South Carolina General Assembly
125th Session, 2023-2024
Indicates Matter Stricken
Indicates New Matter
(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)
TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 27-13-30, RELATING TO LIMITATION ON ALIEN LAND OWNERSHIP, SO AS TO PROVIDE THAT CORPORATIONs CONTROLLED BY a foreign adversary CANNOT acquire an interest in real property in this state; to define necessary terms; and to reduce the amount of real property that an alien or corporation may acquire an interest in from five hundred thousand acres to one thousand acres.
Be it enacted by the General Assembly of the State of South Carolina:
(1) "Corporation controlled by a foreign adversary" means a legal entity engaged in commerce that:
(a) is wholly owned by a foreign adversary;
(b) has a foreign adversary as a dominant shareholder, directly or indirectly;
(c) is wholly owned by a citizen of a foreign adversary; or
(d) has a citizen of a foreign adversary as a dominant shareholder.
(2) "Foreign adversary" means any foreign government or nongovernment person determined by the United States Secretary of Commerce to have engaged in a long-term pattern or serious instances of conduct significantly adverse to the national security of the United States or the security and safety of United States citizens.
(3) "Dominant shareholder" means the owner of ten percent or more of a legal entity engaged in commerce's stock, securities, or other indicia of ownership.
(4) "Interest" means any estate, remainder, or reversion, or portion of the estate, remainder, or reversion, or an option pursuant to which one party has a right to cause legal or equitable title to real property.
(B) Subject to the provisions contained in subsection (C), no No alien or corporation controlled by aliens, either in his or its own right or as trustee, cestui que trust or agent, shall own or control within the limits of this State more than five hundredone thousand acres of land. Nothing in this section subsection shall apply to lands owned or controlled by any such person or corporation nor to lands mortgaged to such a person or corporation on March 9, 1896or before June 30, 2023, nor shall this section apply to lands conveyed by an alien to a corporation controlled by such alien.
(C) No corporation controlled by a foreign adversary may acquire any interest in real property within the limits of this State.
SECTION 2. If any section, subsection, paragraph, subparagraph, sentence, clause, phrase, or word of this act is for any reason held to be unconstitutional or invalid, such holding shall not affect the constitutionality or validity of the remaining portions of this act, the General Assembly hereby declaring that it would have passed this act, and each and every section, subsection, paragraph, subparagraph, sentence, clause, phrase, and word thereof, irrespective of the fact that any one or more other sections, subsections, paragraphs, subparagraphs, sentences, clauses, phrases, or words hereof may be declared to be unconstitutional, invalid, or otherwise ineffective.
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on February 28, 2023 at 03:12 PM