South Carolina Code 11-57-300. Investment activities in Iran
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For purposes of this chapter, a person engages in investment activities in Iran if:
(1) the person provides goods or services of twenty million dollars or more in the energy sector of Iran, including a person 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
Terms Used In South Carolina Code 11-57-300
- Financial institution: means the term as used in Section 14 of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 U. See South Carolina Code 11-57-30
- 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. See South Carolina Code 11-57-30
- Iran: includes the Government of Iran and any agency or instrumentality of Iran. See South Carolina Code 11-57-30
- 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. See South Carolina Code 11-57-30
(2) the person is a financial institution that extends twenty million dollars or more in credit to another person, for forty-five days or more, if that person will use the credit to provide goods or services in the energy sector in Iran and is identified on a list, created pursuant to § 11-57-310, as a person engaging in investment activities in Iran as described in this section.