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Sharing the Fish Toward a National Policy on Individual Fishing Quotas (1999) / Chapter Skim
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C Relevant Section from the Shipping Act of 1916
Pages 257-257

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From page 257...
... Ownership of controlling interest Within the meaning of this chapter no corporation, partnership, or association shall be deemed a citizen of the United States unless the controlling interest therein is owned by citizens of the United States, and, in the case of a corporation, unless its president or other chief executive officer and the chairman of its board of directors are citizens of the United States and unless no more of its directors than a minority of the number necessary to constitute a quorum are noncitizens and the corporation itself is organized under the laws of the United States or of a state, Territory, District, or possession thereof, but in the case of a corporation, association, or partnership operating any vessel in the coastwise trade the amount of interest required to be owned by citizens of the United States shall be 75 per centum.
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Key Terms

  • fiduciary obligation
  • means whatsoever
  • whatsoever control
  • possession thereof
  • partnership operating

  • citizens free
  • coastwise trade
  • states unless
  • united states
  • chief executive

  • executive officer
  • shipping sec


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