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Week Ending March 3, 2006

S.449 A bill to facilitate shareholder consideration of proposals to make Settlement Common Stock under the Alaska Native Claims Settlement Act available to missed enrollees, eligible elders, and eligible persons born after December 18, 1971, and for other purposes.       

The bill improves a 1971 law that established regional and village corporations of Native Alaskans (25% native blood) through which stock ownership issues regarding state resources are distributed back to the original land owners.

Problems with transferring those stocks to relatives resulted in a 1988 plan that would allow the stock transfer to Native Alaskans and descendants born after December 18, 1971, those who failed to otherwise make timely application for stock and native elders 65 and older. Issuance of those new shares, however, must be approved by a simple majority of shareholders and it seems the shareholder meetings seldom draw much of a crowd. Far fewer than a majority.

Changing the majority requirement requires a change in the corporations’ articles of incorporation.  This bill would allow those articles of incorporation to be amended by less than a majority of shareholders. Only a majority of shareholders present would be needed.

Sponsor: Senator Lisa Murkowski (R-AK)

Vote: Passed House by Unanimous Consent March 1, 2006

Cost to the taxpayers: “The Congressional Budget Office estimated that implementing S. 2843 would have no significant impact on the federal budget and that enacting the bill would not affect direct spending or revenues.”

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No reproduction, language translation or distribution without written permission from TheWeekInCongress.com.