South Carolina Code 11-57-710. Exception to investment prohibition on case-by-case basis
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Notwithstanding § 11-57-700, an investment may be made in a person engaged in investment activities in Iran as described in § 11-57-300, on a case-by-case basis, if:
(1) the investment activities in Iran were made before the effective date of this act, the investment activities in Iran have not been expanded or renewed after the effective date of this act, and the person has adopted, publicized, and is implementing a formal plan to cease the investment activities in Iran and to refrain from engaging in any new investments in Iran; or
Terms Used In South Carolina Code 11-57-710
- 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. See South Carolina Code 11-57-30
- Iran: includes the Government of Iran and any agency or instrumentality of Iran. See South Carolina Code 11-57-30
- 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. See South Carolina Code 11-57-30
(2) the investor makes a determination that the investments are necessary to perform its functions.