22 U.S.C. § 1643d — Claims based on ownership interest in or debt or other obligations owing by corporations or other legal entities
submitted 76 years ago by Pub. L. 88-666 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 317 words · no verdicts yet
This section sets rules for claims based on entity ownership, debts, and other obligations. Direct and indirect ownership claims are treated differently, and awards follow the claimant’s share of the total loss.
(a) Nationals of the United States; charge on property* A claim under section 1643b(a) of this title based upon an ownership interest in any corporation, association, or other entity which is a national of the United States* must not be considered. A claim under section 1643b(a) of this title based upon a debt or other obligation owing by any corporation, association, or other entity organized under the laws of the United States, or of any State, the District of Columbia, or the Commonwealth of Puerto Rico must be considered, only when such debt or other obligation is a charge on property which has been nationalized, expropriated, intervened, or taken by the Government of Cuba*, or the Chinese Communist regime*. (b) Direct ownership A claim under section 1643b(a) of this title based upon a direct ownership interest in a corporation, association, or other entity for loss must be considered, subject to the other provisions of this subchapter, if such corporation, association, or other entity on the date of the loss was not a national of the United States, without regard to the percent of ownership vested in the claimant. (c) Indirect ownership A claim under section 1643b(a) of this title based upon an indirect ownership interest in a corporation, association, or other entity for loss must be considered, subject to the other provisions of this subchapter, only if at least 25 percent of the entire ownership interest of it at the time of such loss was vested in nationals of the United States. (d) Computation of award The amount of any claim covered by subsection (b) or (c) of this section must be calculated on the basis of the total loss suffered by such corporation, association, or other entity, and must bear the same proportion to such loss as the ownership interest of the claimant at the time of loss bears to the entire ownership interest of it.
A claim under section 1643b(a) of this title based upon an ownership interest in any corporation, association, or other entity which is a national of the United States* shall not be considered. A claim under section 1643b(a) of this title based upon a debt or other obligation owing by any corporation, association, or other entity organized under the laws of the United States, or of any State, the District of Columbia, or the Commonwealth of Puerto Rico shall be considered, only when such debt or other obligation is a charge on property which has been nationalized, expropriated, intervened, or taken by the Government of Cuba*, or the Chinese Communist regime*.
A claim under section 1643b(a) of this title based upon a direct ownership interest in a corporation, association, or other entity for loss shall be considered, subject to the other provisions of this subchapter, if such corporation, association, or other entity on the date of the loss was not a national of the United States, without regard to the per centum of ownership vested in the claimant.
A claim under section 1643b(a) of this title based upon an indirect ownership interest in a corporation, association, or other entity for loss shall be considered, subject to the other provisions of this subchapter, only if at least 25 per centum of the entire ownership interest thereof at the time of such loss was vested in nationals of the United States.
The amount of any claim covered by subsection (b) or (c) of this section shall be calculated on the basis of the total loss suffered by such corporation, association, or other entity, and shall bear the same proportion to such loss as the ownership interest of the claimant at the time of loss bears to the entire ownership interest thereof.
Source credit: (Mar. 10, 1950, ch. 54, title V, § 505, as added Pub. L. 88–666, Oct. 16, 1964, 78 Stat. 1111; amended Pub. L. 89–262, § 3, Oct. 19, 1965, 79 Stat. 988; Pub. L. 89–780, § 4, Nov. 6, 1966, 80 Stat. 1365.)
- 1950Enacted · Pub. L. 88-666 · 78 Stat. 1111
- 1965Amended · Pub. L. 89-262 · 79 Stat. 988
- 1966Amended · Pub. L. 89-780 · 80 Stat. 1365
A history note hasn’t been published yet. The record shows enactment by Pub. L. 88-666 on 1950-03-10.
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