,,ii  #aaeth ,,congress  #ast ,session  
,s4 #adie  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #bi1     
#bjag ,ms4 ,murkowski 7for herself and  
,mr4 ,sullivan7 introduced the following
 bill2 which was read twice and referred
 to the ,committee on ,energy and       
,natural ,resources  ,a ,,bill  ,to     
amend the ,alaska ,native ,claims       
,settlement ,act regarding the treatment
 of fractional shares of stock by       
,regional ,corporations1 and for other  
purposes4  #a4 ,short title  ,this ,act 
may be cited as the ,,ancsa ,fractional 
,shares ,consolidation ,act of #bjag4   
#b4 ,fractional shares  7a7 ,in general 
,section #g7;h7 of the ,alaska ,native  
,claims ,settlement ,act 7#dc ,u4,s4,c4 
#afjf7;h77 is amended-- 7#a7 in         
paragraph 7#b77;,a71 by inserting 1     
subject to paragraph 7#d7 after pursuant
 to applicable laws of intestate        
succession2  7#b7 by redesignating      
paragraph 7#d7 as paragraph 7#e72 and   
7#c7 by inserting after paragraph 7#c7  

the following3  7#d7 ,fractional shares 
7,a7 ,in general ,notwithstanding any   
,state law regarding fractional shares1 
a ,regional ,corporation is authorized  
to issue a full share of any class of   
stock1 for no consideration1 in exchange
 for a fractional share of the same     
class of stock1 held by any shareholder1
 as long as the ,regional ,corporation  
exchanges all fractional shares of a    
class of stock for full shares of the   
same class of stock at the same time4   
7,b7 ,elimination of fractional shares  
,a ,regional ,corporation shall be      
authorized1 after taking the action     
specified in subparagraph 7,a7 for any  
class of stock1 to adopt1 by resolution 
of the board of directors of the        
,regional ,corporation1 a policy that   
provides for the elimination of         
fractional shares that would result by  
will or the laws of intestate succession
 by--  7i7 issuing a full share in lieu 
of any fractional share that would      
otherwise result from the application of

 a will or the intestacy laws2 or  7ii7 
issuing the maximum number of full      
shares possible to each devisee or      
beneficiary in the manner specified in a
 will or under the applicable intestacy 
laws1 and1 if any shares remain         
unissued1 then issuing any such         
remaining shares as full shares only1 in
 accordance with a process specified in 
the resolution that may reflect1 in the 
discretion of the board of directors1   
local customs1 traditions1 and laws4    
7,c7 ,no legal cause of action ,no      
action taken by a ,regional ,corporation
 under subparagraph 7,a7 or 7,b7 shall  
provide a legal cause of action to any  
shareholder of the ,regional            
,corporation against either the         
,regional ,corporation or its board of  
directors4  7,d7 ,preemption of ,state  
law ,the provisions of this paragraph   
shall preempt ,state law with respect to
 fractional shares of ,regional         
,corporations4  4  7b7 ,conforming      
amendment ,section #h7;c7 of the ,alaska

 ,native ,claims ,settlement ,act 7#dc  
,u4,s4,c4 #afjg7;c77 is amended by      
striking paragraph 7#d7 and inserting   
paragraph 7#e74