The document is an opinion from the SEC-OGC regarding whether a British national, James Wright, can assume the position of president/chairman of the board of LiveIn Quarters Steel Corporation (LQSC) and increase his shareholdings from 25% to 40% without violating the Anti-Dummy Law. The SEC-OGC determines that LQSC's primary purpose of real estate development involves ownership of land, which is a partly nationalized activity under the Constitution. As such, the Anti-Dummy Law would restrict Wright from serving as president/chairman and limit foreign ownership in LQSC to 40%. Additionally, if LQSC is considered a small domestic enterprise, it could
The document is an opinion from the SEC-OGC regarding whether a British national, James Wright, can assume the position of president/chairman of the board of LiveIn Quarters Steel Corporation (LQSC) and increase his shareholdings from 25% to 40% without violating the Anti-Dummy Law. The SEC-OGC determines that LQSC's primary purpose of real estate development involves ownership of land, which is a partly nationalized activity under the Constitution. As such, the Anti-Dummy Law would restrict Wright from serving as president/chairman and limit foreign ownership in LQSC to 40%. Additionally, if LQSC is considered a small domestic enterprise, it could
The document is an opinion from the SEC-OGC regarding whether a British national, James Wright, can assume the position of president/chairman of the board of LiveIn Quarters Steel Corporation (LQSC) and increase his shareholdings from 25% to 40% without violating the Anti-Dummy Law. The SEC-OGC determines that LQSC's primary purpose of real estate development involves ownership of land, which is a partly nationalized activity under the Constitution. As such, the Anti-Dummy Law would restrict Wright from serving as president/chairman and limit foreign ownership in LQSC to 40%. Additionally, if LQSC is considered a small domestic enterprise, it could