assets to a Settlement Trust, or 
"(II) issuing shares of stock without adequate consider-
ation as required under the laws of the State. 
"(B) The amendment authorized by subparagraph (A) may provide 
that the stock to be issued shall be one or more of the following— 
"(i) divided into classes and series within classes, with pref-
erences, limitations, and relative rights, including, without 
limitation— 
"(I) dividend rights, 
"(II) voting rights, and 
"(III) liquidation preferences; 
"(ii) made subject to one or more of— 
"(I) the restrictions on alienation described in clauses (i), 
(ii), and (iv) of subsection (hXlXB), and 
"(II) the restriction described in paragraph (IXBXiii); and 
"(iii) restricted in issuance to— 
"(I) Natives who have attained the age of sixty-five; 
"(II) other identifiable groups of Natives or identifiable 
groups of descendants of Natives defined in terms of gen-
eral applicability and not in any way by reference to place 
of residence or family; 
"(III) Settlement Trusts; or 
"(IV) entities established for the sole benefit of Natives or 
descendants of Natives, in which the classes of beneficiaries 
are defined in terms of general applicability and not in any 
way by reference to place of residence, family, or position as 
an officer, director, or employee of a Native Corporation. 
"(C) The amendment authorized by subparagraph (A) shall pro-
vide that the additional shares of stock shall be issued— 
"(i) as a dividend or other distribution (without regard to 
surplus of the corporation under the laws of the State) upon all 
outstanding shares of stock of any class or series, or 
"(ii) for such consideration as may be permitted by law 
(except that this requirement may be waived with respect to 
issuance of stock to the individuals or entities described in 
subparagraph (BXiii))-
"(D) During any period in which alienability restrictions are in 
effect, no stock whose issuance is authorized by subparagraph (A) 
shall be— 
"(i) issued to, or for the benefit of, a group of individuals 
composed only or principally of employees, officers, and direc-
tors of the corporation; or 
"(ii) issued more than thirteen months after the date on 
which the vote of the shareholders on the amendment authoriz-
ing the issuance of such stock occurred if, as a result of the 
101 STAT. 1792 
PUBLIC LAW 100-241—FEB. 3, 1988 
issuance, the outstanding shares of Settlement Common Stock ^ 
will represent less than a majority of the total voting power of 
the corporation for the purpose of electing directors. 
"(3) DISCLOSURE REQUIREMENTS.—(A) An amendment to the arti-
cles of incorporation of a Regional Corporation authorized by para-
graph (2) shall specify— 
"(i) the maximum number of shares of any class or series of 
stock that may be issued, and 
"(ii) the maximum number of votes that may be held by such 
shares. 
"(B)(i) If the board of directors of a Regional Corporation intends 
to propose an amendment pursuant to paragraph (2) which would 
authorize the issuance of classes or series of stock that, singly or in 
combination, could cause the outstanding shares of Settlement 
Common Stock to represent less than a majority of the total voting 
power of the corporation for the purposes of electing directors, the 
shareholders of such corporation shall be expressly so informed. 
"(ii) Such information shall be transmitted to the shareholders in 
a separate disclosure statement or in another informational docu-
ment in writing or in recorded sound form both in English and any 
Native language used by a shareholder of such corporation. Such 
statement or informational document shall be transmitted to the 
shareholders at least sixty days prior to the date on which such 
proposal is to be submitted for a vote. 
"(iii) If not later than thirty days after issuance of such disclosure 
statement or informational document the board of directors receives 
a prepared concise statement setting forth arguments in opposition 
to the proposed amendment together with a request for distribution 
thereof signed by the holders of at least 10 per centum of the 
outstanding shares of Settlement Common Stock, the board shall 
either distribute such statement to the shareholders or provide to 
the requesting shareholders a list of all shareholder's names and 
addresses so that the requesting shareholders may distribute such 
statement. 
"(4) SAVINGS.—(A)(i) No shares of stock issued pursuant to para-
graphs (1)(C) and (2) shall carry rights to share in distributions made 
to shareholders pursuant to subsections (j) and (m). No shares of 
stock issued pursuant to paragraph (1)(B) shall carry such rights 
unless authorized pursuant to paragraph (l)(B)(iv). 
"(ii) Notwithstanding the issuance of additional shares of stock 
pursuant to paragraphs (1)(B), (1)(C), or (2), a Regional Corporation 
shall apply the ratio last computed pursuant to subsection (m) prior 
to the date of the enactment of the Alaska Native Claims Settlement 
Act Amendments of 1987 for purposes of distributing funds pursu-
ant to subsections (j) and (m). 
"(B) The issuance of additional shares of stock pursuant to para-
graphs (1)(B), (1)(C), or (2) shall not affect the division and distribu-
tion of revenues pursuant to subsection (i). 
"(C) No provision of this Act shall limit the right of a Regional 
Corporation to take an action authorized by the laws of the State 
unless such action is inconsistent with the provisions of this Act.". 
SETTLEMENT COMMON STOCK 
SEC. 5. Subsection (h) of section 7 (43 U.S.C. 1606(h)) is amended to 
read as follows: 
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PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1793 
"(hXD RIGHTS AND RESTRICTIONS.—(A) Except as otherwise ex-
pressly provided in this Act, Settlement Common Stock of a Re-
gional Corporation shall— 
"(i) carry a right to vote in elections for the board of directors 
and on such other questions as properly may be presented to 
shareholders; 
"(ii) permit the holder to receive dividends or other distribu-
tions from the corporation; and 
"(iii) vest in the holder all rights of a shareholder in a 
business corporation organized under the laws of the State. 
"(B) Except as otherwise provided in this subsection, Settlement 
Common Stock, inchoate rights thereto, and rights to dividends or 
distributions declared with respect thereto shall not be— 
"(i) sold; 
' 
"(ii) pledged; 
"(iii) subjected to a lien or judgment execution; 
"(iv) assigned in present or future; 
"(v) treated as an asset under— 
"(I) title 11 of the United States Code or any successor 
statute, 
"(II) any other insolvency or moratorium law, or 
"(III) other laws generally affecting creditors' rights; or 
"(vi) otherwise alienated. 
"(C) Notwithstanding the restrictions set forth in subparagraph 
(B), Settlement Common Stock may be transferred to a Native or a 
descendant of a Native— 
"(i) pursuant to a court decree of separation, divorce, or child 
support; 
"(ii) by a holder who is a member of a professional organiza-
tion, association, or board that limits his or her ability to 
practice his or her profession because he or she holds Settle-
ment Common Stock; or 
"(iii) as an inter vivos gift from a holder to his or her child, 
grandchild, great-grandchild, niece, or nephew. 
"(2) INHERITANCE OF SETTLEMENT COMMON STOCK.—(A) Upon the 
death of a holder of Settlement Common Stock, ownership of such 
stock tunless canceled in accordance with subsection (g)(lXBXiii)) 
shall be transferred in accordance with the lawful will of such 
holder or pursuant to applicable laws of intestate succession. If the 
holder fails to dispose of his or her stock by will and has no heirs 
under applicable laws of intestate succession, the stock shall escheat 
to the issuing Regional Corporation and be canceled. 
"(B) The issuing Regional Corporation shall have the right to 
purchase at fair value Settlement Common Stock transferred pursu-
ant to applicable laws of intestate succession to a person not a 
Native or a descendant of a Native after the date of the enactment 
of the Alaska Native Claims Settlement Act Amendments of 1987 
if— 
"(i>'the corporation— 
"(I) amends its articles of incorporation to authorize such 
purchases, and 
"(II) gives the person receiving such stock written notice 
of its intent to purchase within ninety days after the date 
that the corporation either determines the decedent's heirs 
in accordance with the laws of the State or receives notice 
that' such heirs have been determined, whichever later 
occurs; and 
101 STAT. 1794 
PUBLIC LAW 100-241—FEB. 3, 1988 
"(ii) the person receiving such stock fails to transfer the stock 
pursuant to paragraph (l)(C)(iii) within sixty days after receiv-
ing such written notice. 
"(C) Settlement Common Stock of a Regional Corporation— 
"(i) transferred by will or pursuant to applicable laws of 
intestate succession after the date of the enactment of the 
••'•• Alaska Native Claims Settlement Act Amendments of 1987, or 
"(ii) transferred by any means prior to the date of the enact-
ment of the Alaska Native Claims Settlement Act Amendments 
of 1987, 
to a person not a Native or a descendant of a Native shall not carry 
voting rights. If at a later date such stock is lawfully transferred to a 
Native or a descendant of a Native, voting rights shall be automati-
cally restored. 
