To amend the Alaska Native Claims Settlement Act to provide for the purchase of common stock of Cook Inlet Region, and for other purposes.
PL 104-10 (H.R.421), enacted 05/18/1995

PUBLIC IJ\.W 104-10—MAY 18, 1995 
109 STAT. 155 
Public Law 104-10 
104th Congress 
An Act 
To amend the Alaska Native Claims Settlement Act to provide for the purchase 
May 18, 1995 
of common stock of Cook Inlet Region, and for other purposes. 
[H.R. 421] 
Be it enacted by the Senate and House of Representatives 
of 
the United States of America in Congress assembled, 
SECTION 1. PURCHASE OF SETTLEMENT COMMON STOCK OF COOK 
INLET REGION. 
(a) IN GENERAL.—Section 7(h) of the Alaska Native Claims 
Settlement Act (43 U.S.C. 1606(h)) is amended by adding at the 
end the following new paragraph: 
"(4)(A) As used in this paragraph, the term 'Cook Inlet Regional 
Corporation' means Cook Inlet Region, Incorporated. 
"(B) The Cook Inlet Regional Corporation may, by an amend-
ment to its articles of incorporation made in accordance with the 
voting standards under section 36(d)(1), purchase Settlement Com-
mon Stock of the Cook Inlet Regional Corporation and all rights 
associated with the stock from the shareholders of Cook Inlet 
Regional Corporation in accordance with any provisions included 
in the amendment that relate to the terms, procedures, number 
of offers to purchase, and timing of offers to purchase. 
"(C) Subject to subparagraph (D), and notwithstanding para-
graph (1)(B), the shareholders of Cook Inlet Regional Corporation 
may, in accordance with an amendment made pursuant to subpara-
graph (B), sell the Settlement Common Stock of the Cook Inlet 
Regional Corporation to itself. 
"(D) No sale or purchase may be made pursuant to this para-
graph without the prior approval of the board of directors of Cook 
Inlet Regional Corporation. Except as provided in subparagraph 
(E), each sale and purchase made under this paragraph shall be 
made pursuant to an offer made on the same terms to all holders 
of Settlement Common Stock of the Cook Inlet Regional Corpora-
tion. 
"(E) To recognize the different rights that accrue to any class 
or series of shares of Settlement Common Stock owned by stockhold-
ers who are not residents of a Native village (referred to in this 
paragraph as 'non-village shares'), an amendment made pursuant 
to subparagraph (B) shall authorize the board of directors (at the 
option of the board) to offer to purchase— 
"(i) the non-village shares, including the right to share 
in distributions made to shareholders pursuant to subsections 
(j) and (m) (referred to in this paragraph as 'nonresident dis-
tribution rights'), at a price that includes a premium, in addi-
tion to the amount that is offered for the purchase of other 
village shares of Settlement Common Stock of the Cook Inlet 
109 STAT. 156 
PUBLIC LAW 104-10—MAY 18, 1995 
Regional Corporation, that reflects the value of the nonresident 
distribution rights; or 
"(ii) non-village shares without the nonresident distribution 
rights associated with the shares. 
"(F) Any shareholder who accepts an offer made by the board 
of directors pursuant to subparagraph (E)(ii) shall receive, with 
respect to each non-village share sold by the shareholder to the 
Cook Inlet Regional Corporation— 
"(i) the consideration for a share of Settlement Common 
Stock offered to shareholders of village shares; and 
"(ii) a security for only the nonresident rights that attach 
to such share that does not have attached voting rights (referred 
to in this paragraph as a 'non-voting security'). 
"(G) An amendment made pursuant to subparagraph (B) shall 
authorize the issuance of a non-voting security that— 
"(i) shall, for purposes of subsections (j) and (m), be treated 
as a non-village share with respect to— 
"(I) computing distributions under such subsections; 
and 
"(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 restrictions under 
paragraph (1)(B). 
"(H) Any shares of Settlement Common Stock purchased pursu-
ant 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 Corpora-
tion in the names of nonresidents of villages; 
"(ii) any amount of funds that would be distributable with 
respect to non-village shares or non-voting securities pursuant 
to subsection (j) or (m) shall be distributed by Cook Inlet 
Regional Corporation to itself; and 
"(iii) village shares that are purchased pursuant 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 Corpora-
tion 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 (including a member 
of the board of directors) of Cook Inlet Regional Corporation 
or a member of the immediate family of the officer; and 
"(ii) any share of Settlement Common Stock held by any 
custodian, guardian, trustee, or attorney representing a share-
holder of Cook Inlet Regional Corporation in fact or law, or 
any other similar person, entity, or representative. 
"(J)(i) The board of directors of Cook Inlet Regional Corporation, 
in determining the terms of an offer to purchase made under 
this paragraph, including the amount of any premium paid with 
PUBLIC LAW 104-10—MAY 18, 1995 
109 STAT. 157 
respect to a non-village share, may rely upon the good faith opinion 
of a recognized firm of investment bankers or valuation experts. 
"(ii) Neither Cook Inlet Regional Corporation nor a member 
of the board of directors or officers of Cook Inlet Regional Corpora-
tion shall be liable for damages resulting from terms made in 
an offer made in connection with any purchase of Settlement Com-
mon Stock if the offer was made— 
"(I) in good faith; 
"(II) in reliance on a determination made pursuant to clause 
(i); and 
"(III) otherwise in accordance with this paragraph. 
"(K) The consideration given for the purchase of Settlement 
Common Stock made pursuant to an offer to purchase that provides 
for such consideration may be in the form of cash, securities, or 
a combination of cash and securities, as determined by the board 
of directors of Cook Inlet Regional Corporation, in a manner consist-
ent 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 status as an Alaska 
Native or descendant of a Native for the purpose of qualifying 
for those programs, benefits and services or other rights or privi-
leges set out for the benefit of Alaska Natives and Native i ^ e r i -
cans. Proceeds from the sale of Settlement Common Stock shall 
not be excluded 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))". 
Approved May 18, 1995. 
LEGISLATIVE HISTORY—H.R. 421 (S. 444) (S. 719): 
HOUSE REPORTS: No. 104-40 (Comm. on Resources). 
SENATE REPORTS: Nos. 104-20 accompanying S. 444 and 104-49 accompanying 
S. 719 (both from Comm. on Energy and Natural Resources). 
CONGRESSIONAL RECORD, Vol. 141 (1995): 
Mar. 14, considered and passed House. 
Apr. 25, considered and passed Senate.