Clarification of Alaska Native Settlement Trusts.

Sec. 337. Clarification of Alaska Native Settlement Trusts. (a) Section 1629b of title 43, United States Code, is amended—(1) at subsection (d)(1) by striking “An” and inserting in its place “Except as otherwise set forth in subsection (d)(3) of this section, an”;(2) by creating the following new subsection:“(d)(3) A resolution described in subsection (a)(3) of this section shall be considered to be approved by the shareholders of a Native Corporation if it receives the affirmative vote of shares representing—“(A) a majority of the shares present or represented by proxy at the meeting relating to such resolution, or“(B) an amount of shares greater than a majority of the shares present or represented by proxy at the meeting relating to such resolution (but not greater than two-thirds of the total voting power of the corporation) if the corporation establishes such a level by an amendment to its articles of incorporation.”; and (3) by creating the following new subsection:“(f) Substantially All of the Assets.—For purposes of this section and section 1629e of this title, a Native Corporation shall be considered to be transferring all or substantially all of its assets to a Settlement Trust only if such assets represent two-thirds or more of the fair market value of the Native Corporation’s total assets.”.(b) Section 1629e(a)(3) of title 43, United States Code, is amended by striking subparagraph (B) and inserting in its place the following:“(B) shall give rise to dissenters rights to the extent provided under the laws of the State only if—“(i) the rights of beneficiaries in the Settlement Trust receiving a conveyance are inalienable; and“(ii) a shareholder vote on such transfer is required by (a)(4) of section 1629b of this title.”.