Page:United States Statutes at Large Volume 120.djvu/1598

 PUBLIC LAW 109–304—OCT. 6, 2006

120 STAT. 1567

‘‘(b) ADDITIONAL REQUIREMENTS FOR CORPORATIONS.—In this subtitle, a corporation is deemed to be a citizen of the United States only if, in addition to satisfying the requirements in subsection (a)— ‘‘(1) it is incorporated under the laws of the United States or a State; ‘‘(2) its chief executive officer, by whatever title, and the chairman of its board of directors are citizens of the United States; and ‘‘(3) no more of its directors are noncitizens than a minority of the number necessary to constitute a quorum. ‘‘(c) DETERMINATION OF CONTROLLING CORPORATE INTEREST.— The controlling interest in a corporation is owned by citizens of the United States under subsection (a) only if— ‘‘(1) title to the majority of the stock in the corporation is vested in citizens of the United States free from any trust or fiduciary obligation in favor of a person not a citizen of the United States; ‘‘(2) the majority of the voting power in the corporation is vested in citizens of the United States; ‘‘(3) there is no contract or understanding by which the majority of the voting power in the corporation may be exercised, directly or indirectly, in behalf of a person not a citizen of the United States; and ‘‘(4) there is no other means by which control of the corporation is given to or permitted to be exercised by a person not a citizen of the United States. ‘‘(d) DETERMINATION OF 75 PERCENT CORPORATE INTEREST.— At least 75 percent of the interest in a corporation is owned by citizens of the United States under subsection (a) only if— ‘‘(1) title to at least 75 percent of the stock in the corporation is vested in citizens of the United States free from any trust or fiduciary obligation in favor of a person not a citizen of the United States; ‘‘(2) at least 75 percent of the voting power in the corporation is vested in citizens of the United States; ‘‘(3) there is no contract or understanding by which more than 25 percent of the voting power in the corporation may be exercised, directly or indirectly, in behalf of a person not a citizen of the United States; and ‘‘(4) there is no other means by which control of more than 25 percent of any interest in the corporation is given to or permitted to be exercised by a person not a citizen of the United States. ‘‘§ 50502. Applicability to receivers, trustees, successors, and assigns ‘‘This subtitle applies to receivers, trustees, successors, and assigns of any person to whom this subtitle applies. ‘‘§ 50503. Oceanographic research vessels ‘‘An oceanographic research vessel (as defined in section 2101 of this title) is deemed not to be engaged in trade or commerce.

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