"(3) REPLACEMENT COMMON STOCK.—(A) On the date on which 
alienability restrictions terminate in accordance with the provisions 
of section 37, all Settlement Common Stock previously issued by a 
Regional Corporation shall be deemed canceled, and shares of 
Replacement Common Stock of the appropriate class shall be issued 
to each shareholder, share for share, subject only to subparagraph 
(B) and to such restrictions consistent with this Act as may be 
provided by the articles of incorporation of the corporation or in 
agreements between the corporation and individual shareholders. 
"(B)(i) Replacement Common Stock issued in exchange for Settle-
ment Common Stock issued subject to the restriction authorized by 
subsection (g)(l)(B)(iii) shall bear a legend indicating that the stock 
will eventually be canceled in accordance with the requirements of 
that subsection. 
"(ii) Prior to the termination of alienability restrictions, the board 
of directors of the corporation shall approve a resolution to provide 
that each share of Settlement Common Stock carrying the right to 
share in distributions made to shareholders pursuant to subsections 
(j) and (m) shall be exchanged either for— 
"(I) a share of Replacement Common Stock that carries such 
right, or 
"(II) a share of Replacement Common Stock that does not 
carry such right together with a separate, non-voting security 
that represents only such right. 
"(iii) Replacement Common Stock issued in exchange for a class of 
Settlement Common Stock carrying greater per share voting power 
than Settlement Common Stock issued pursuant to subsections 
(g)(1)(A) and (g)(1)(B) shall carry such voting power and be subject to 
such other terms as may be provided in the amendment to the 
articles of incorporation authorizing the issuance of such class of 
Settlement Common Stock. 
"(C) The articles of incorporation of the Regional Corporation 
shall be deemed amended to authorize the issuance of Replacement 
Common Stock and the security described in subparagraph (B)(ii)(II). 
"(D) Prior to the date on which alienability restrictions terminate, 
a Regional Corporation may amend its articles of incorporation to 
impose upon Replacement Common Stock one or more of the 
following— 
"(i) a restriction denying voting rights to any holder of 
Replacement Common Stock who is not a Native or a descend-
ant of a Native; 
"(ii) a restriction granting the Regional Corporation, or the 
Regional Corporation and members of the shareholder's imme-
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1795 
diate family who are Natives or descendants of Natives, the first 
right to purchEise, on reasonable terms, the Replacement 
Common Stock of the shareholder prior to the sale or transfer of 
such stock (other than a transfer by will or intestate succession) 
to any other party, including a transfer in satisfaction of a lien, 
writ of attachment, judgment execution, pledge, or other 
encumbrance; and 
"(iii) any other term, restriction, limitation, or provision 
i 
authorized by the laws of the State. 
"(E) Replacement Common Stock shall not be subjected to a lien 
or judgment execution based upon any asserted or unasserted legal 
obligation of the original recipient arising prior to the issuance of 
such stock.". 
VILLAGE, URBAN, AND GROUP CORPORATIONS 
SEC. 6. Subsection (c) of section 8 (43 U.S.C. 1607(c)) is amended to 
read as follows: 
"(c) APPUCABILITY OF SECTION 7.—The provisions of subsections 
(g), (h), and (o) of section 7 shall apply in all respects to Village 
Corporations, Urban Corporations, and Group Corporations.". 
PROCEDURES FOR CONSIDERING AMENDMENTS AND RESOLUTIONS 
SEC. 7. The Alaska Native Claims Settlement Act is further 
amended by adding the following new section: 
"PROCEDURES FOR CONSIDERING AMENDMENTS AND RESOLUTIONS 
"SEC. 36. (a) COVERAGE.—Notwithstanding any provision of the 
43 use I629b. 
articles of incorporation and bylaws of a Native Corporation or of 
the laws of the State, except those related to proxy statements and 
solicitations that are not inconsistent with this section— 
"(1) an amendment to the articles of incorporation of a Native 
Corporation authorized by subsections (g) and (h) of section 7, 
subsection (d)(1)(B) of this section, or section 37; 
"(2) a resolution authorized by section 38(aX2); 
"(3) a resolution to establish a Settlement Trust; or 
"(4) a resolution to convey all or substantially all of the assets 
of a Native (Corporation to a Settlement Trust pursuant to 
section 39(aXl); 
shall be considered in accordance with the provisions of this section. 
"(b) BASIC PROCEDURE.—(1) An amendment or resolution described 
in subsection (a) may be approved by the board of directors of a 
Native Corporation in accordance with its bylaws. If the board 
approves the amendment or resolution, it shall direct that the 
amendment or resolution be submitted to a vote of the shareholders 
at the next annual meeting or at a special meeting (if the board, at 
its discretion, schedules such special meeting). One or more such 
amendments or resolutions may be submitted to the shareholders 
and voted upon at one meeting. 
"(2XA) A written notice (including a proxy statement if required 
under applicable law), setting forth the amendment or resolution 
approved pursuant to paragraph (1) (and, at the discretion of the 
board, a summary of the changes to be effected) together with any 
amendment or resolution submitted pursuant to subsection (c) and 
the statements described therein shall be sent, not less than fifty 
days nor more than sixty days prior to the meeting of the 
101 STAT. 1796 
PUBLIC LAW 100-241—FEB. 3, 1988 
shareholders, by first-class mail or hand-delivered to each share-
holder of record entitled to vote at his or her address as it appears in 
the records of the Native Corporation. The corporation may also 
communicate with its shareholders at any time and in any manner 
authorized by the laws of the State. 
"(B) The board of directors may, but shall not be required to, 
appraise or otherwise determine the value o
f
— 
Cemeteries. 
"(i) land Conveyed to the corporation pursuant to section 
14(h)(1) or any other land used as a cemetery; 
"(ii) the surface estate of land that is both— 
"(I) exempt from real estate taxation pursuant to section 
907(d)(1)(A) of the Alaska National Interest Lands Con-
servation Act (16 U.S.C. 31 and following); and 
"(II) used by the shareholders of the corporation for 
subsistence uses (as defined in section 803 of the Alaska 
National Interest Lands Conservation Act); or 
"(iii) land or interest in land which the board of directors 
believes to be only of speculative value; 
in connection with any communication made to the shareholders 
pursuant to this subsection. 
"(C) If the board of directors determines, for quorum purposes or 
otherwise, that a previously-noticed meeting must be postponed or 
adjourned, it may, by giving notice to the shareholders, set a new 
date for such meeting not more than forty-five days later than the 
original date without sending the shareholders a new written notice 
(or a new summary of changes to be effected). If the new date is 
more than forty-five days later than the original date, however, a 
new written notice (and a new summary of changes to be effected if 
such a summary was originally sent pursuant to subparagraph (A)), 
shall be sent or delivered to shareholders not less than thirty days 
nor more than forty-five days prior to the new date. 
"(c) SHAREHOLDER PETITIONS.—(1)(A) With respect to an amend-
ment authorized by section 7(g)(1)(B) or section 37(b) or an amend-
ment authorizing the issuance of stock subject to the restrictions 
provided by section 7(g)(2)(B)(iii), the holders of shares representing 
at least 25 per centum of the total voting power of a Native 
Corporation may petition the board of directors to submit such 
amendment to a vote of the shareholders in accordance with the 
provisions of this section. 
"(B) The requirements of the laws of the State relating to the 
solicitation of proxies shall govern solicitation of signatures for a 
petition described in subparagraph (A) except that the requirements 
of Federal law shall govern the solicitation of signatures for a 
petition that is to be submitted to a Native Corporation which at the 
time of such submission has issued a class of equity securities 
registered pursuant to the Securities Exchange Act of 1934. If a 
petition meets the applicable solicitation requirements and— 
"(i) the board agrees with such petition, the board shall 
submit the amendment and either the proponents' statement or 
its own statement in support of the amendment to the share-
holders for a vote, or 
"(ii) the board disagrees with the petition for any reason, the 
board shall submit the amendment and the proponents' state-
ment to the shareholders for a vote and may, at its discretion, 
submit an opposing statement or an alternative amendment. 
"(2) Paragraph (1) shall not apply to a Native Corporation that on 
or before the date one year after the date of enactment of the Alaska 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1797 
Native Claims Settlement Act Amendments of 1987 elects applica-
tion of section 37(d) in lieu of section 37(b). Until December 18, 1991, 
paragraph (1) shall not apply to a Native Corporation that elects 
application of section 37(c) in lieu of section 37(b). Insofar as they are 
not inconsistent with this section, the laws of the State shall govern 
any shareholder right of petition for Native Corporations. 
