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    Grandfather Rule - Illustration Using Palting

    Uploaded by

    June Rudini
    The document discusses corporate ownership structures and the applicability of the Grandfather Rule. It notes that no indication of citizenship or authorized capital stocks was found in 49 US states and territories. It also contains a diagram showing multiple levels of corporate ownership between various entities in Panama, the Philippines, and through the US Securities and Exchange Commission (SEC). In the diagram, the level of ownership becomes more distant from the subject corporation at each level. The document concludes with a quote indicating that the Grandfather Rule cannot extend beyond a reasonable level of ownership and that control becomes less practical to associate the further away the ownership is from the subject corporation.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Grandfather Rule - Illustration Using Palting

    Uploaded by

    June Rudini
    174 views4 pages
    The document discusses corporate ownership structures and the applicability of the Grandfather Rule. It notes that no indication of citizenship or authorized capital stocks was found in 49 US states and territories. It also contains a diagram showing multiple levels of corporate ownership between various entities in Panama, the Philippines, and through the US Securities and Exchange Commission (SEC). In the diagram, the level of ownership becomes more distant from the subject corporation at each level. The document concludes with a quote indicating that the Grandfather Rule cannot extend beyond a reasonable level of ownership and that control becomes less practical to associate the further away the ownership is from the subject corporation.

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    commercial law

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    The document discusses corporate ownership structures and the applicability of the Grandfather Rule. It notes that no indication of citizenship or authorized capital stocks was found in 49 US states and territories. It also contains a diagram showing multiple levels of corporate ownership between various entities in Panama, the Philippines, and through the US Securities and Exchange Commission (SEC). In the diagram, the level of ownership becomes more distant from the subject corporation at each level. The document concludes with a quote indicating that the Grandfather Rule cannot extend beyond a reasonable level of ownership and that control becomes less practical to associate the further away the ownership is from the subject corporation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    174 views4 pages

    Grandfather Rule - Illustration Using Palting

    Uploaded by

    June Rudini
    The document discusses corporate ownership structures and the applicability of the Grandfather Rule. It notes that no indication of citizenship or authorized capital stocks was found in 49 US states and territories. It also contains a diagram showing multiple levels of corporate ownership between various entities in Panama, the Philippines, and through the US Securities and Exchange Commission (SEC). In the diagram, the level of ownership becomes more distant from the subject corporation at each level. The document concludes with a quote indicating that the Grandfather Rule cannot extend beyond a reasonable level of ownership and that control becomes less practical to associate the further away the ownership is from the subject corporation.

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    © All Rights Reserved
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    Y

    No
    Y indication of citizenship

    No
    No indication
    indication of
    of authorized
    citizenship stocks (for capital stocks)
    Found
    in 49 American
    statesstocks
    & US (for
    territories
    No indication
    of authorized
    capital stocks)
    Found in 49 American states & US territories

    To what extent does the


    Grandfather Rule apply?
    `

    Palting It cannot go beyond the


    level of what is reasonable. The
    further away the level of ownership
    from the subject corporation, the
    less can one practically associate
    control of the subject corporation.

    Majority of SJP
    SEC
    90%
    of SJO
    (Panama)
    2 levels
    ofPublicly
    held
    Majority
    SJP
    (Philippines)
    90%
    of
    SJO
    corporations,
    or
    shares
    traded in
    (Panama)
    (Philippines)
    SEC
    3 levels Closely held
    corporations or shares NOT traded
    in SEC
    Oil Investments, Inc.
    (Panama) Inc.
    CBInvestments,
    Oil
    100%
    owned by
    (Panama)
    Pantepec
    & Pancoastal
    100% owned
    by
    Pantepec & Pancoastal

    Y
    No indication of citizenship
    No indication of authorized stocks (for capital stocks)
    Found in 49 American states & US territories
    4

    To what extent does the


    Grandfather Rule apply?
    `

    Palting It cannot go beyond the


    level of what is reasonable. The
    further away the level of ownership
    from the subject corporation, the
    less can one practically associate
    control of the subject corporation.
    SEC
    2 levels Publicly held
    corporations, or shares traded in
    SEC
    MajorityofClosely
    SJP
    3 levels
    held
    90%
    of SJO
    (Panama)
    corporations
    or shares NOT traded
    (Philippines)
    in SEC
    CB

    Oil Investments, Inc.


    (Panama)
    100% owned by
    Pantepec & Pancoastal

    Y
    No indication of citizenship
    No indication of authorized stocks (for capital stocks)
    Found in 49 American states & US territories

    To what extent does the


    Grandfather Rule apply?
    `

    Palting It cannot go beyond the


    level of what is reasonable. The
    further away the level of ownership
    from the subject corporation, the
    less can one practically associate
    control of the subject corporation.
    SEC
    2 levels Publicly held
    corporations, or shares traded in
    SEC
    3 levels Closely held
    corporations or shares NOT traded
    of SJP
    in Majority
    SEC
    90%
    of SJO
    (Panama)
    (Philippines)
    CB

    Oil Investments, Inc.


    (Panama)
    100% owned by
    Pantepec & Pancoastal

    4
    2
    1

    To what extent does the


    Grandfather Rule apply?
    `

    Palting It cannot go beyond the


    level of what is reasonable. The
    further away the level of ownership
    from the subject corporation, the
    less can one practically associate
    control of the subject corporation.
    SEC
    2 levels Publicly held
    corporations, or shares traded in
    SEC
    3 levels Closely held
    corporations or shares NOT traded
    in SEC
    CB

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