; or (ii) issuing the maximum number of full shares possible to each devisee or beneficiary in the manner specified in a will or under the applicable intestacy laws, and, if any shares remain unissued, then issuing any such remaining shares as full shares only, in accordance with a process specified in the resolution that may reflect, in the discretion of the board of directors, local customs, traditions, and laws. (C) No legal cause of action No action taken by a Regional Corporation under subparagraph (A) or (B) shall provide a legal cause of action to any shareholder of the Regional Corporation against either the Regional Corporation or its board of directors. (D) Preemption of State law The provisions of this paragraph shall preempt State law with respect to fractional shares of Regional Corporations. . (b) Conforming amendment Section 8(c) of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1607(c) ) is amended by striking paragraph (4) and inserting paragraph (5) . 16. Reinstatement of dissolved Village or Group Corporations Section 3 of the Alaska Native Claims Settlement Act ( 43 U.S.C. 1602 ) is amended by striking subsection (j) and inserting the following: (j) Village Corporation The term Village Corporation — (1) means an Alaska Native Village Corporation organized under the laws of the State of Alaska as a business for profit or nonprofit corporation to hold, invest, manage, or distribute lands, property, funds, and other rights and assets for and on behalf of a Native village in accordance with the terms of this Act; and (2) shall include any successor corporation of a Village Corporation involuntarily dissolved under the laws of the State of Alaska if— (A) the successor has received all or substantially all the assets of the original Village Corporation; (B) the shareholders of the successor are comprised of all shareholders of record or heirs of such shareholders at the time of such involuntary dissolution; and (C) the successor corporation is organized under the laws of the State of Alaska; .