Don Young: “I rise in support of S. 449, a bill to facilitate shareholder consideration of proposals to make settlement common stock…”

“I rise in support of S. 449, a bill to facilitate shareholder consideration of proposals to make settlement common stock under the Alaska Native Claims Settlement Act (ANCSA) available to missed enrollees, eligible elders, and eligible persons born after December 18, 1971. The Alaska Native Claims Settlement Act (ANCSA), as originally enacted, limited Alaska Native Regional Corporations from enrolling Natives born after December 18, 1971, as shareholders in their respective corporations. Subsequent amendments to ANCSA have allowed Regional Corporations to include Natives born after December 18, 1971 (often referred to as ``New Natives'' or ``Shareholder Descendants''), if existing shareholders of the Corporation adopt a resolution at an annual meeting. Thus far, very few Native Corporations have adopted resolutions to include Shareholder Descendants, in part because the standard of adopting a resolution is too high. 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.…”