[Code of Federal Regulations]
[Title 46, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 46CFR67.39]

[Page 348-349]
 
                           TITLE 46--SHIPPING
 
   CHAPTER I--COAST GUARD, DEPARTMENT OF HOMELAND SECURITY (CONTINUED)
 
PART 67_DOCUMENTATION OF VESSELS--Table of Contents
 
       Subpart C_Citizenship Requirements for Vessel Documentation
 
Sec. 67.39  Corporation.

    (a) For the purpose of obtaining a registry or a recreational 
endorsement, a corporation meets citizenship requirements if:
    (1) It is incorporated under the laws of the United States or of a 
State;
    (2) Its chief executive officer, by whatever title, is a citizen;
    (3) Its chairman of the board of directors is a citizen; and
    (4) No more of its directors are non-citizens than a minority of the 
number necessary to constitute a quorum.
    (b) For the purpose of obtaining a fishery endorsement, a 
corporation meets citizenship requirements if:
    (1) It meets all the requirements of paragraph (a) of this section; 
and
    (2) At least 75 percent of the stock interest in the corporation, at 
each tier of the corporation and in the aggregate, is owned by citizens.
    (c) For the purpose of obtaining a coastwise or Great Lakes 
endorsement or both, a corporation meets citizenship requirements if:
    (1) It meets the requirements of paragraph (a) of this section and 
at least 75 percent of the stock interest in the corporation is owned by 
citizens; or
    (2) It meets the requirements of Sec. 67.20.
    (d) A corporation which does not meet the stock interest requirement 
of

[[Page 349]]

paragraph (c) of this section may qualify for limited coastwise trading 
privileges by meeting the requirements of part 68 of this chapter.

[CGD 89-007, CGD 89-007a, 58 FR 60266, Nov. 15, 1993, as amended by CGD 
94-008, 59 FR 49847, Sept. 30, 1994; USCG-1999-6095, 65 FR 76576, Dec. 
7, 2000; USCG-2001-8825, 69 FR 5401, Feb. 4, 2004]