"(d) VOTING STANDARDS.—(1) An amendment or resolution de-
scribed in subsection (a) shall be considered to be approved by the 
shareholders of a Native Corporation if it receives the affirmative 
vote of shares representing— 
"(A) a majority of the total voting power of the corporation, or 
"(B) a level of the total voting power of the corporation 
greater than a majority (but not greater than two-thirds of 
the total voting power of the corporation) if the corporation 
establishes such a level by an amendment to its articles of 
incorporation. 
"(2) A Native Corporation in amending its articles of incorpora-
tion pursuant to section 7(g)(2) to authorize the issuance of a new 
class or series of stock may provide that a majority (or more than a 
majority) of the shares of such class or series must vote in favor of 
an amendment or resolution described in subsection (a) (other than 
an amendment authorized by section 37) in order for such amend-
ment or resolution to be approved. 
"(e) VOTING POWER.—For the purposes of this section, the deter-
mination of total voting power of a Native Corporation shall include 
all outstanding shares of stock that carry voting rights except shares 
that are not permitted to vote on the amendment or resolution in 
question because of restrictions in the articles of incorporation of 
the corporation.". 
DURATION OF ALIENABILITY RESTRICTIONS 
SEC. 8. The Alaska Native Claims Settlement Act is further 
amended by adding the following new section after section 36: 
"DURATION OF ALIENABILITY RESTRICTIONS 
"SEC. 37. (a) GENERAL RULE.—Alienability restrictions shall con- 43 USC I629c. 
tinue until terminated in accordance with the procedures estab-
lished by this section. No such termination shall take effect until 
after December 18, 1991. 
"(b) OPT-OUT PROCEDURE.—(1)(A) A Native Corporation may 
amend its articles of incorporation to terminate alienability restric-
tions in accordance with this subsection. Only one amendment to 
terminate alienability restrictions shall be considered and voted on 
prior to December 18, 1991. Rejection of the amendment shall not 
preclude consideration prior to December 18, 1991, of subsequent 
amendments to terminate alienability restrictions. 
"(B) If an amendment to terminate alienability restrictions is 
considered, voted on, and rejected prior to December 18, 1991, then 
subsequent amendments to terminate alienability restrictions after 
December 18, 1991, shall be considered and voted on— 
"(i) in the case of an amendment submitted by the board of 
directors of the corporation on its own motion, not earlier than 
five years after the rejection of the most recently rejected 
amendment to terminate restrictions; or 
101 STAT. 1798 
I 
PUBLIC LAW 100-241—FEB. 3, 1988 
"(ii) in the case of an amendment submitted by the board of 
directors of the corporation pursuant to a shareholder petition, 
not earlier than two years after the rejection of the most 
recently rejected amendment to terminate restrictions. 
"(C) If no amendment to terminate alienability restrictions is 
considered and voted on prior to December 18, 1991, then amend-
ments to terminate alienability restrictions after December 18,1991, 
shall be considered and voted on— 
"(i) in the case of an amendment submitted by the board of 
directors of the corporation on its own motion, not more than 
once every five years; or 
"(ii) in the case of an amendment submitted by the board of 
directors of the corporation pursuant to a shareholder petition, 
not more than once every two years. 
"(2) An amendment authorized by paragraph (1) shall specify the 
time of termination, either by establishing a date certain or by 
describing the specific event upon which alienability restrictions 
shall terminate. 
"(3) Dissenters rights may be granted by the corporation in 
connection with the rejection of an amendment to terminate 
alienability restrictions in accordance with section 38. Once dis-
senters rights have been so granted, they shall not be granted again 
in connection with subsequent amendments to terminate alien-
ability restrictions. 
"(c) RECAPITALIZATION PROCEDURE.—(1)(A) On or prior to Decem-
ber 18,1991, a Native Corporation may amend its articles of incorpo-
ration to implement a recapitalization plan in accordance with this 
subsection. Rejection of an amendment or amendments to imple-
ment a recapitalization plan shall not preclude consideration prior 
to December 18, 1991, of a subsequent amendment or amendments 
to implement such a plan. Subsequent amendment or amendments 
shall be considered and voted on not earlier than one year after the 
date on which the most recent previous recapitalization plan was 
rejected. No recapitalization plan shall provide for the termination 
of alienability restrictions prior to December 18,1991. 
"(B) An amendment or amendments submitted pursuant to 
subparagraph (A) (and any subsequent amendment submitted pursu-
ant to subparagraph (C)) may provide for the maintenance or exten-
sion of alienability restrictions for— 
"(i) an indefinite period of time; 
"(ii) a specified period of time not to exceed fifty years; or 
"(iii) a period of time that shall end upon the occurrence of a 
specified event. 
"(C) If an amendment or amendments approved pursuant to 
subparagraph (A) or this subparagraph maintains or extends 
alienability restrictions for a specified period of time, termination of 
the restrictions at the close of such period may be postponed if a 
further amendment to the articles of incorporation of the corpora-
tion is approved to extend the restrictions. There shall be no limit 
on the number of such amendments that can be approved. Such 
amendments shall not be effective to extend the restrictions unless 
approved prior to the expiration of the period of maintenance or 
extension then in force. 
"(D) The board of directors may ask the shareholders to approve 
en bloc pursuant to a single vote a series of amendments (including 
an amendment to authorize the issuance of stock pursuant to section 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1799 
7(g)) to implement a recapitalization plan that includes a provision 
maintaining alienability restrictions. 
"(2)(A) If an amendment to the articles of incorporation of a 
Native Corporation maintaining or extending alienability restric-
tions for a specified period of time is approved pursuant to para-
graph (1), the restrictions shall automatically terminate at the end 
of such period unless the restrictions are extended in accordance 
with the provisions of paragraph (1)(C). 
"(B)(i) A Native Corporation that approves an amendment to its 
articles of incorporation pursuant to paragraph (1)(B) to maintain or 
extend alienability restrictions for an indefinite period may later 
amend its articles to terminate such restrictions. Such amendment 
shall specify the time of termination, either by establishing a date 
certain or by describing the specific event upon which the restric-
tions shall terminate. 
"(ii) Rejection of an amendment described in clause (i) by the 
shareholders shall not preclude consideration of subsequent amend-
ments to terminate alienability restrictions. 
"(3) If a recapitalization plan approved pursuant to paragraph (1) 
distributes voting alienable common stock to each holder of shares 
of Settlement Common Stock (issued pursuant to section 7(g)(1)(A)) 
that carries aggregate dividend and liquidation rights equivalent to 
those carried by such shares of Settlement Common Stock (except 
for rights to distributions made pursuant to sections 7(j) and 7(m)) 
upon completion of the recapitalization plan, then such holder shall 
have no right under section 38 and any other provision of law to 
further compensation from the corporation with respect to action 
taken pursuant to this subsection. 
"(d) OPT-IN PROCEDURE.—(1)(A) Subsection (b) shall not apply to a 
Native Corporation whose board of directors approves, no later than 
one year after the date of the enactment of the Alaska Native 
Claims Settlement Act Amendments of 1987, a resolution electing 
the application of this subsection. 
"(B) This subsection shall not apply to Village Corporations, 
Urban Corporations, and Group Corporations located outside of the 
Bristol Bay and Aleut regions. 
"(2)(A) Alienability restrictions imposed on Settlement Common 
Stock issued by a Native Corporation electing application of this 
subsection shall terminate on December 18, 1991, unless extended in 
accordance with the provisions of this subsection. 
"(B) The board of directors of a Native Corporation electing 
application of this subsection shall, at least once prior to January 1, 
1991, approve, and submit to a vote of the shareholders, an amend-
ment to the articles of incorporation of the corporation to extend 
alienability restrictions. If the amendment is not approved by the 
shareholders, the board of directors may submit another such 
amendment to the shareholders once or more a year until Decem-
ber 18,1991. 
"(C) An amendment submitted pursuant to subparagraph (B) and 
any amendment submitted pursuant to subparagraph (D) may pro-
vide for an extension of alienability restrictions for— 
"(i) an indefinite period of time, or 
"(ii) a specified period of time of not less than one year and 
not more than fifty years. 
"(D) If an amendment approved by the shareholders of a Native 
Corporation pursuant to subparagraph (B) or this subparagraph 
extends alienability restrictions for a specified period of time, termi-
101 STAT. 1800 
PUBLIC LAW 100-241—FEB. 3, 1988 
nation of the restrictions at the close of such period may be post-
poned if a further amendment to the articles of incorporation of the 
corporation is approved to extend the restrictions. There shall be no 
limit on the number of such amendments that can be approved. 
