Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
U.S.-owned foreign corporation
A foreign corporation in which 50% or more of the total combined voting power or total value of the stock is held directly or indirectly by U.S. citizens. IRC (26 USCA) § 904(g)(6). ( If the dividend or interest income paid by a U.S. corporation is classified as a foreign source, the U.S. corporation is treated as a U.S.owned foreign corporation. IRC (26 USCA) § 861.
U.S: owned foreign corporation
See coRPoRATION.
controlled foreign corporation
St-( ~stth~, TION.
foreign corporation
See CORPORATION.
internal affairs of a foreign corporation.
Conflict of laws. Matters that involve only the inner workings of a corporation, such as dividend declarations and the selection of officers. "The old statement that a court will not hear cases involving the internal affairs of a foreign corporation has been practically dropped from the law today, and the result when appropriate is achieved under the forum non conveniens rule. Modern courts recognize their jurisdiction to entertain such suits, and insist only upon a discretionary power to refuse to exercise the existent jurisdiction when the facts make it both feasible and more desirable for the case to be heard by a court of the state of incorporation." Robert A. Leflar, American Conflicts Law § 255, at 512-13 (3d ed. 1977)