Sec. 2. Fractional shares
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Section 7(h) of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1606(h) ) is amended— in paragraph (2)(A), by inserting , subject to paragraph
(4)after pursuant to applicable laws of intestate succession ; by redesignating paragraph
(4)as paragraph (5); and by inserting after paragraph
(3)the following: Notwithstanding any State law regarding fractional shares, a Regional Corporation is authorized to issue a full share of any class of stock, for no consideration, in exchange for a fractional share of the same class of stock, held by any shareholder, as long as the Regional Corporation exchanges all fractional shares of a class of stock for full shares of the same class of stock at the same time. A Regional Corporation shall be authorized, after taking the action specified in subparagraph
(A)for any class of stock, to adopt, by resolution of the board of directors of the Regional Corporation, a policy that provides for the elimination of fractional shares that would result by will or the laws of intestate succession by— issuing a full share in lieu of any fractional share that would otherwise result from the application of a will or the intestacy laws; or issuing the maximum number of full shares possible to each devisee or beneficiary in the manner specified in a will or under the applicable intestacy laws, and, if any shares remain unissued, then issuing any such remaining shares as full shares only, in accordance with a process specified in the resolution that may reflect, in the discretion of the board of directors, local customs, traditions, and laws. No action taken by a Regional Corporation under subparagraph
(A)or
(B)shall provide a legal cause of action to any shareholder of the Regional Corporation against either the Regional Corporation or its board of directors. The provisions of this paragraph shall preempt State law with respect to fractional shares of Regional Corporations. . Section 8(c) of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1607(c) ) is amended by striking paragraph
(4)and inserting paragraph
(5).
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