Page:United States Statutes at Large Volume 101 Part 3.djvu/506

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1804

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Taxes.

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PUBLIC LAW 100-241—FEB. 3, 1988

"(d) FORM OF PAYMENT.—(1) Prior to a vote described in subsection (a)(D, the board of directors of a Native Corporation may approve a resolution to provide that in the event a demand for payment is honored pursuant to subsection (a)(2) payments to each dissenting shareholder shall be made by the corporation through the issuance of a negotiable note in the principal amount of the payment due, which shall be secured by— "(A) a payment bond issued by an insurance company or financial institution; "(B) the deposit in escrow of securities or property having a fair market value equal to at least 125 per centum of the face value of the note; or "(C) a lien upon real property interests of the corporation valued at 125 percent or more of the face amount of the note, except that no such lien shall be applicable to— "(i) land conveyed to the corporation pursuant to section 14(h)(1), or any other land used as a cemetery; "(ii) the percentage interest in the corporation's timber (g i,;, resources and subsurface estate that exceeds its percentage interest in revenues from such property under section 7(i); or "(iii) the surface estate of land that is both— "(I) exempt from real estate taxation pursuant to section 907(d)(1)(A) of the Alaska National Interest Lands Conservation Act; and /'? » "(II) used by the shareholders of the corporation for subsistence uses (as defined in section 803 of the Alaska National Interest Lands Conservation Act), unless the Board of Directors of the corporation acts so as to make such lien applicable to such surface estate. "(2) A note issued pursuant to paragraph (1) shall provide that— "(A) interest shall be paid semi-annually, beginning as of the date on which the vote described in subsection (a)(1) occurred, at the rate applicable on such date to obligations of the United '*• States having a maturity date of one year, and "(B) the principal amount and accrued interest on such note shall be payable to the holder at a time specified by the corporation but in no event later than the date that is five years after the date of the vote described in subsection (a)(1). "(e) DIVIDEND ADJUSTMENT.—(1) The cash payment made pursuant to subsection (a) or the principal amount of a note issued pursuant to subsection (d) to a dissenting shareholder shall be reduced by the amount of dividends paid to such shareholder with respect to his or her Settlement Common Stock after the date of the vote described in subsection (a)(1). "(2) Upon receipt of a cash payment pursuant to subsection (a) or a note pursuant to subsection (d), a dissenting shareholder shall no longer have an interest in the shares of Settlement Common Stock or in the Native Corporation.". SETTLEMENT TRUST OPTION

SEC. 10. The Alaska Native Claims Settlement Act is further amended by adding the following new section: