Page:United States Statutes at Large Volume 101 Part 3.djvu/496

 101 STAT. 1794

PUBLIC LAW 100-241—FEB. 3, 1988

"(ii) the person receiving such stock fails to transfer the stock pursuant to paragraph (l)(C)(iii) within sixty days after receiving such written notice. "(C) Settlement Common Stock of a Regional Corporation— "(i) transferred by will or pursuant to applicable laws of intestate succession after the date of the enactment of the ••'•• Alaska Native Claims Settlement Act Amendments of 1987, or "(ii) transferred by any means prior to the date of the enactment of the Alaska Native Claims Settlement Act Amendments of 1987, to a person not a Native or a descendant of a Native shall not carry voting rights. If at a later date such stock is lawfully transferred to a Native or a descendant of a Native, voting rights shall be automatically restored. "(3) REPLACEMENT COMMON STOCK.—(A) On the date on which alienability restrictions terminate in accordance with the provisions of section 37, all Settlement Common Stock previously issued by a Regional Corporation shall be deemed canceled, and shares of Replacement Common Stock of the appropriate class shall be issued to each shareholder, share for share, subject only to subparagraph (B) and to such restrictions consistent with this Act as may be provided by the articles of incorporation of the corporation or in agreements between the corporation and individual shareholders. "(B)(i) Replacement Common Stock issued in exchange for Settlement Common Stock issued subject to the restriction authorized by subsection (g)(l)(B)(iii) shall bear a legend indicating that the stock will eventually be canceled in accordance with the requirements of that subsection. "(ii) Prior to the termination of alienability restrictions, the board of directors of the corporation shall approve a resolution to provide that each share of Settlement Common Stock carrying the right to share in distributions made to shareholders pursuant to subsections (j) and (m) shall be exchanged either for— "(I) a share of Replacement Common Stock that carries such right, or "(II) a share of Replacement Common Stock that does not carry such right together with a separate, non-voting security that represents only such right. "(iii) Replacement Common Stock issued in exchange for a class of Settlement Common Stock carrying greater per share voting power than Settlement Common Stock issued pursuant to subsections (g)(1)(A) and (g)(1)(B) shall carry such voting power and be subject to such other terms as may be provided in the amendment to the articles of incorporation authorizing the issuance of such class of Settlement Common Stock. "(C) The articles of incorporation of the Regional Corporation shall be deemed amended to authorize the issuance of Replacement Common Stock and the security described in subparagraph (B)(ii)(II). "(D) Prior to the date on which alienability restrictions terminate, a Regional Corporation may amend its articles of incorporation to impose upon Replacement Common Stock one or more of the following— "(i) a restriction denying voting rights to any holder of Replacement Common Stock who is not a Native or a descendant of a Native; "(ii) a restriction granting the Regional Corporation, or the Regional Corporation and members of the shareholder's imme-

