Senate Approves Murkowski Bill to Help Native Corporations Enroll Future Generations

SENATE APPROVES MURKOWSKI BILL TO HELP NATIVE CORPORATIONS ENROLL FUTURE GENERATIONS

Last night the U.S. Senate approved Sen. Murkowski's bill that will make it easier for Native Corporations to offer stock to Alaska Natives born after December 18, 1971.

"I'm pleased that the Senate has passed this important bill," Murkowski said. "As we look to the future of Alaska's Native Corporations, one of the best ways to ensure their vitality and success is through enrolling future generations of stockholders. This legislation should ensure that those corporations who wish to grant stock to future generations will be able to do so."

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.

Murkowski's legislation, S.449, would 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 now moves to the House of Representatives. Senator Murkowski is hopeful that the House will pass S.449 before it adjourns for the year.

The bill has been of great 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 2006.

http://murkowski.senate.gov/pressapp/record.cfm?id=249909