(a)
(b)
(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)
(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)
(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.
Open Table|
Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 50501(a) | 46 App.:802(a) (words before 3d comma and after 11th comma). | Sept. 7, 1916, ch. 451, §2(a)–(c), 39 Stat. 729; July 15, 1918, ch. 152, §2, 40 Stat. 900; June 5, 1920, ch. 250, §38, 41 Stat. 1008; Pub. L. 86–327, §3, Sept. 21, 1959, 73 Stat. 597; Pub. L. 105–383, title IV, §421, Nov. 13, 1998, 112 Stat. 3439. |
| 46 App.:1244(c). | June 29, 1936, ch. 858, title IX, §905(c), 49 Stat. 2016; June 23, 1938, ch. 600, §39(b), 52 Stat. 964; Pub. L. 86–327, §4, Sept. 21, 1959, 73 Stat. 597. | |
| 50501(b) | 46 App.:802(a) (words between 3d and 11th commas). | |
| 50501(c) | 46 App.:802(b). | |
| 50501(d) | 46 App.:802(c). |
In subsection (a), the words "and with respect to a corporation under subchapter VI of this chapter, all directors of the corporation are citizens of the United States" in 46 App. U.S.C. 1244(c) are omitted because part A of subchapter VI contains the operating-differential subsidy program which, under 46 App. U.S.C. 1185a, is being phased out, and part B of subchapter VI contains the Maritime Security Fleet program which is being repealed (effective October 1, 2005) and replaced by chapter 531 of title 46 as enacted by the Maritime Security Act of 2003. Thus, subchapter VI is being omitted from the revised title and will instead appear as a note under section 53101. The words "and, in the case of a corporation, partnership, or association operating a vessel on the Great Lakes, or on bays, sounds, rivers, harbors, or inland lakes of the United States the amount of interest required to be owned by a citizen of the United States shall be not less than 75 per centum" in 46 App. U.S.C. 1244(c) are omitted as covered by the 75 percent ownership requirement for operation in the coastwise trade.
In subsection (b)(1), the words "Territory, District, or possession thereof" are omitted because of the definition of "State" in chapter 1 of the revised title.
Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