Such amendments shall not be effective to extend the restrictions 
unless approved prior to the expiration of the period of extension 
then in force. 
"(3XA) If an amendment to the articles of incorporation of a 
Native Corporation extending alienability restrictions for a specified 
period of time is approved pursuant to paragraph (2), the restrictions 
shall automatically terminate at the end of such period unless the 
restrictions are extended in accordance with the provisions of para-
graph (2XD). 
"(B) If the board of directors of a Native Corporation electing 
application of this subsection does not submit for a shareholder vote 
an amendment to the articles of incorporation of the corporation in 
accordance with paragraph (2XB), or if the amendment submitted 
does not comply with paragraph (2XC), alienability restrictions shall 
not terminate and shall instead remain in effect until such time as a 
court of competent jurisdiction, upon petition of one or more share-
holders of the corporation, orders that a shareholder vote be taken 
on an amendment which complies with paragraph (2XC) and such 
vote is conducted. Following the vote, the status of alienability 
restrictions shall be determined in accordance with the other provi-
sions of this subsection and the amendment, if approved. 
"(4XA) A Native Corporation that approves an amendment to its 
articles of incorporation pursuant to paragraph (2) to extend 
alienability restrictions for an indefinite period of time may later 
amend its articles of incorporation to terminate the restrictions. 
Such amendment shall specify the time of termination, either by 
establishing a date certain or by describing the specific event upon 
which the restrictions shall terminate. 
"(B) The rejection of an amendment described in subparagraph (A) 
by the shareholders shall not preclude consideration of subsequent 
amendments to terminate alienability restrictions. 
"(5XA) If a Native Corporation amends its articles of incorporation 
pursuant to paragraph (2) to extend alienability restrictions, a 
shareholder who— 
"(i) voted against such amendment, and 
"(ii) desires to relinquish his or her Settlement Common Stock 
in exchange for the stock or payment authorized by the board of 
directors pursuant to subparagraph (B), 
shall notify the Corporation within ninety days of the date of the 
vote of the shareholders on the amendment of his or her desire. 
"(B) Within one hundred and twenty days after the date of the 
vote described in subparagraph (A), the board of directors shall 
approve a resolution to provide that each shareholder who has 
notified the corporation pursuant to subparagraph (A) shall receive 
either— 
"(i) alienable common stock in exchange for his or her Settle-
ment Common Stock pursuant to paragraph (6), or 
"(ii) an opportunity to request payment for his or her Settle-
ment Common Stock pursuant to section 38(aXlXB). 
"(C) This paragraph shall apply only to the first extension of 
alienability restrictions approved by the shareholders. No dissenters 
rights of any sort shall be permitted in connection with subsequent 
extensions of such restrictions. 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1801 
"(6)(A) If the board of directors of a Native Corporation approves a 
resolution providing for the issuance of alienable common stock 
pursuant to paragraph (5)(B), then on December 18, 1991, or sixty 
days after the approval of the resolution, whichever later occurs, the 
Settlement Common Stock of each shareholder who has notified the 
corporation pursuant to paragraph (5)(A) shall be deemed canceled, 
and shares of alienable common stock of the appropriate class shall 
be issued to such shareholder, share for share, subject only to 
subparagraph (B) and to such restrictions consistent with this Act as 
may be provided by the articles of incorporation of the corpora-
tion or in agreements between the corporation and individual 
shareholders. 
"(B)(i) Alienable common stock issued in exchange for Settlement 
Common Stock issued subject to the restriction authorized by section 
7(g)(l)(B)(iii) shall bear a legend indicating that the stock will 
eventually be canceled in accordance with the requirements of that 
section. 
"(ii) Alienable common stock issued in exchange for a class of 
Settlement Common Stock carrying greater per share voting power 
than Settlement Common Stock issued pursuant to subsections 
(g)(1)(A) and (g)(1)(B) shall carry such voting power and be subject to 
such other terms as may be provided in the amendment to the 
articles of incorporation authorizing the issuance of such class of 
Settlement Common Stock. 
"(iii) In the resolution authorized by paragraph (5)(B), the board of 
directors shall provide that each share of Settlement CJommon Stock 
carrying the right to share in distributions made to shareholders 
pursuant to subsections (j) and (m) of section 7 shall be exchanged 
either for— 
"(I) a share of alienable common stock carrying such right, or 
"(II) a share of alienable common stock that does not carry 
such right together with a separate, non-voting security that 
represents only such right. 
"(iv) In the resolution authorized by paragraph (5XB), the board of 
directors may impose upon the alienable common stock to be issued 
in exchange for Settlement Common Stock one or more of the 
following— 
"(I) a restriction granting the corporation, or the corporation 
and members of the shareholder's immediate family who are 
Natives or descendants of Natives the first right to purchase, on 
reasonable terms, the alienable common stock of the share-
holder prior to the sale or transfer of such stock (other than a 
transfer by will or intestate succession) to any other party, 
including a transfer in satisfaction of a lien, writ of attachment, 
judgment execution, pledge, or other encumbrance; or 
"(II) any other term, restriction, limitation, or other provision 
permitted under the laws of the State. 
"(C) The articles of incorporation of the Native Corporation shall 
be deemed amended to implement the provisions of the resolution 
authorized by paragraph (5)(B). 
"(D) Alienable common stock issued pursuant to this subpara-
graph shall not be subjected to a lien or judgment execution based 
upon any asserted or unasserted legal obligation of the original 
recipient arising prior to the issuance of such stock. 
"(7XA) No share of alienable common stock issued pursuant to 
paragraph (6) shall carry voting rights if it is owned, legally or 
beneficially, by a person not a Native or a descendant of a Native. 
101 STAT. 1802 
PUBLIC LAW 100-241—FEB. 3, 1988 
"(BXi) A purchaser or other transferee of shares of alienable 
common stock shall, as a condition of the obligation of the issuing 
Native Corporation to transfer such shares on the books of the 
corporation, deliver to the corporation or transfer agent, as the case 
may be, a statement on a form prescribed by the corporation 
identifying the number of such shares to be transferred to such 
transferee and certifying— 
"(I) that such transferee is or is not a Native or a descendant 
of a Native; 
"(II) that such transferee, if not a Native or a descendant of a 
Native, understands that shares of such alienable common stock 
shall not carry voting rights so long as such shares are held by 
the transferee or any subsequent transferee not a Native or a 
descendant of a Native; 
"(III) that such transferee, if a purchaser, understands that 
such acquisition may be subject to section 13(d) of the Securities 
Exchange Act of 1934, as amended, and the regulations of the 
Securities and Exchange Commission promulgated thereunder; 
and 
"(IV) whether such transferee will be the sole beneficial 
owner of such shares (if not, the transferee must certify as to 
the identities of all beneficial owners of such shares and 
whether such owners are Natives or descendants of Natives). 
"(ii) The statement required by clause (i) shall be prima facie 
evidence of the matters certified therein and may be relied upon by 
the corporation in effecting a transfer on its books. 
"(iii) For purposes of this subparagraph, a beneficial owner of a 
security includes any person (including a corporation, partnership, 
trust, association, or other entity) who, directly or indirectly, 
through any contract, arrangement, understanding, relationship, or 
otherwise has or shares— 
"(I) voting power, which includes the power to vote, or to 
direct the voting of, such security; or 
"(II) investment power, which includes the power to dispose 
of, or to direct the disposition of, such security, 
"(iv) Any person who, directly or indirectly, creates or uses a 
trust, proxy, power of attorney, pooling arrangement, or any other 
contract, arrangement, or device with the purpose or effect of 
divesting such person of beneficial ownership of a security or 
preventing the vesting of such beneficial ownership as part of a plan 
or scheme to evade the requirements imposed by this section or 
section 13(d) of the Securities Exchange Act of 1934, as amended, 
shall be deemed for purposes of such sections to be the beneficial 
owner of such security. 
"(C) The statement required by subparagraph (B) shall be verified 
by the transferee before a notary public or other official authorized 
to administer oaths in accordance with the laws of the jurisdiction of 
the transferee or in which the transfer is made.". 
DISSENTERS RIGHTS 
SEC. 9. The Alsiska Native Claims Settlement Act is further 
amended by adding the following new section after section 37: 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1803 
"DISSENTERS RIGHTS 
"SEC. 38. (a) COVERAGE.—(1) Notwithstanding the laws of the 43 USC I629d. 
