Section 3:3614 - DefinitionsFor purposes of this Part, the following definitions shall apply:
(1) "Controlling interest" means possession of the power to direct or cause the direction of the management or policies of a company, whether through ownership of securities, by contract or otherwise. A person or entity that directly or indirectly has the right to vote fifty percent or more of the voting interests of an entity or is entitled to fifty percent or more of its profits is presumed to possess a controlling interest.(2) "Foreign adversary" means a foreign nongovernment person or foreign government identified as a foreign adversary pursuant to 15 CFR 7.4 including the People's Republic of China and the Hong Kong Special Administrative Region, Republic of Cuba, Islamic Republic of Iran, Democratic People's Republic of Korea, Russian Federation, and Venezuela under the leadership of Nicolas Maduro. It shall not include a person who is a legal permanent resident with lawful presence in the United States.(3) "Immovable property" means agricultural land as defined in R.S. 3:3602.(4) "Prohibited foreign actor" means a corporation, limited liability company, pension or investment fund, trust, or limited partnership in which a foreign adversary has a controlling interest.Added by Acts 2024, No. 420,s. 1, eff. 8/1/2024.