ANCSA (Alaska Native Claims Settlement Act) was passed by the U.S. Congress on December 18, 1971. The result of the Act was the creation of two related, but separate, entities in False Pass. The first was the Isanotski Corporation (originally known as the False Pass Corporation). The second was the False Pass Tribal Council.
The Isanotski Corporation began with 69 Native American shareholders who were resident in False Pass at the time the Act was passed. The Corporation's first responsibility was to select the lands that were available to it from surrounding government lands. Approximately 69,000 acres were selected which essentially covered all lands bordering Isanotski Strait between the Bering Sea and out onto the Ikatan Peninsula. Since that time, the Corporation has added many more shareholders by inheritance and gifting of shares.
Isanotski Corporation is a for-profit entity and is the major landholder in the region. It operates the Isanotski Grocery Store, Isanotski Liquors and Isanotski Crab Pot Storage. Isanotski's website can be found here.