§ § 211B.15CORPORATE POLITICAL CONTRIBUTIONS

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Subdivision 1.Definitions.
(a) For purposes of this section, the terms defined in this subdivision have the meanings given. Unless otherwise provided, the definitions in section 10A.01 also apply to this section.

(b) "Chief executive officer" means the highest-ranking officer or decision-making individual with authority over a corporation's affairs.

(c) "Corporation" means:

(1) a corporation organized for profit that does business in this state;

(2) a nonprofit corporation that carries out activities in this state; or

(3) a limited liability company formed under chapter 322C, or under similar laws of another state, that does business in this state.

(d) "Foreign-influenced corporation" means a corporation as defined in paragraph (c), clause (1) or (3), for which at least one of the following conditions is met:

(1) a single foreign investor holds, owns, controls, or otherwise has direct or indirect beneficial ownership of one percent or more of the total equity, outstanding voting shares, membership units, or other applicable ownership interests of the corporation;

(2) two or more foreign investors in aggregate hold, own, control, or otherwise have direct or indirect beneficial ownership of five percent or more of the total equity, outstanding voting shares, membership units, or other applicable ownership interests of the corporation; or

(3) a foreign investor participates directly or indirectly in the corporation's decision-making process with respect to the corporation's political activities in the United States.

The calculation of a person's or entity's ownership interest for purposes of clauses (1) and (2) must exclude any portion of the person's or entity's direct or indirect beneficial ownership of equity, outstanding voting shares, membership units, or otherwise applicable ownership interests of a corporation that are held or owned in a mutual fund based in the United States.

(e) "Foreign investor" means a person or entity that:

(1) holds, owns, controls, or otherwise has direct or indirect beneficial ownership of equity, outstanding voting shares, membership units, or otherwise applicable ownership interests of a corporation; and

(2) is any of the following:

(i) a government of a foreign country;

(ii) a political party organized in a foreign country;

(iii) a partnership, association, corporation, organization, or other combination of persons organized under the laws of or having its principal place of business in a foreign country;

(iv) an individual outside of the United States who is not a citizen or national of the United States and who is not lawfully admitted for permanent residence in the United States; or

(v) a corporation in which a foreign investor as defined in items (i) to (iv) holds, owns, controls, or otherwise has directly or indirectly acquired beneficial ownership of equity or voting shares in an amount that is equal to or greater than 50 percent of the total equity or outstanding voting shares.

[See Note.]