To prevent foreign persons from owning national landmarks, areas included in the National Park System, and a significant portion of United States cultural business enterprises.

Summary

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.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 9 October 1991

  Open at official source

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