A bill to amend the Alaska Native Claims Act to provide Alaska Natives with certain options for the continued ownership of lands and corporate shares pursuant to the Act and for other purposes.

Amends the Alaska Native Claims Settlement Act to authorize an Alaska Native Regional Corporation to issue 100 shares of Native common stock to each Native enrollee. Sets forth certain requirements relating to the issuance, class, preference, dividend, and voting rights of such stock. Allows such Corporation, if authorized by an amendment to its articles of incorporation, to issue up to 100 additional shares of Native common stock to certain Natives.

Grants specified rights to and places certain alienation restrictions on holders of Native common stock. Sets forth procedures for the termination of such alienation restrictions by the shareholders of a Regional Corporation (including the Bristol Bay Native Corporation and any Village Corporation in the Bristol Bay region). Allows an Alaska Native Regional Corporation, under certain circumstances or, if authorized, to purchase any or all shares of its Native common stock then issued and outstanding.

Sets forth procedures for a Regional Corporation to: (1) amend its articles of incorporation; (2) transfer its assets; and (3) approve certain resolutions.

Allows a Native Corporation (any Regional Corporation, Village Corporation, Urban Corporation, or Native group) to convey its assets, including title to the surface and/or subsurface estate of land (or any interest therein) to a qualified transferee entity. Requires the conveyance of any assets to be approved by a prior vote of the shareholders. Sets forth specified requirements and restrictions with respect to the conveyance of assets by a Regional Corporation.

Sets forth procedures for the Bristol Bay Native Corporation or any Village corporation located in the Bristol Bay region to vote on whether to continue restrictions on the alienation of Native common stock. Sets forth procedures for such entities to: (1) amend its articles of incorporation; (2) transfer their assets; and (3) approve certain resolutions.

Prohibits any provision of this Act from diminishing or in any way affecting any governmental authority of a federally recognized tribe, traditional or statutory Native council, or any privilege of Alaska Natives as Native Americans with respect to the Federal Government.

Requires provisions regarding stock issuance, stockholders rights, and annual audits that relate to Regional Corporations to apply to Village Corporations, Urban Corporations, and Native groups. Provides that audits need not be transmitted to specified congressional committees. Requires restrictions on alienation of Native common stock of such corporations, inchoate rights, and dividends paid to continue after December 18, 1991. Provides for the removal of such restrictions on alienation of Native common stock.

Authorizes the conveyance of subsurface lands by a Regional Corporation to a village entity.

Exempts lands conveyed to a Native individual, Native group, village, or Regional Corporation from Federal, State, and local taxes and other specified claims.

Provides that stock issued by a Regional Corporation or Village Corporation shall be exempt from state taxes provided the limitation upon alienation of such stock has been removed.

Exempts, upon the happening of a specified event, any corporation organized under this Act from U.S. securities laws.

Grants exclusive jurisdiction over any action challenging the constitutionality of specified provisions of this Act to the U.S. District Court for the District of Alaska.

Provides that dissenting stockholders' rights in a merger or consolidation of Native corporations may not be exercised while the Native common stock of all corporations remains subject to restraints on alienation.