State, if the shareholders of a Native Corporation— 
"(A) fail to approve an amendment authorized by section 37(b) 
to terminate alienability restrictions, a shareholder who voted 
for the amendment may demand payment from the corporation 
for all of his or her shares of Settlement Common Stock; or 
"(B) approve an amendment authorized by section 37(d) to 
continue alienability restrictions without issuing alienable 
common stock pursuant to section 37(d)(6), a shareholder who 
voted against the amendment may demand payment from the 
corporation for all of his or her shares of Settlement Common 
Stock. 
"(2)(A) A demand for payment made pursuant to paragraph (1)(A) 
shall be honored only if at the same time as the vote giving rise to 
the demand, the shareholders of the corporation approved a resolu-
tion providing for the purchase of Settlement Common Stock from 
dissenting shareholders. 
"(B) A demand for payment made pursuant to paragraph (IXB) 
shall be honored. 
"(b) RELATIONSHIP TO STATE PROCEDURE.—(1) Except as otherwise 
provided in this section, the laws of the State governing the right of 
a dissenting shareholder to demand and receive payment for his or 
her shares shall apply to demands for payment honored pursuant to 
subsection (a)(2). 
"(2) The board of directors of a Native Corporation may approve a 
resolution to provide a dissenting shareholder periods of time longer 
than those provided under the laws of the State to take actions 
required to demand and receive payment for his or her shares, 
(c) VALUATION OF STOCK.—(1) Prior to a vote described in subsec-
tion (aXl), the board of directors of a Native Corporation may 
approve a resolution to provide that one or more of the following 
conditions will apply in the event a demand for payment is honored 
pursuant to subsection (a)(2)— 
"(A) the Settlement Common Stock shall be valued as re-
stricted stock; and 
"(B) the value of— 
"(i) any land conveyed to the corporation pursuant to 
section 14(h)(1) or any other land used as a cemetery; and 
"(ii) the surface estate of any land that is both— 
"(I) exempt from real estate taxation pursuant to 
section 907(dXlXA) of the Alaska National Interest 
Lands Conservation Act, and 
"(II) used by the shareholders of the corporation for 
subsistence uses (as defined in section 803 of the Alaska 
National Interest Lands Conservation Act); or 
"(iii) any land or interest in land which the board of 
directors believes to be only of speculative value; 
shall be excluded by the shareholder making the demand for 
gayment, the corporation purchasing the Settlement Common 
tock of the shareholder, and any court determining the fair 
value of the shares of Settlement Common Stock to be 
purchased. 
"(2) No person shall have a claim against a Native Corporation or 
its board of directors based upon the failure of the board to approve 
a resolution authorized by this subsection. 
101 STAT. 1804 
PUBLIC LAW 100-241—FEB. 3, 1988 
"(d) FORM OF PAYMENT.—(1) Prior to a vote described in subsection 
(aXD, the board of directors of a Native Corporation may approve a 
I'-.wj 
.';: 
resolution to provide that in the event a demand for payment is 
honored pursuant to subsection (a)(2) payments to each dissenting 
shareholder shall be made by the corporation through the issuance 
of a negotiable note in the principal amount of the payment due, 
which shall be secured by— 
"(A) a payment bond issued by an insurance company or 
financial institution; 
"(B) the deposit in escrow of securities or property having a 
fair market value equal to at least 125 per centum of the face 
value of the note; or 
"(C) a lien upon real property interests of the corporation 
valued at 125 percent or more of the face amount of the note, 
except that no such lien shall be applicable to— 
"(i) land conveyed to the corporation pursuant to section 
14(h)(1), or any other land used as a cemetery; 
"(ii) the percentage interest in the corporation's timber 
(g i ,;, resources and subsurface estate that exceeds its percentage 
interest in revenues from such property under section 7(i); 
or 
"(iii) the surface estate of land that is both— 
Taxes. 
"(I) exempt from real estate taxation pursuant to 
section 907(d)(1)(A) of the Alaska National Interest 
Lands Conservation Act; and 
/' ?
» 
"(II) used by the shareholders of the corporation for 
subsistence uses (as defined in section 803 of the Alaska 
National Interest Lands Conservation Act), 
unless the Board of Directors of the corporation acts so as to 
make such lien applicable to such surface estate. 
"(2) A note issued pursuant to paragraph (1) shall provide that— 
"(A) interest shall be paid semi-annually, beginning as of the 
date on which the vote described in subsection (aXD occurred, at 
the rate applicable on such date to obligations of the United 
'*• 
States having a maturity date of one year, and 
"(B) the principal amount and accrued interest on such note 
shall be payable to the holder at a time specified by the corpora-
tion but in no event later than the date that is five years after 
the date of the vote described in subsection (a)(1). 
"(e) DIVIDEND ADJUSTMENT.—(1) The cash payment made pursu-
ant to subsection (a) or the principal amount of a note issued 
pursuant to subsection (d) to a dissenting shareholder shall be 
reduced by the amount of dividends paid to such shareholder with 
respect to his or her Settlement Common Stock after the date of the 
vote described in subsection (a)(1). 
"(2) Upon receipt of a cash payment pursuant to subsection (a) or 
a note pursuant to subsection (d), a dissenting shareholder shall no 
longer have an interest in the shares of Settlement Common Stock 
or in the Native Corporation.". 
SETTLEMENT TRUST OPTION 
SEC. 10. The Alaska Native Claims Settlement Act is further 
amended by adding the following new section: 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1805 
SETTLEMENT TRUST OPTION 
"SEC. 39. (a) CONVEYANCE OF CORPORATE ASSETS.—(1)(A) A Native 
43 use I629e. 
Corporation may convey assets (including stock or beneficial in-
terests therein) to a Settlement Trust in accordance with the laws of 
the State (except to the extent that such laws are inconsistent with 
this section and section 36). 
"(B) The approval of the shareholders of the corporation in the 
form of a resolution shall be required to convey all or substantially 
all of the assets of the corporation to a Settlement Trust. A convey-
ance in violation of this clause shall be void ab initio and shall not 
be given effect by any court. 
v ; .; r > 
"(2) No subsurface estate in land shall be conveyed to a Settle-
ment Trust. A conveyance of title to, or any other interest in, 
subsurface estate in violation of this subparagraph shall be void ab 
initio and shall not be given effect by any court. 
"(3) Conveyances made pursuant to this subsection— 
"(A) shall be subject to applicable laws respecting fraudulent 
conveyance and creditors rights; and 
"(B) shall give rise to dissenters rights to the extent provided 
under the laws of the State only if the rights of beneficiaries in 
the Settlement Trust receiving a conveyance are inalienable. 
"(4) The provisions of this subsection shall not prohibit a Native 
Corporation from engaging in any conveyance, reorganization, or 
transaction not otherwise prohibited under the laws of the State or 
the United States. 
"(b) AUTHORITY AND LIMITATIONS OF A SETTLEMENT TRUST.—(1) 
The purpose of a Settlement Trust shall be to promote the health, 
education, and welfare of its beneficiaries and preserve the heritage 
and culture of Natives. A Settlement Trust shall not— 
"(A) operate as a business; 
"(B) alienate land or any interest in land received from the 
settlor Native Corporation (except if the recipient of the land is 
the settlor corporation); or 
"(C) discriminate in favor of a group of individuals composed 
Discrimination, 
only or principally of employees, officers, or directors of the 
prohibition, 
settlor Native Corporation. 
An alienation of land or an interest in land in violation of this 
paragraph shall be void ab initio and shall not be given effect by any 
court. 
"(2) A Native Corporation that has established a Settlement Trust 
shall have exclusive authority to— 
"(A) appoint the trustees of the trust, and 
"(B) remove the trustees of the trust for cause. 
Only a natural person shall be appointed a trustee of a Settlement 
Trust. An appointment or removal of a trustee in violation of this 
paragraph shall be void ab initio and shall not be given effect by any 
court. 
"(3) A Native Corporation that has established a Settlement Trust 
may expand the class of beneficiaries to include holders of Settle-
ment Common Stock issued after the establishment of the trust 
without compensation to the original beneficiaries. 
"(4) A Settlement Trust shall not be held to violate any laws 
against perpetuities. 
"(c) SAVINGS.—(1) The provisions of this Act shall continue to 
apply to any land or interest in land received from the Federal 
Government pursuant to this Act and later conveyed to a Settle-
101 STAT. 1806 
PUBLIC LAW 100-241—FEB. 3, 1988 
Forests and 
forest products. 
Contracts. 
Contracts. 
merit Trust as if the land or interest in land were still held by the 
Native Corporation that conveyed the land or interest in land. 
