MURKOWSKI LEGISLATION TO HELP NATIVE CORPORATIONS ENROLL FUTURE GENERATIONS PASSES U.S. HOUSE
LEGISLATION TO ALLOW FOR GREATER INVOLVEMENT OF YOUTH IN CORPORATION AFFAIRS SLATED FOR PRESIDENTIAL APPROVAL
WASHINGTON, D.C. - The U.S. House of Representatives today passed Senator Lisa Murkowski's legislation to help Alaska Native Corporations involve their youth in the business of their corporations. The legislation, S.449, will ease shareholder consideration of making Settlement Common Stock available to Alaska Natives born after December 18, 1971. Senator Murkowski's bill was passed by the U.S. Senate this past December and is now on track for approval by President Bush.
"I'm pleased that the House has passed this vital legislation and look forward to the President signing it into law," said Senator Murkowski. "Many Alaska Natives recognize the need to involve young people in their affairs today in order to prepare for the future of their corporations. This bill will ensure that corporations that want to grant stock to any future generation will be able to do so - and as such will make it easier to plan for the continuity of corporation activities for years to come."
The Alaska Native Claims Settlement Act (ANCSA) currently permits Native corporations to issue stock to descendants born after 1971 if a majority of all outstanding shares agree. Senator Murkowski's legislation will ease the enrollment process by reducing the number of votes needed to enroll future generations from a supermajority of all shares to a majority of shares present at a shareholder meeting.
The bill has been of particular interest to Doyon, Limited, the regional Native Corporation for Alaska's Interior, and Sealaska Corporation, the regional Native Corporation for Southeast Alaska, which had hoped to obtain shareholder approval to make new stock available in 2007.