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![handle is hein.usccsset/usconset50285 and id is 1 raw text is: AUTHENTICATED
U.S. GOVERNMENT
INFORMATION
Gp
Calendar No. 182
109TH CONGRESS REPORT
1st Session SENATE 109-112
TO FACILITATE SHAREHOLDER CONSIDERATION OF PROPOSALS TO MAKE
SETTLEMENT COMMON STOCK UNDER THE ALASKA NATIVE CLAIMS
SETTLEMENT ACT AVAILABLE TO MISSED ENROLLEES, ELIGIBLE EL-
DERS, AND ELIGIBLE PERSONS BORN AFTER DECEMBER 18, 1971, AND
FOR OTHER PURPOSES
JULY 28, 2005.-Ordered to be printed
Mr. MCCAIN, from the Committee on Indian Affairs,
submitted the following
REPORT
[To accompany S. 449]
The Committee on Indian Affairs, to which was referred the bill
(S. 449), 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 el-
igible persons born after December 18, 1971, and for other pur-
poses, having considered the same, reports favorably thereon with-
out amendment and recommends that the bill do pass.
PURPOSE
The bill's purpose is to rectify a problem in the Alaska Native
Claims Settlement Act of 1971 (ANCSA), 43 U.S.C. § 1601 et seq.
As the law now exists, Alaska Native Corporations (ANCs) may
issue new stock to children of their original shareholders born after
1971 and missed enrollees and additional stock to Native Elders,
but they may not do so unless a majority of the corporation's
shares approve such a change at a meeting of the corporation's
shareholders. Because not all shareholders attend corporation
meetings, however, it is difficult at any meeting to achieve a vote
in which a majority of all shareholders, whether or not represented
at the meeting, agree to have new stock issued. The bill amends
the law to require that only a majority of shares represented at the
meeting itself assent to the issuance of new stock, so long as a
quorum is present, in order for new stock to be issued.
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