AI-assisted research summary: This section defines key terms used in the article, including company, energy sector of Iran, financial institution, investment, investment activities in Iran, Iran, person, and state agency.
As used in this Article: (1)“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 those entities or business associations. (1a)“Energy sector of Iran” means activities to develop petroleum or natural gas resources or nuclear power in Iran. (2)“Financial institution” means the term as used in Section 14 of the Iran Sanctions Act of 1996, as amended (Public Law 104-172; 50 U.S.C. 1701 § note). (3)“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. It does not include index or index replication strategies, commingled funds, limited partnerships, or similar investment vehicles, or derivative instruments. (4)“Investment activities in Iran” means a company engages in investment activities in Iran if: a.The company provides goods or services of twenty million dollars ($20,000,000) or more within any 12-month period in the energy sector of Iran, including a company that provides oil or liquefied natural gas tankers, or products used to construct or maintain pipelines used to transport oil or liquefied natural gas, for the energy sector of Iran; or b.The company is a financial institution that extends twenty million dollars ($20,000,000) or more in credit to another company, for 45 days or more, if (i) the financial institution knows, or reasonably should know, that company will use the credit to provide goods or services in the energy sector in Iran, and (ii) the company receiving credit is identified on a list created pursuant to G.S. 147-86.60 as a company engaging in investment activities in Iran as described in this section. (5)“Iran” includes the Government of Iran and any agency or instrumentality of Iran. (6)“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.S.C. § 262r(c)(3)). c.Any successor, parent entity owning more than 20%, or majority-owned subunit or subsidiary of any entity described in sub-subdivisions (a) and (b) of this subdivision. (7)“State agency” means any board, commission, department, executive department, officer, institution, and any political subdivision of the State. History: History.2015-118, s. 1; 2017-193, s. 3.2; 2018-84, s. 4(a); 2021-58, s. 1(b).