Summary: H.R.3533 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.3533. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (10/09/1991)

Prohibits: (1) a national landmark from being acquired directly by one or more foreign persons; (2) a corporation from holding a national landmark if one or more foreign persons own directly or indirectly more than 50 percent of the total number of shares of stock in it; (3) the Secretary of the Interior from transferring any U.S. right, title or interest in or to any area of land or water if, as a result such right, title, or interest would be held directly or indirectly by a foreign person; and (4) the investment in a corporation by a foreign person if it results in direct or indirect ownership by one or more foreign persons of more than 50 percent of the total number of shares of stock in U.S. cultural business enterprises.

Requires a foreign person who becomes a five percent shareholder in a U.S. cultural business enterprise, or a corporation which directly or indirectly holds a national landmark, to register such investment with the Chairman of the corporation.

Directs the Chairman to apply rules similar to those provided by this Act with respect to an entity that is not a corporation.