Page:United States Statutes at Large Volume 101 Part 3.djvu/495

 PUBLIC LAW 100-241—FEB. 3, 1988

101 STAT. 1793

"(h)(1) RIGHTS AND RESTRICTIONS.—(A) Except as otherwise ex-

pressly provided in this Act, Settlement Common Stock of a Regional Corporation shall— "(i) carry a right to vote in elections for the board of directors and on such other questions as properly may be presented to shareholders; "(ii) permit the holder to receive dividends or other distributions from the corporation; and "(iii) vest in the holder all rights of a shareholder in a business corporation organized under the laws of the State. "(B) Except as otherwise provided in this subsection, Settlement Common Stock, inchoate rights thereto, and rights to dividends or distributions declared with respect thereto shall not be— "(i) sold; ' "(ii) pledged; "(iii) subjected to a lien or judgment execution; "(iv) assigned in present or future; "(v) treated as an asset under— "(I) title 11 of the United States Code or any successor statute, "(II) any other insolvency or moratorium law, or "(III) other laws generally affecting creditors' rights; or "(vi) otherwise alienated. "(C) Notwithstanding the restrictions set forth in subparagraph (B), Settlement Common Stock may be transferred to a Native or a descendant of a Native— "(i) pursuant to a court decree of separation, divorce, or child support; "(ii) by a holder who is a member of a professional organization, association, or board that limits his or her ability to practice his or her profession because he or she holds Settlement Common Stock; or "(iii) as an inter vivos gift from a holder to his or her child, grandchild, great-grandchild, niece, or nephew. "(2) INHERITANCE OF SETTLEMENT COMMON STOCK.—(A) Upon the death of a holder of Settlement Common Stock, ownership of such stock tunless canceled in accordance with subsection (g)(l)(B)(iii)) shall be transferred in accordance with the lawful will of such holder or pursuant to applicable laws of intestate succession. If the holder fails to dispose of his or her stock by will and has no heirs under applicable laws of intestate succession, the stock shall escheat to the issuing Regional Corporation and be canceled. "(B) The issuing Regional Corporation shall have the right to purchase at fair value Settlement Common Stock transferred pursuant to applicable laws of intestate succession to a person not a Native or a descendant of a Native after the date of the enactment of the Alaska Native Claims Settlement Act Amendments of 1987 if— "(i>'the corporation— "(I) amends its articles of incorporation to authorize such purchases, and "(II) gives the person receiving such stock written notice of its intent to purchase within ninety days after the date that the corporation either determines the decedent's heirs in accordance with the laws of the State or receives notice that' such heirs have been determined, whichever later occurs; and

