Effectively, the corporations hold title (including subsurface title in many cases, a privilege denied to individual Alaskans) but cannot sell the land.
ɪfˈɛktɪvli, ðə kˌɔːɹpɚɹˈeɪʃənz hˈoʊld tˈaɪɾəl ɪŋklˈuːdɪŋ sˈʌbsɚfˌɪs tˈaɪɾəl ɪn mˈɛni kˈeɪsᵻz, ɐ pɹˈɪvᵻlɪdʒ dᵻnˈaɪd tʊ ˌɪndᵻvˈɪdʒuːəl ɐlˈæskənz bˌʌt kænˈɑːt sˈɛl ðə lˈænd.