| Home > 104th Congressional Public Laws > Pub.L. 104-100 To designate the United States Post Office building located at 24 Corliss Street, Providence, Rhode Island, as the ``Harry Kizirian Post Office Building''. <> ...
Pub.L. 104-100 To designate the United States Post Office building located at 24 Corliss Street, Providence, Rhode Island, as the ``Harry Kizirian Post Office Building''. <> ...
[[Page 109 STAT. 155]]
Public Law 104-10
To amend the Alaska Native Claims Settlement Act to provide for the
purchase of common stock of Cook Inlet Region, and for other
purposes. <<NOTE: May 18, 1995 - [H.R. 421]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. PURCHASE OF SETTLEMENT COMMON STOCK OF COOK INLET REGION.
(a) In General.--Section 7(h) of the Alaska Native Claims Settlement
Act (43 U.S.C. 1606(h)) is amended by adding at the end the following
``(4)(A) As used in this paragraph, the term `Cook Inlet Regional
Corporation' means Cook Inlet Region, Incorporated.
``(B) The Cook Inlet Regional Corporation may, by an amendment to
its articles of incorporation made in accordance with the voting
standards under section 36(d)(1), purchase Settlement Common Stock of
the Cook Inlet Regional Corporation and all rights associated with the
stock from the shareholders of Cook Inlet Regional Corporation in
accordance with any provisions included in the amendment that relate to
the terms, procedures, number of offers to purchase, and timing of
offers to purchase.
``(C) Subject to subparagraph (D), and notwithstanding paragraph
(1)(B), the shareholders of Cook Inlet Regional Corporation may, in
accordance with an amendment made pursuant to subparagraph (B), sell the
Settlement Common Stock of the Cook Inlet Regional Corporation to
``(D) No sale or purchase may be made pursuant to this paragraph
without the prior approval of the board of directors of Cook Inlet
Regional Corporation. Except as provided in subparagraph (E), each sale
and purchase made under this paragraph shall be made pursuant to an
offer made on the same terms to all holders of Settlement Common Stock
of the Cook Inlet Regional Corporation.
``(E) To recognize the different rights that accrue to any class or
series of shares of Settlement Common Stock owned by stockholders who
are not residents of a Native village (referred to in this paragraph as
`non-village shares'), an amendment made pursuant to subparagraph (B)
shall authorize the board of directors (at the option of the board) to
offer to purchase--
``(i) the non-village shares, including the right to share
in distributions made to shareholders pursuant to subsections
(j) and (m) (referred to in this paragraph as `nonresident
distribution rights'), at a price that includes a premium, in
addition to the amount that is offered for the purchase of other
village shares of Settlement Common Stock of the Cook Inlet
[[Page 109 STAT. 156]]
Regional Corporation, that reflects the value of the nonresident
distribution rights; or
``(ii) non-village shares without the nonresident
distribution rights associated with the shares.
``(F) Any shareholder who accepts an offer made by the board of
directors pursuant to subparagraph (E)(ii) shall receive, with respect
to each non-village share sold by the shareholder to the Cook Inlet
``(i) the consideration for a share of Settlement Common
Stock offered to shareholders of village shares; and
``(ii) a security for only the nonresident rights that
attach to such share that does not have attached voting rights
(referred to in this paragraph as a `non-voting security').
``(G) An amendment made pursuant to subparagraph (B) shall authorize
the issuance of a non-voting security that--
``(i) shall, for purposes of subsections (j) and (m), be
treated as a non-village share with respect to--
``(I) computing distributions under such
``(II) entitling the holder of the share to the
proportional share of the distributions made under such
``(ii) may be sold to Cook Inlet Region, Inc.; and
``(iii) shall otherwise be subject to the restrictions under
``(H) Any shares of Settlement Common Stock purchased pursuant to
this paragraph shall be canceled on the conditions that--
``(i) non-village shares with the nonresident rights that
attach to such shares that are purchased pursuant to this
paragraph shall be considered to be--
``(I) outstanding shares; and
``(II) for the purposes of subsection (m), shares of
stock registered on the books of the Cook Inlet Regional
Corporation in the names of nonresidents of villages;
``(ii) any amount of funds that would be distributable with
respect to non-village shares or non-voting securities pursuant
to subsection (j) or (m) shall be distributed by Cook Inlet
Regional Corporation to itself; and
``(iii) village shares that are purchased pursuant to this
paragraph shall be considered to be--
``(I) outstanding shares, and
``(II) for the purposes of subsection (k) shares of
stock registered on the books of the Cook Inlet Regional
Corporation in the names of the residents of villages.
``(I) Any offer to purchase Settlement Common Stock made pursuant to
this paragraph shall exclude from the offer--
``(i) any share of Settlement Common Stock held, at the time
the offer is made, by an officer (including a member of the
board of directors) of Cook Inlet Regional Corporation or a
member of the immediate family of the officer; and
``(ii) any share of Settlement Common Stock held by any
custodian, guardian, trustee, or attorney representing a
shareholder of Cook Inlet Regional Corporation in fact or law,
or any other similar person, entity, or representative.
``(J)(i) The board of directors of Cook Inlet Regional Corporation,
in determining the terms of an offer to purchase made under this
paragraph, including the amount of any premium paid with
[[Page 109 STAT. 157]]
respect to a non-village share, may rely upon the good faith opinion of
a recognized firm of investment bankers or valuation experts.
``(ii) Neither Cook Inlet Regional Corporation nor a member of the
board of directors or officers of Cook Inlet Regional Corporation shall
be liable for damages resulting from terms made in an offer made in
connection with any purchase of Settlement Common Stock if the offer was
``(I) in good faith;
``(II) in reliance on a determination made pursuant to
clause (i); and
``(III) otherwise in accordance with this paragraph.
``(K) The consideration given for the purchase of Settlement Common
Stock made pursuant to an offer to purchase that provides for such
consideration may be in the form of cash, securities, or a combination
of cash and securities, as determined by the board of directors of Cook
Inlet Regional Corporation, in a manner consistent with an amendment
made pursuant to subparagraph (B).
``(L) Sale of Settlement Common Stock in accordance with this
paragraph shall not diminish a shareholder's status as an Alaska Native
or descendant of a Native for the purpose of qualifying for those
programs, benefits and services or other rights or privileges set out
for the benefit of Alaska Natives and Native Americans. Proceeds from
the sale of Settlement Common Stock shall not be excluded in determining
eligibility for any needs-based programs that may be provided by
Federal, State or local agencies.''.
(b) Conforming Amendment.--Section 8(c) of such Act (43 U.S.C.
1607(c)) is amended by striking ``(h)'' and inserting ``(h) (other than
Approved May 18, 1995.
LEGISLATIVE HISTORY--H.R. 421 (S. 444) (S. 719):
HOUSE REPORTS: No. 104-40 (Comm. on Resources).
SENATE REPORTS: Nos. 104-20 accompanying S. 444 and 104-49 accompanying
S. 719 (both from Comm. on Energy and Natural Resources).
CONGRESSIONAL RECORD, Vol. 141 (1995):
Mar. 14, considered and passed House.
Apr. 25, considered and passed Senate.
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104th Congressional Public Laws Records and Documents
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