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S. 1495 (115th): ANCSA Fractional Shares Consolidation Act of 2017

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 29, 2017.

ANCSA Fractional Shares Consolidation Act of 2017

This bill amends the Alaska Native Claims Settlement Act to allow Alaska Native regional corporations to issue a full share of any class of stock, for no consideration, in exchange for a fractional share of the same class of stock, held by any shareholder, as long as the corporation exchanges all fractional shares of a class of stock for full shares at the same time.

After converting fractional shares of stock to full shares, a corporation may adopt a policy that provides for the elimination of fractional shares.