Amends the Alaska National Interest Lands Conservation Act to require lakes, rivers, and streams to be meandered in accordance with specified principles whenever the Secretary of the Interior surveys land selected by an Alaska Native, a Native corporation, or the State of Alaska pursuant to such Act, the Alaska Statehood Act, or this Act. Prohibits certain size lakes, rivers, and streams from being meandered if title to lands beneath such navigable waters did not vest in the State under the Submerged Lands Act.

Provides that when the Secretary conveys land to an Alaska Native, a Native Corporation, or the State which abuts or surrounds a lake, river, or stream which is required to be meandered, then any U.S. interest in the land under such lake, river, or stream shall vest in and not be charged against the acreage entitlement of such Native, Native corporation, or State.

Incorporates and ratifies the Memorandum of Agreement between the Department of the Interior and the State of Alaska dated March 28, 1984.

Provides that nothing in this Act shall alter any land exchange agreement between the United States and a Native Corporation.