Sec. 1401. stock alienation

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## Sec. 1401 stock alienation ###

(a)Section 7(h)(3) of the Alaska Native Claims Settlement Act is amended to read as follows: > > #### “(3) > > > #####

(A)> > On December 18, 1991, all stock previously issued shall be deemed to be canceled, and shares of stock of the appropriate class shall be issued to each stockholder share for share subject only to such restrictions as may be provided by the articles of incorporation of the corporation, or agreements between corporations and individual shareholders. > > > ##### “(B) > > If adopted by December 18, 1991, restrictions provided by amendment to the articles of incorporation may include, in addition to any other legally permissible restrictions— > > > ###### “(i) > > the denial of voting rights to any holder of stock who is not a Native, or a descendant of a Native, and > > > ###### “(ii) > > the granting to the corporation and a stockholder's immediate family, on reasonable terms, the first right to purchase a stockholder's stock (whether issued before or after the adoption of the restriction) prior to the sale or transfer of such stock (other than a transfer by inheritance) to any other party, including a transfer in satisfaction of a lien, writ of attachment, judgment execution, pledge, or other encumbrance. > > > ##### “(C) > > Notwithstanding any provision of Alaska law to the contrary— > > > ###### “(i) > > any amendment to the articles of incorporation of a regional corporation to provide for any of the restrictions specified in clause

(i)or

(ii)of subparagraph

(B)shall be approved if such amendment receives the affirmative vote of the holders of a majority of the outstanding shares entitled to be voted of the corporation, and > > > ###### “(ii) > > any amendment to the articles of incorporation of a Native Corporation which would grant voting rights to stockholders who were previously denied such voting rights shall be approved only if such amendment receives, in addition to any affirmative vote otherwise required, a like affirmative vote of the holders of shares entitled to be voted under the provisions of the articles of incorporation.” > . ###

(b)Section 8(c) of such Act is amended to read as follows: > > ### “(c) > > The provisions concerning stock alienation, annual audit, and transfer of stock ownership on death or by court decree provided for regional corporations in section 7, including the provisions of section 7(h)(3), shall apply to Village Corporations Urban Corporations and Native Groups; except that audits need not be transmitted to the Committee on Interior and Insular Affairs of the House of Representatives or to the Committee on Energy and Natural Resources of the Senate.” > . ###

(c)At the end of section 1696(h)(1) of title 43, United States Code, insert immediately before the period the words: “or by stockholder who is a member of a professional organization, association, or board which limits the ability of that stockholder to practice his profession because of holding stock issued under this Act”. ###

(d)Section 3 of the Alaska Native Claims Settlement Act is amended by the addition of a new subsection as follows: > > ### “(m) > > ‘**Native Corporation**’ means any Regional Corporation, any Village Corporation, any Urban Corporation, and any Native Group.” > .