46 CFR § 68.3 - Definitions for the purposes of this subpart.

§ 68.3 Definitions for the purposes of this subpart.

Act means the Act of September 2, 1958 (46 U.S.C. App. 883–1).

883–1 citizen or 883–1 corporation means a corporation which qualifies for the special citizenship status created by the Act of September 2, 1958 (46 U.S.C. App. 883–1).

Parent corporation means one incorporated under the laws of the United States, or any state, territory, or district of the United States, which controls (directly or indirectly) at least 50 percent of the voting stock of another corporation.

Subsidiary corporation means one incorporated under the laws of the United States, or any state, territory, or district of the United States, which has not less than 50 percent of its voting stock controlled (directly or indirectly) by another corporation.

[CGD 80–107, 47 FR 27511, June 24, 1982, as amended by CGD 95–028, 62 FR 51203, Sept. 30, 1997. Redesignated by USCG–2005–20258, 71 FR 61418, Oct. 18, 2006]