(a)General rule.--Except as provided in subsection (b), a foreign business corporation is a foreign domiciliary corporation if it has as record holders of its shares persons having addresses in this Commonwealth who in the aggregate hold shares:
(1)representing 60% or more in interest of its outstanding shares whether or not entitled to vote; or
(2)entitled to cast at least 60% of the votes that all holders of outstanding shares are entitled to cast in an election of directors.
(b)Registered corporation exclusions.--None of the following is a foreign domiciliary corporation for the purposes of this subpart:
(1)Foreign corporation with registered securities.--A foreign business corporation that, if a domestic business corporation, would be a registered corporation.
Free access — add to your briefcase to read the full text and ask questions with AI
(a) General rule.--Except as provided in subsection (b), a foreign business corporation is a foreign domiciliary corporation if it has as record holders of its shares persons having addresses in this Commonwealth who in the aggregate hold shares:
(1) representing 60% or more in interest of its outstanding shares whether or not entitled to vote; or
(2) entitled to cast at least 60% of the votes that all holders of outstanding shares are entitled to cast in an election of directors.
(b) Registered corporation exclusions.--None of the following is a foreign domiciliary corporation for the purposes of this subpart:
(1) Foreign corporation with registered securities.--A foreign business corporation that, if a domestic business corporation, would be a registered corporation.
(2) Subsidiary of registered corporation.--A foreign business corporation all of the shares of which are owned, directly or indirectly, by one or more registered corporations or corporations described in paragraph (1).
(c) Determination of outstanding shares.--For the purposes of subsection (a):
(1) Except as provided in paragraphs (2) and (3), any securities held to the knowledge of the corporation in the names of broker-dealers or nominees for broker-dealers shall not be considered outstanding.
(2) Persons who are identified as owners of shares pursuant to procedures equivalent to section 1763(c) (relating to certification by nominee) shall be deemed record holders of the shares owned.
(3) (i) Securities held to the knowledge of the corporation for the direct or indirect benefit of individuals who to the knowledge of the corporation have a principal residence in this Commonwealth shall be deemed held by record holders having addresses in this Commonwealth.
(ii) A statement by the corporation in any notice of meeting or other document transmitted to shareholders in connection with any corporate action of the type described in section 1791 (relating to corporate action subject to subchapter) to the effect that it has no knowledge or only specified knowledge for the purposes of subparagraph (i) shall, except as provided in subparagraph (iii), be conclusive if there shall be included in or enclosed with such document a brief explanation of the effect upon such corporate action of a determination that the corporation is a foreign domiciliary corporation.
(iii) If, prior to the convening of a meeting of shareholders to consider the proposed corporate action, or prior to the expiration of 20 days after the transmission of the document to shareholders, in any other case, any person shall give the corporation written notice of facts relevant under this paragraph, the corporation shall have knowledge of such facts for the purposes of subparagraph (i).