"(2) No timber resources subject to section 7(i) conveyed to a 
Settlement Trust shall be sold, exchanged, or otherwise conveyed 
except as necessary to— 
"(A) dispose of diseased or dying timber or to prevent the 
spread of disease or insect infestation; 
"(B) prevent or suppress fire; or 
"(C) ensure public safety. 
The revenue, if any, from such timber harvests shall be subject to 
section 7(i) as if such conveyance had not occurred. 
"(3) The conveyance of assets (including stock or beneficial in-
terests) pursuant to subsection (a) shall not affect the applicability 
or enforcement (including specific performance) of a valid contract, 
judgment, lien, or other obligation (including an obligation arising 
under section 7(i)) to which such assets, stock, or beneficial interests 
were subject immediately prior to such conveyance. 
"(4) A claim based upon paragraph (1), (2), or (3) shall be enforce-
able against the transferee Settlement Trust holding the land, 
interest in land, or other assets (including stock or beneficial in-
terests) in question to the same extent as such claim would have 
been enforceable against the transferor Native Corporation, and 
valid obligations arising under section 7(i) as well as claims with 
respect to a conveyance in violation of a valid contract, judgment, 
lien, or other obligation shall also be enforceable against the trans-
feror corporation. 
"(5) Except as provided in paragraphs (1), (2), (3), and (4), once a 
Native Corporation has made, pursuant to subsection (a), a convey-
ance to a Settlement Trust that does not— 
"(A) render it— 
"(i) unable to satisfy claims based upon paragraph (1), (2), 
or (3); or 
"(ii) insolvent; or 
"(B) occur when the Native Corporation is insolvent; 
the assets so conveyed to the Settlement Trust shall not be subject to 
attachment, distraint, or sale on execution of judgment or other 
process or order of any court, except with respect to the lawful debts 
or obligations of the Settlement Trust. 
"(6) No transferee Settlement Trust shall make a distribution or 
conveyance of assets (including cash, stock, or beneficial interests) 
that would render it unable to satisfy a claim made pursuant to 
paragraph (1), (2), or (3). A distribution or conveyance made in 
violation of this paragraph shall be void ab initio and shall not be 
given effect by any court. 
"(7) Except where otherwise expressly provided, no provision of 
this section shall be construed to require shareholder approval of an 
action where shareholder approval would not be required under the 
laws of the State.". 
ALASKA LAND BANK 
SEC. 11. Section 907 of the Alaska National Interest Lands Con-
servation Act (43 U.S.C. 1636) is amended— 
(1) by striking out "subsection (c)(2)" throughout the section 
and inserting in lieu thereof "subsection (d)(1)"; 
(2) in the proviso of subsection (a), by striking out "lands not 
owned by landowners described in subsection (c)(2) shall not" 
and inserting in lieu thereof "no lands shall"; 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1807 
(3) by amending subsections (c), (d), and (e) to read as follows: 
"(c) BENEFITS TO PRIVATE LANDOWNERS.—(1) In addition to any 
requirement of applicable law, the appropriate Secretary is au-
thorized to provide technical and other assistance with respect to 
fire control, trespass control, resource and land use planning, and 
the protection, maintenance, and enhancement of any special values 
of the land subject to the agreement, all with or without reimburse-
ment as agreed upon by the parties, so long as the landowner is in 
compliance with the agreement. 
"(2) The provision of section 21(e) of the Alaska Native Claims 
Settlement Act shall apply to all lands which are subject to an 
agreement made pursuant to this section so long as the parties to 
the agreement are in compliance therewith. 
"(d) AUTOMATIC PROTECTIONS FOR LANDS CONVEYED PURSUANT TO 
THE ALASKA NATIVE CLAIMS SETTLEMENT ACT.—(IXA) Notwithstand-
ing any other provision of law or doctrine of equity, all land and 
interests in land in Alaska conveyed by the Federal Government 
pursuant to the Alaska Native Claims Settlement Act to a Native 
individual or Native Corporation or subsequently reconveyed by a 
Native Corporation pursuant to section 39 of that Act to a Settle-
ment Trust shall be exempt, so long as such land and interests are 
not developed or leased or sold to third parties from— 
"(i) adverse possession and similar claims based upon 
estoppel; 
"(ii) real property taxes by any governmental entity; 
"(iii) judgments resulting from a claim based upon or arising 
under— 
"(I) title 11 of the United States Code or any successor 
statute, 
"(II) other insolvency or moratorium laws, or 
"(III) other laws generally affecting creditors' rights; 
"(iv) judgments in any action at law or in equity to recover 
sums owed or penalties incurred by a Native Corporation or 
Settlement Trust or any employee, officer, director, or share-
holder of such corporation or trust, unless this exemption is 
contractually waived prior to the commencement of such action; 
and 
"(v) involuntary distributions or conveyances related to the 
involuntary dissolution of a Native Corporation or Settlement 
Trust. 
"(B) Except as otherwise provided specifically provided, the 
exemptions described in subparagraph (A) shall apply to any claim 
or judgment existing on or arising after the date of the enactment of 
the Algiska Native Claims Settlement Act Amendments of 1987. 
"(2) DEFINITIONS.—(A) For purposes of this subsection, the term— 
"(i) 'Developed' means a purposeful modification of land, or 
an interest in land, from its original state that effectuates a 
condition of gainful and productive present use without further 
substantial modification. Surveying, construction of roads, 
providing utilities, or other similar actions, which are normally 
considered to be component parts of the development process 
but do not create the condition described in the preceding 
sentence, shall not constitute a developed state within the 
meaning of this clause. In order to terminate the exemptions 
listed in paragraph (1), land, or an interest in land, must be 
developed for purposes other than exploration, and the exemp-
101 STAT. 1808 
PUBLIC LAW 100-241—FEB. 3, 1988 
tions will be terminated only with respect to the smallest 
practicable tract actually used in the developed state; 
"(ii) 'Exploration' means the examination and investigation of 
undeveloped land to determine the existence of subsurface 
nonrenewable resources; and 
"(iii) 'Leased' means subjected to a grant of primary posses-
sion entered into for a gainful purpose with a determinable fee 
remaining in the hands of the grantor. With respect to a lease 
that conveys rights of exploration and development, the exemp-
tions listed in paragraph (1) shall continue with respect to that 
portion of the leased tract that is used solely for the purposes of 
exploration. 
"(B) For purposes of this subsection— 
"(i) land shall not be considered developed solely as a result 
of— 
"(I) the construction, installation, or placement upon 
such land of any structure, fixture, device, or other 
improvement intended to enable, assist, or otherwise fur-
ther subsistence uses or other customary or traditional uses 
of such land, or 
"(II) the receipt of fees related to hunting, fishing, and 
guiding activities conducted on such land; 
"(ii) land upon which timber resources are being harvested 
shall be considered developed only during the period of such 
harvest and only to the extent that such land is integrally 
related to the timber harvesting operation; and 
"(iii) land subdivided by a State or local platting authority on 
the basis of a subdivision plat submitted by the holder of the 
land or its agent, shall be considered developed on the date an 
approved subdivision plat is recorded by such holder or agent 
unless the subdivided property is a remainder parcel. 
"(3) ACTION BY A TRUSTEE.—(A) Except as provided in this para-
graph and in section 14(cX3) of the Alaska Native Claims Settlement 
Act no trustee, receiver, or custodian vested pursuant to applicable 
Federal or State law with a right, title, or interest of a Native 
individual or Native Corporation shall— 
"(i) assign or lease to a third party, 
"(ii) commence development or use of, or 
"(iii) convey to a third party, 
any right, title, or interest in any land, or interests in land, subject 
to the exemptions described in paragraph (1). 
"(B) The prohibitions of subparagraph (A) shall not apply— 
"(i) when the actions of such trustee, receiver, or custodian 
are for purposes of exploration or pursuant to a judgment in law 
or in equity (or arbitration award) arising out of any claim made 
pursuant to section 7(i) or section 14(c) of the Aleiska Native 
Claims Settlement Act; or 
"(ii) to any land, or interest in land, which has been— 
"(I) developed or leased prior to the vesting of the trustee, 
receiver, or custodian with the right, title, or interest of the 
Native Corporation; or 
"(II) expressly pledged as security for any loan or ex-
pressly committed to any commercial transaction in a valid 
agreement. 
