CHAIRMAN RIEGER introduced CSHB 217(JUD) (NATIVE CORPORATION DIVIDENDS TO MINORS) as the next order of business. RENA BUCKOVICH, staff to Representative Eileen MacLean, explained the purpose of HB 217 is to require Native corporation's under the Alaska Native Claims Settlement Act (ANSCA) to hold a minor's dividends in an interest bearing account while the minor is in state custody. The legislation was requested by the Department of Health and Social Services and the Native corporations to assure that stock dividends are protected and spent for the child's benefit while the child is in state custody. Besides requiring the corporation to set up interest bearing accounts for minors held in state custody, Ms. Buckovich said the bill also prohibits the corporation from using the property in the account unless approved by a court and specifies when corporations can distribute property. Further, it exempts the retention and distribution of dividends and distributions under the legislation from the Uniform Transfers to Minors Act. Number 575 SENATOR MILLER moved that CSHB 217(JUD) be passed out of committee with individual recommendations. Hearing no objection, it was so ordered.