Page:United States Statutes at Large Volume 101 Part 3.djvu/508

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PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1806

Forests and forest products.

Contracts.

Contracts.

PUBLIC LAW 100-241—FEB. 3, 1988

merit Trust as if the land or interest in land were still held by the Native Corporation that conveyed the land or interest in land. "(2) No timber resources subject to section 7(i) conveyed to a Settlement Trust shall be sold, exchanged, or otherwise conveyed except as necessary to— "(A) dispose of diseased or dying timber or to prevent the spread of disease or insect infestation; "(B) prevent or suppress fire; or "(C) ensure public safety. The revenue, if any, from such timber harvests shall be subject to section 7(i) as if such conveyance had not occurred. "(3) The conveyance of assets (including stock or beneficial interests) pursuant to subsection (a) shall not affect the applicability or enforcement (including specific performance) of a valid contract, judgment, lien, or other obligation (including an obligation arising under section 7(i)) to which such assets, stock, or beneficial interests were subject immediately prior to such conveyance. "(4) A claim based upon paragraph (1), (2), or (3) shall be enforceable against the transferee Settlement Trust holding the land, interest in land, or other assets (including stock or beneficial interests) in question to the same extent as such claim would have been enforceable against the transferor Native Corporation, and valid obligations arising under section 7(i) as well as claims with respect to a conveyance in violation of a valid contract, judgment, lien, or other obligation shall also be enforceable against the transferor corporation. "(5) Except as provided in paragraphs (1), (2), (3), and (4), once a Native Corporation has made, pursuant to subsection (a), a conveyance to a Settlement Trust that does not— "(A) render it— "(i) unable to satisfy claims based upon paragraph (1), (2), or (3); or "(ii) insolvent; or "(B) occur when the Native Corporation is insolvent; the assets so conveyed to the Settlement Trust shall not be subject to attachment, distraint, or sale on execution of judgment or other process or order of any court, except with respect to the lawful debts or obligations of the Settlement Trust. "(6) No transferee Settlement Trust shall make a distribution or conveyance of assets (including cash, stock, or beneficial interests) that would render it unable to satisfy a claim made pursuant to paragraph (1), (2), or (3). A distribution or conveyance made in violation of this paragraph shall be void ab initio and shall not be given effect by any court. "(7) Except where otherwise expressly provided, no provision of this section shall be construed to require shareholder approval of an action where shareholder approval would not be required under the laws of the State.". ALASKA LAND BANK

SEC. 11. Section 907 of the Alaska National Interest Lands Conservation Act (43 U.S.C. 1636) is amended— (1) by striking out "subsection (c)(2)" throughout the section and inserting in lieu thereof "subsection (d)(1)"; (2) in the proviso of subsection (a), by striking out "lands not owned by landowners described in subsection (c)(2) shall not" and inserting in lieu thereof "no lands shall";