"(4) EXCLUSIONS, REATTACHMENT OF EXEMPTIONS.—(A) The exemp-
tions listed in paragraph (1) shall not apply to any land, or interest 
in land, which is— 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1809 
"(i) developed or leased or sold to a third party; 
"(ii) held by a Native Corporation in which neither— 
"(I) the Settlement Common Stock of the corporation, 
"(II) the Settlement Common Stock of the corporation 
and other stock of the corporation held by holders of Settle-
ment Common Stock, nor 
"(III) the Settlement Common Stock of the corporation 
and other stock of the corporation held by holders of Settle-
ment Common Stock and by Natives and descendants of 
Natives, 
represents a majority of either the total equity of the corporation or 
the total voting power of the corporation for the purposes of electing 
directors; or 
"(iii) held by a Settlement Trust with respect to which any of 
the conditions set forth in section 39 of the Alaska Native 
Claims Settlement Act have been violated. 
"(B) The exemptions described in clauses (iii), (iv), and (v) of 
paragraph (IXA) shall not apply to any land, or interest in land— 
"(i) to the extent that such land or interest is expressly 
pledged as security for any loan or expressly committed to any 
commercial transaction in a valid agreement, and 
"(ii) to the extent necessary to enforce a judgment in any 
action at law or in equity (or any arbitration award) arising out 
of any claim made pursuant to section 7(i) or section 14(c) of the 
Alaska Native Claims Settlement Act. 
"(C) If the exemptions listed in paragraph (1) are terminated with 
respect to land, or an interest in land, as a result of development (or 
a lease to a third party), and such land, or interest in land, subse-
quently reverts to an undeveloped state (or the third-party lease is 
terminated), then the exemptions shall again apply to such land, or 
interest in land, in accordance with the provisions of this subsection. 
"(5) TAX RECAPTURE UPON SUBDIVISION PLAT RECORDATION.—(A) 
Upon the recordation with an appropriate government authority of 
an approved subdivision plat submitted by, or on behalf of, a Native 
individual. Native Corporation, or Settlement Trust with respect to 
land described in paragraph (1), such individual, corporation, or 
trust shall pay in accordance with this paragraph all State and local 
property taxes on the smallest practicable tract integrally related to 
the subdivision project that would have been incurred by the 
individual, corporation, or trust on such land (excluding the value of 
subsurface resources and timber) in the absence of the exemption 
described in paragraph (IXAXii) during the thirty months prior to 
the date of the recordation of the plat. 
"(B) State and local property taxes specified in subparagraph (A) 
of this paragraph (together with interest at the rate of 5 per centum 
per annum commencing on the date of recordation of the subdivi-
sion plat) shall be paid in equal semi-annual installments over a 
two-year period commencing on the date six months after the date 
of recordation of the subdivision plat. 
"(C) At least thirty days prior to final approval of a plat of the 
type described in subparagraph (A), the government entity with 
jurisdiction over the plat shall notify the submitting individual, 
corporation, or trust of the estimated tax liability that would be 
incurred as a result of the recordation of the plat at the time of final 
approval. 
'(6) SAVINGS.—(A) No provision of this subsection shall be con- Contracts. 
strued to impair, or otherwise affect, any valid contract or other 
101 STAT. 1810 
PUBLIC LAW 100-241—FEB. 3, 1988 
obligation that was entered into prior to the date of the enactment 
of the Alaska Native Claims Settlement Act Amendments of 1987. 
"(B) Enactment of this subsection shall not affect any real prop-
erty tax claim in litigation on the date of enactment of the Alaska 
Native Claims Settlement Act Amendments of 1987. 
"(e) CONDEMNATION.—All land subject to an agreement made 
pursuant to subsection (a) and all land, and interests in land, 
conveyed or subsequently reconveyed pursuant to the Alaska Native 
Claims Settlement Act to a Native individual, Native Corporation, 
or Settlement Trust shall be subject to condemnation for public 
purposes in accordance with the provisions of this Act and other 
applicable law."; and 
(4) by adding at the end thereof the following new subsection: 
"(g) STATE JURISDICTION.—Except as expressly provided in subsec-
tion (d), no provision of this section shall be construed as affecting 
the civil or criminal jurisdiction of the State of Alaska.". 
CONFORMING AMENDMENTS 
SEC. 12. (a) SECTION 7.—Subsection (o) of section 7 (43 U.S.C. 1606) 
is amended to strike everything following the word "stockholder" 
except the period at the end of the subsection. 
(b) SECTION 21.—Section 21 (43 U.S.C. 1620) is amended— 
(1) by inserting after "distributions" in subsection (a) "(even if 
the Regional Corporation or Village Corporation distributing 
the dividend has not segregated revenue received from the 
Alaska Native Fund from revenue received from 
other 
sources)"; 
(2) by striking out "Village Corporation" and inserting in lieu 
thereof "Native Corporation" in subsection (j); and 
(3) by striking out everything after "one and one-half acres:" 
in subsection (j) and inserting in lieu thereof: "Provided further. 
That if the shareholder receiving the homesite subdivides such 
homesite, he or she shall pay all Federal, State, and local taxes 
that would have been incurred but for this subsection together 
with simple interest at 6 per centum per annum calculated from 
the date of receipt of the homesite, including taxes or assess-
ments for the provision of road access and water and sewage 
facilities by the conveying corporation or the shareholder.". 
(c) SECTION 30.—Subsection (b) of section 30 (43 U.S.C. 1627(b)) is 
amended by striking out "prior to December 19, 1991" and inserting 
in lieu thereof "while the Settlement Common Stock of all corpora-
tions subject to merger or consolidation remains subject to 
alienability restrictions.". 
(d) SECURITIES EXCHANGE ACT OF 1934.—Section 13(d)(1) of the 
15 use 78m. 
Securities Exchange Act of 1934 is amended by inserting "or any 
equity security issued by a Native Corporation pursuant to section 
37(d)(6) of the Alaska Native Claims Settlement Act" after "Invest-
ment Company Act of 1940". 
SEVERABILITY 
43 use 1601 
SEC. 13. Section 27 (85 Stat. 688) is amended to read as follows: 
note. 
"SEVERABILITY 
"SEC. 27. The provisions of this Act, as amended, and the Alaska 
Native Claims Settlement Act Amendments of 1987 are severable. If 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1811 
any provision of either Act is determined by a court of competent 
jurisdiction to be invalid, such invalidity shall not affect the validity 
of any other provision of either Act.". 
SECURITIES LAWS EXEMPTION 
SEC. 14. Section 28 (43 U.S.C. 1625) is amended to read as follows: 
"SECURITIES LAWS EXEMPTION 
"SEC. 28. (a) A Native Corporation shall be exempt from the 
provisions, as amended, of the Investment Company Act of 1940 (54 
Stat. 789), the Securities Act of 1933 (48 Stat. 74), and the Securities 
Exchange Act of 1934 (48 Stat. 881) until the earlier of the day 
after— 
"(1) the date on which the corporation issues shares of stock 
other than Settlement Common Stock in a transaction where— 
"(A) the transaction or the shares are not otherwise 
exempt from Federal securities laws; and 
t 
n, 
u^jQ^ ^j^g shares are issued to persons or entities other 
than— 
"(i) individuals who held shares in the corporation on 
the date of the enactment of the Alaska Native Claims 
Settlement Act Amendments of 1987; 
"(ii) Natives; 
"(iii) descendants of Natives; 
"(iv) individuals who have received shares of Settle-
ment Common Stock by inheritance pursuant to sec-
tion 7(h)(2); 
"(v) Settlement Trusts; or 
"(vi) entities established for the sole benefit of Na-
i' 
tives or descendants of Natives; or 
1 
"(2) the date on which alienability restrictions are termi-
nated; or 
"(3) the date on which the corporation files a registration 
statement with the Securities and Exchange Commission pursu-
ant to either the Securities Act of 1933 or the Securities Ex-
change Act of 1934. 
"(b) No provision of this section shall be construed to require or 
imply that a Native Corporation shall, or shall not, be subject to 
provisions of the Acts listed in subsection (a) after any of the dates 
described in subsection (a). 
"(c)(1) A Native Corporation that, but for this section, would be 
subject to the provisions of the Securities Exchange Act of 1934 shall 
annually prepare and transmit to its shareholders a report that 
contains substantially all the information required to be included in 
an annual report to shareholders by a corporation subject to that 
Act. 
"(2) For purposes of determining the applicability of the registra-
tion requirements of the Securities Exchange Act of 1934 on or after 
the date described in subsection (a), holders of Settlement Common 
Stock shall be excluded from the calculation of the number of 
shareholders of record pursuant to section 12(g) of that Act. 
"(dXl) Notwithstanding any other provision of law, prior to Janu-
ary 1, 2001, the provisions of the Investment Company Act of 1940 
shall not apply to any Nativfe Corporation or any subsidiary of such 
corporation if such subsidiary is wholly owned (as that term is 
91-194 O - 90 -17 : QL.3 Part 3 
101 STAT. 1812 
PUBLIC LAW 100-241—FEB. 3, 1988 
defined in the Investment Company Act of 1940) by the corporation 
and the corporation owns at least 95 per centum of the equity of the 
subsidiary. 
