Page:United States Statutes at Large Volume 85.djvu/46

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PUBLIC LAW 92-9-APR. 1, 1971

78 Stat. 827. 26 USC 4916.

Effective date.

expropriate or seize, a substantial portion of the property so owned. For purposes of this subsection, an instrumentality of the government of a country or a political subdivision thereof includes a corporation or other entity with respect to which such government, or any agency of such government, owns more than 50 percent of the total combined voting power of all classes of stock entitled to vote or, in the case of a corporation or other entity not issuing shares of stock, has the authority to elect or appoint a majority of the board of directors or equivalent body of such corporation or other entity." (3) Section 4916(a) is amended— (A) by inserting "or" after the semicolon at the end of paragraph (2); (B) by striking o u t "; or" at the end of paragraph (3) and inserting in lieu thereof a period; and (C) by striking out paragraph (4). (4) The amendments made by this subsection shall apply with respect to acquisitions made after the date of the enactment of this Act. (c)

s/star^iss^-^' 83 Stat! 263!

Effective date.

68A Stat. 369.

FOREIGN MINERAL FACILITIES.—

(1) Section 4914(c)(5) is amended by adding at the end thereof the following uew sentence: "For purposes of subparagraph (B), if the proceeds of the loan are to be used by the foreign obligor (or by a person controlled by, or controlling, the foreign obligor) for additional facilities, the substantial portion requirement contained in such subparagraph, and the one-half of the percentage of cost requirement contained in the last sentence of such subparagraph, shall be treated as satisfied with respect to such loan if it IS established that an additional amount of ores or minerals (or derivatives thereof) extracted outside the United States by the United States person, or otherwise taken into account for purposes of such subparagraph, will be stored, handled, transported, processed, or serviced in the existing and additional facilities of such foreign obligor or person, and that, with respect to such additional facilities, such additional amount fulfills such substantial portion requirement or such one-half of the percentage of cost requirement, as the case may be." (2) The amendment made by paragraph (1) shall apply with respect to acquisitions made after the date of the enactment of this Act. (d)

79 Stat. 957.

[85 STAT.

SALES OR LIQUIDATIONS OF FOREIGN SUBSIDIARIES.—

(1) Section 4914 (^) (1) is amended— (A) by striking out "all of the outstanding stock, except for qualifying shares, of a foreign corporation" in subparagraph (A) and inserting in lieu thereof "all of the outstanding stock of a foreign corporation held by such United States person (and such includible corporations)"; (B) by striking out "all of the outstanding stock of which, except for qualifying shares, is owned by such United States person (or by one or more such includible corporations)" in subparagraph (B); and (C) by adding at the end thereof (after and below subparagraph (C)) the following new sentence: "Subparagraph (A) or (B) shall apply only if, immediately prior to the sale or liquidation involved, the United States person (or one or more includible corporations in an siffiliated group, as defined in section 1504, of which such person is a member) owns (directly or indirectly) 10 percent or more of the total combined

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