27.2609 Terms of the certificate of foreign investment.

Cite as [A.S.C.A. § 27.2609]

(a) Every certificate of foreign investment shall contain the following data:

(1) a description of the enterprise and the form of business which will operate it and the location;

(2) name, nationality, age, and current residence of the applicant;

(3) description of additional financial resources required to continue or expand the enterprise beyond the initial starting capital and the date by which such financing must be obtained;

(4) any terms or conditions established by the Director on the foreign investment, including limitations on sites, construction, waste disposal; and

(5) other information deemed necessary by the Director.

(b) The certificate of foreign investment is perpetual in duration and transferable but only with the approval of the Director.

(c) The holder of such certificates must submit an annual report to the Director by January 3rd of each year on activities of the previous calendar year. The report must contain sufficient information to allow the Director to determine whether the certificate holder and the enterprise are in compliance with the terms of issuance. Failure to submit reports on time is grounds for suspension of the enterprise's operation until the report is submitted.

History: 1988, PL 20-80; amd 1991, PL 22-11.