"(2) The Investment Company Act of 1940 shall not apply to any 
Settlement Trust. 
"(3) If, but for this section, a Native Corporation would qualify as 
an Investment Company under the Investment Company Act of 
1940, it shall be entitled to voluntarily register pursuant to such Act 
and any such corporation which so registered shall thereafter 
comply with the provisions of such Act.". 
EUGIBIUTY FOR NEEDS-BASED FEDERAL PROGRAMS; MINORITY STATUS 
SEC. 15. Section 29 (43 U.S.C. 1626) is amended by adding the 
following new subsections: 
"(c) In determining the eligibility of a household, an individual 
Native, or a descendant of a Native (as defined in section 3(r)) to— 
"(1) participate in the Food Stamp Program, 
"(2) receive aid, assistance, or benefits, based on need, under 
'"' the Social Security Act, or 
"(3) receive financial assistance or benefits, based on need, 
under any other Federal program or federally-assisted program, 
none of the following, received from a Native Corporation, shall be 
considered or taken into account as an asset or resource: 
"(A) cash (including cash dividends on stock received from a 
Native Corporation) to the extent that it does not, in the 
aggregate, exceed $2,000 per individual per annum; 
"(B) stock (including stock issued or distributed by a Native 
Corporation as a dividend or distribution on stock); 
.: ? 
"(C) a partnership interest; 
"(D) land or an interest in land (including land or an interest 
Am in land received from a Native Corporation as a dividend or 
distribution on stock); and 
"(E) an interest in a settlement trust. 
^ 
"(d) Notwithstanding any other provision of law, Alaska Natives 
shall remain eligible for all Federal Indian programs on the same 
basis as other Native Americans. 
"(eXD For all purposes of Federal law, a Native Corporation shall 
be considered to be a corporation owned and controlled by Natives 
and a minority business enterprise if the Settlement C!ommon Stock 
of the corporation and other stock of the corporation held by holders 
of Settlement Common Stock and by Natives and descendants of 
Natives, represents a majority of both the total equity of the cor-
poration and the total voting power of the corporation for the 
purposes of electing directors. 
"(2) For all purposes of Federal law, direct and indirect subsidiary 
corporations, joint ventures, and partnerships of a Native Corpora-
tion qualifying pursuant to paragraph (1) shall be considered to be 
entities owned and controlled by Natives and a minority business 
enterprise if the shares of stock or other units of ownership interest 
in any such entity held by such Native Corporation and by the 
holders of its Settlement Common Stock represent a majority of 
both— 
"(A) the total equity of the subsidiary corporation, joint ven-
ture, or partnership; and 
PUBLIC LAW 100-241—FEB. 3, 1988 
101 STAT. 1813 
"(B) the total voting power of the subsidiary corporation, joint 
venture, or partnership for the purpose of electing directors, the 
general partner, or principal officers. 
"(3) No provision of this subsection shall— 
"(A) preclude a Federal agency or instrumentality from 
applying standards for determining minority ownership (or con-
trol) less restrictive than those described in paragraphs (1) and 
(2), or 
"(B) supersede any such less restrictive standards in existence 
on the date of enactment of the Alaska Native Claims Settle-
ment Act Amendments of 1987. 
"(f)(1) Section 3 of Public Law 97-451 (96 Stat. 2448) is amended by 
30 USC 1702. 
inserting 'or which is administered by the United States pursuant to 
section 14(g) of Public Law 92-203, as amended' after 'alienation' in 
subsection (3) and subsection (4). 
"(2) The amendment made by paragraph (1) shall be effective as if 
30 USC 1702 
originally included in section 3 of Public Law 97-451. 
note. 
"(g) For the purposes of implementation of the Civil Rights Act of 
1964, a Native Corporation and corporations, partnerships, joint 
ventures, trusts, or affiliates in which the Native Corporation owns 
not less than 25 per centum of the equity shall be within the class 
defined in section 701(b) of Public Law 88-352 (78 Stat. 253), as 
amended, or successor statutes.". 
JUDICIAL REVIEW 
SEC. 16. (a) STATUTE OF LIMITATIONS.—(1) Notwithstanding any 
43 use 1601 
other provision of law, a civil action that challenges the constitu- ^^ote. 
tionality of an amendment made by, or other provision of this Act 
(the Alaska Native Claims Settlement Act Amendments of 1987) 
shall be barred unless filed within the periods specified in this 
subsection. 
(2) If a civil action described in paragraph (1) challenges— 
(A) the issuance or distribution of Settlement Common Stock 
for less than fair market value consideration pursuant to sec-
tion 7(g)(1)(B) or 7(g)(2)(C)(ii) of the Alaska Native Claims Settle-
ment Act; or 
'" 
(B) an extension of alienability restrictions that involves the 
issuance of stock pursuant to subsections (c) or (d) of section 37 
of such Act; or 
(C) the denial of dissenters rights after the rejection of an 
amendment to terminate alienability restrictions pursuant to 
section 37(b) of such Act; 
such civil action shall be barred unless it is filed within one year after 
the date of the shareholder vote authorizing such issuance or dis-
tribution, extension of restrictions, or denial of right, and unless a 
request for a declaratory judgment or injunctive relief is made 
before stock is issued or distributed. 
(3) Any other civil action described in paragraph (1) shall be 
barred unless it is filed within two years of the date of the enact-
ment of this Act. 
(4) No Native Corporation taking an action described in paragraph 
(2)(A), (2)(B), or (2)(C) shall issue or distribute stock sooner than 
fourteen days after the date of the shareholder vote authorizing 
such action. 
(b) JURISDICTION AND PROCEDURE.—(1) The United States District 
Court for the District of Alaska shall have exclusive original 
101 STAT. 1814 
PUBLIC LAW 100-241—FEB. 3, 1988 
jurisdiction over a civil action described in subsection (aXD. The 
action shall be heard and determined by a court of three judges as 
provided in section 2284 of title 28 of the United States Code. An 
appeal of the final judgment of such court shall be made directly to 
the United States Supreme Court. 
(2) No money judgment shall be entered against the United States 
in a civil action subject to this section. 
(c) STATEMENT OF PURPOSE.—The purpose of the limitation on civil 
actions established by this section is— 
(1) to ensure that after the expiration of a reeisonable period 
of time, Native Shareholders, Native Corporations, the United 
States, and the State of Alaska and its political subdivisions will 
be able to plan their affairs with certainty in full reliance on 
the provisions of this Act, and 
„. 
(2) to eliminate the possibility that the United States will 
f . 
incur a monetary liability as a result of the enactment of this 
Act. 
DISCLAIMER 
30 use 1601 
SEC. 17. (a) No provision of this Act (the Alaska Native Claims 
"0^- 
Settlement Act Amendments of 1987), exercise of authority pursu-
ant to this Act, or change made by, or pursuant to, this Act in the 
status of land shall be construed to validate or invalidate or in any 
way affect— 
(1) any assertion that a Native organization (including a 
federally recognized tribe, traditional Native council, or Native 
" 
council organized pursuant to the Act of June 18, 1934 (48 Stat. 
987), as amended) has or does not have governmental authority 
over lands (including management of, or regulation of the 
taking of, fish and wildlife) or persons within the boundaries of 
the State of Alaska, or 
(2) any assertion that Indian country (as defined by 18 U.S.C. 
1151 or any other authority) exists or does not exist within the 
boundaries of the State of Alaska. 
Taxes. 
(b) Nothing in the Alaska Native Claims Settlement Act Amend-
ments of 1987 (or any amendment made thereby) shall be 
construed— 
(1) to diminish or enlarge the ability of the Federal Govern-
ment to assess, collect, or otherwise enforce any Federal tax, or 
(2) to affect, for Federal tax purposes, the valuation of any 
stock issued by a Native Corporation. 
Approved February 3, 1988. 
, 
LEGISLATIVE HISTORY—H.R. 278: 
HOUSE REPORTS: No. 100-31 (Comm. on Interior and Insular Affairs). 
SENATE REPORTS: No. 100-201 (Comm. on Energy and Natural Resources). 
CONGRESSIONAL RECORD, Vol. 133 (1987): 
Mar. 31, considered and passed House. 
Oct. 29, considered and passed Senate, amended. 
Dec. 21, House concurred in Senate amendment with an amendment. Senate 
concurred in House amendment. 
- .