Page:United States Statutes at Large Volume 78.djvu/880

 838

PUBLIC LAW 88-563-SEPT. 2, 1964

[78 STAT.

" (E) there is in effect an election that such branch office be treated as a foreign corporation or foreign partnership for purposes of this chapter. The election under subparagraph (E) shall be made by such corporation or partnership on or before the 60th day after the date of the enactment of this chapter under regulations prescribed by the Secretary or his delegate. A separate election may be made with respect to each branch office of such corporation or partnership. Such election shall be effective as of July 18, 1963, and shall remain in effect until revoked in accordance with such regulations. If, at any time, a branch office ceases to meet the requirements of subparagraph (A), (C), or (D), the election with respect to such office shall thereupon be deemed revoked. When an election is revoked, a new election under subparagraph (E) may be made subject to such conditions and limitations as may be prescribed by the Secretary or his delegate. "(6) IJNrrED STATES; STATE.—The term 'United States' when used in a geographical sense includes the States, the District of Columbia, the Commonwealth of Puerto Rico, and the possessions of the United States; and the term 'State' includes the District of Columbia, the Commonwealth of Puerto Rico, and the possessions of the United States. " (7) PERIOD REMAINING TO MATURITY.—

" (A) IN GENERAL.—Subject to the modifications set forth in subparagraph (B), the period remaining to maturity of a debt obligation shall be that period beginning on the date of its acquisition and ending on the fixed or determinable date when, according to its terms, the payment of principal becomes due. " (B) MODIFICATIONS.—The period remaining to maturity— " (i) of any interest in, or any option or similar right to acquire, any debt obligation shall be the period remaining to maturity of that debt obligation at the time of the acquisition of such interest, option, or right; "(ii) of any debt obligation which is renewable without affirmative action by the obligee, or of any interest in or option or similar right to acquire such a debt obligation, shall end on the last day of the final renewal period; "(iii) of any debt obligation which has no fixed or determinable date when the payment of principal becomes due shall be considered to be 281/^ years; "(iv) of any debt obligation which is payable on demand (including any bank deposit) shall be considered to be less than 3 years; and "(v) of a debt obligation which is subject to retirement before its maturity through operation of a mf^ndatory sinking fund shall be determined under regulations prescribed by the Secretary or his delegate. " (8) FOREIGN STOCK ISSUES TREATED AS DOMESTIC.—

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" (A) IN GENERAL.—A foreign corporation (other than a company registered under the Investment Company Act of 1940) shall not be considered a foreign issuer with respect to any class of its stock if, as of the latest record date before July 19, 1963, more than 65 percent of such class of stock was held of record by United States persons. " (B) STOCK TRADED ON NATIONAL SECURITTFAS EXCHANGES.—

A foreign corporation (other than a company registered under the Investment Company Act of 1940) shall not be

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