Terms Used In Rhode Island General Laws > Chapter 35-10.3 - Divestiture of Investments in Iran

• Active business operations: means all business operations that are not inactive business operations. See Rhode Island General Laws 35-10.3-2
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Business operations: means engaging in commerce in any form in Iran, including by acquiring, developing, maintaining, owning, selling, possessing, leasing, or operating equipment, facilities, personnel, products, services, personal property, real property, or any other apparatus of business or commerce. See Rhode Island General Laws 35-10.3-2
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Company: means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly-owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of such entities or business associations, that exist for profit-making purposes. See Rhode Island General Laws 35-10.3-2
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Inactive business operations: means the mere continued holding or renewal of rights to property previously operated for the purpose of generating revenues but not presently deployed for such purpose. See Rhode Island General Laws 35-10.3-2
• Iran: means the government of Iran, and includes the territory of Iran and any other territory or marine area, including the exclusive economic zone and continental shelf, over which the government of Iran claims sovereignty, sovereign rights, or jurisdiction, provided that the government of Iran exercises partial or total control over the area or derives a benefit from economic activity in the area pursuant to international arrangements. See Rhode Island General Laws 35-10.3-2
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Public fund: means Rhode Island state pension funds or the state investment commission in charge of the Rhode Island state pension funds. See Rhode Island General Laws 35-10.3-2
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Scrutinized business operations: means any and all active business operations that are subject or liable to sanctions under Public Law 104-172, as amended, the "Iran Sanctions Act of 1996" and that involve the maintenance of a company's existing assets or investments in Iran, or the deployment of new investments to Iran that meet or exceed the twenty million dollars ($20,000,000) threshold referred to in Public Law 104-172, as amended, the "Iran Sanctions Act of 1996. See Rhode Island General Laws 35-10.3-2
• Scrutinized company: means any company engaging in scrutinized business operations. See Rhode Island General Laws 35-10.3-2
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8