27.2608 Certificate of foreign investment-Issuance.

Cite as [A.S.C.A. § 27.2608]

(a) Upon receipt of documentation required by section 27.2607 the Director must either issue or deny a certificate of foreign investment, within 30 days of receiving such documentation.

(b) If the Director denies issuance of the certificate of foreign investment to an applicant he shall state the reasons in writing and forward the denial statement to the applicant immediately.

(c) Notice of issuance of the certificate of foreign investment is forwarded to the Governor for final approval. The Governor may approve or deny the issuance of the certificate and must give specific written reasons in the case of a denial. The Governor may act to approve or deny the issuance within 20 days of receipt of the Director's notice or the issuance will be deemed approved.

(d) Final approval by the Governor means the certificate holder may commence immediately the construction for operation of the enterprise. The certificate is deemed to be the legal equivalent of a business license under section 27.0202 et seq., and no further license is required, except that articles of incorporation or partnership must be filed with the Registrar upon final approval of the certificate of foreign investment.

History: 1988, PL 20-80; amd 1991, PL 22-11.