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50 U.S.C. § 4135 — Claims of stockholders

submitted 78 years ago by Pub. L. 87-846 to r/title-50-WAR-AND-NATIONAL-DEFENSE · 274 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section covers Claims of stockholders. It states the specific rules, duties, limits, or procedures set out in the section.

(a) Ownership interest in entity which is a national of the United States A claim under section 4132 of this title based upon an ownership interest in any corporation, association, or other entity which is a national of the United States must be denied. (b) Ownership interest in entity which was not a national of the United States on date of loss A claim under section 4132 of this title , based upon a direct ownership interest in a corporation, association, or other entity which suffered a loss within the meaning of said section, must be allowed, subject to 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 in that claim. (c) Indirect ownership interest; minimum requirement A claim under section 4132 of this title , based upon an indirect ownership interest in a corporation, association, or other entity which suffered a loss within the meaning of said section, must be allowed, subject to 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) Calculation of award Any award on a claim under 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 bears to the entire ownership interest of it.

the actual law source: uscode.house.gov ↗public domain
(a) Ownership interest in entity which is a national of the United States

A claim under section 4132 of this title based upon an ownership interest in any corporation, association, or other entity which is a national of the United States shall be denied.

(b) Ownership interest in entity which was not a national of the United States on date of loss

A claim under section 4132 of this title, based upon a direct ownership interest in a corporation, association, or other entity which suffered a loss within the meaning of said section, shall be allowed, subject to 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 in any such claim.

(c) Indirect ownership interest; minimum requirement

A claim under section 4132 of this title, based upon an indirect ownership interest in a corporation, association, or other entity which suffered a loss within the meaning of said section, shall be allowed, subject to 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.

(d) Calculation of award

Any award on a claim under 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 bears to the entire ownership interest thereof.

Source credit: (July 3, 1948, ch. 826, title II, § 205, as added Pub. L. 87–846, title I, § 103, Oct. 22, 1962, 76 Stat. 1109.)

history & why it existsrecord from the source credit
  • 1948Enacted · Pub. L. 87-846 · 76 Stat. 1109

A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-846 on 1948-07-03.

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