Page:United States Statutes at Large Volume 120.djvu/574

 PUBLIC LAW 109–241—JULY 11, 2006

120 STAT. 543

related and that are located in one or more of their regions. ‘‘(III) For matching Federal or State grants for projects or programs in its member villages without regard to any limitation on the Federal or State share, or restriction on the source of any non-Federal or non-State matching funds, of any grant program under any other provision of law. ‘‘(iv) FISHERY-RELATED INVESTMENTS.—The entity shall make the remainder percent of its annual investments in fisheries-related projects or for other purposes consistent with the practices of the entity prior to March 1, 2006. ‘‘(v) ANNUAL STATEMENT OF COMPLIANCE.—Each year the entity, following approval by its board of directors and signed by its chief executive officer, shall submit a written statement to the Secretary and the State of Alaska that summarizes the purposes for which it made investments under clauses (iii) and (iv) during the preceding year. ‘‘(vi) OTHER PANEL REQUIREMENTS.—The entity shall comply with any other requirements established by the panel under subparagraph (G). ‘‘(F) ENTITY STATUS, LIMITATIONS, AND REGULATION.— The entity— ‘‘(i) shall be subject to any excessive share ownership, harvesting, or processing limitations in the fisheries of the Bering Sea and Aleutian Islands Management Area only to the extent of the entity’s proportional ownership, excluding any program allocations, and notwithstanding any other provision of law; ‘‘(ii) shall comply with State of Alaska law requiring annual reports to the entity’s member villages summarizing financial operations for the previous calendar year, including general and administrative costs and compensation levels of the top 5 highest paid personnel; ‘‘(iii) shall comply with State of Alaska laws to prevent fraud that are administered by the Alaska Division of Banking and Securities, except that the entity and the State shall keep confidential from public disclosure any information if the disclosure would be harmful to the entity or its investments; and ‘‘(iv) is exempt from compliance with any State law requiring approval of financial transactions, community development plans, or amendments thereto, except as required by subparagraph (H). ‘‘(G) ADMINISTRATIVE PANEL.— ‘‘(i) ESTABLISHMENT.—There is established a community development quota program panel. ‘‘(ii) MEMBERSHIP.—The panel shall consist of 6 members. Each entity participating in the program shall select one member of the panel. ‘‘(iii) FUNCTIONS.—The panel shall— ‘‘(I) administer those aspects of the program not otherwise addressed in this paragraph, either through private contractual arrangement or

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