§ 11-57-30 — Definitions.

South Carolina § 11-57-30

• Jurisdiction: South Carolina
• Title 11: PUBLIC FINANCE
• Ch. 57: IRAN DIVESTMENT ACT

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As used in this chapter: (1) "Energy sector of Iran" means activities to develop petroleum or natural gas resources or nuclear power in Iran. (2) "Financial institution" means the term as used in Section 14 of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 note). (3) "Investment" means a commitment or contribution of funds or property, whatever the source, a loan or other extension of credit, and the entry into or renewal of a contract for goods or services. It does not include indirect beneficial ownership through index funds, commingled funds, limited partnerships, derivative instruments, or the like. (4) "Iran" includes the Government of Iran and any agency or instrumentality of Iran. (5) "Person" means any of the following: (a) a natural person, corporation, company, limited liability company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group; (b) any governmental entity or instrumentality of a government, including a multilateral development institution, as defined in Section 1701(c)(3) of the International Financial Institutions Act (22 U.S.C. 262r(c)(3)); (c) any successor, subunit, parent entity, or subsidiary of, or any entity under common ownership or control with, any entity described in subitems (a) and (b) of this item. (6) "State agency" means each state board, commission, department, executive department or officer, institution, and instrumentality.

Legislative History

HISTORY: 2014 Act No. 267 (H.3021), SECTION 1, eff September 7, 2014.