§ 141.10. Definitions.
325 words·~1 min read·
/us/cfr/t33/s§ 141.10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this subpart: Citizens of the United States means:
(1)In the case of an individual, one who is a native born, derivative, or fully naturalized citizen of the United States;
(2)In the case of a partnership, unincorporated company, or association, one in which 50% or more of the controlling interest is vested in citizens of the United States; or
(3)In the case of a corporation, one which is incorporated under the laws of the United States or of any State thereof. Citizen of a foreign nation means:
(1)In the case of an individual, one who is not a citizen of the United States;
(2)In the case of a partnership, unincorporated company, or association, one in which more than 50% of the controlling interest is vested in citizens of a nation other than the United States; or
(3)In the case of a corporation, one which is incorporated under the laws of a nation other than the United States so long as
(i)the title to a majority of the stock thereof is free from any trust or fiduciary obligation in favor of any citizen of the United States;
(ii)the majority of the voting power in the corporation is not vested in any citizen of the United States;
(iii)through any contract or understanding, the majority of the voting power may not be exercised directly or indirectly on behalf of any citizen of the United States; or
(iv)by no other means, control of the corporation is conferred upon or permitted to be exercised by any citizen of the United States. Resident alien means an alien lawfully admitted to the United States for permanent residence in accordance with section 101(a)(20) of the Immigration and Nationality Act of 1952, as amended, 8 U.S.C. 1101(a)(20). \[CGD 78-160, 47 FR 9379, Mar. 4, 1982, as amended by USCG-2006-24371, 74 FR 11212, Mar. 16, 2009; USCG-2013-0916, 78 FR 69296, Nov. 19, 2013\]
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