Page:United States Statutes at Large Volume 101 Part 3.djvu/513

 PUBLIC LAW 100-241—FEB. 3, 1988

101 STAT. 1811

any provision of either Act is determined by a court of competent jurisdiction to be invalid, such invalidity shall not affect the validity of any other provision of either Act.". SECURITIES LAWS EXEMPTION

SEC. 14. Section 28 (43 U.S.C. 1625) is amended to read as follows: " S E C U R I T I E S L A W S EXEMPTION

"SEC. 28. (a) A Native Corporation shall be exempt from the provisions, as amended, of the Investment Company Act of 1940 (54 Stat. 789), the Securities Act of 1933 (48 Stat. 74), and the Securities Exchange Act of 1934 (48 Stat. 881) until the earlier of the day after— "(1) the date on which the corporation issues shares of stock other than Settlement Common Stock in a transaction where— "(A) the transaction or the shares are not otherwise exempt from Federal securities laws; and t n, u^jQ^ ^j^g shares are issued to persons or entities other than— "(i) individuals who held shares in the corporation on the date of the enactment of the Alaska Native Claims Settlement Act Amendments of 1987; "(ii) Natives; "(iii) descendants of Natives; "(iv) individuals who have received shares of Settlement Common Stock by inheritance pursuant to section 7(h)(2); "(v) Settlement Trusts; or "(vi) entities established for the sole benefit of Nai' tives or descendants of Natives; or 1 "(2) the date on which alienability restrictions are terminated; or "(3) the date on which the corporation files a registration statement with the Securities and Exchange Commission pursuant to either the Securities Act of 1933 or the Securities Exchange Act of 1934. "(b) No provision of this section shall be construed to require or imply that a Native Corporation shall, or shall not, be subject to provisions of the Acts listed in subsection (a) after any of the dates described in subsection (a). "(c)(1) A Native Corporation that, but for this section, would be subject to the provisions of the Securities Exchange Act of 1934 shall annually prepare and transmit to its shareholders a report that contains substantially all the information required to be included in an annual report to shareholders by a corporation subject to that Act. "(2) For purposes of determining the applicability of the registration requirements of the Securities Exchange Act of 1934 on or after the date described in subsection (a), holders of Settlement Common Stock shall be excluded from the calculation of the number of shareholders of record pursuant to section 12(g) of that Act. "(d)(l) Notwithstanding any other provision of law, prior to January 1, 2001, the provisions of the Investment Company Act of 1940 shall not apply to any Nativfe Corporation or any subsidiary of such corporation if such subsidiary is wholly owned (as that term is

91-194 O - 90 -17: QL.3 Part 3

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