Sunday, February 26, 2017

SEC. 70. Returns of Foreign Corporations

SEC. 70. Returns of Foreign Corporations. -
(A) Requirements. - Under rules and regulations prescribed by the Secretary of finance, upon the recommendation of the Commissioner, any attorney, accountant, fiduciary, bank, trust company, financial institution or other person, who aids, assists, counsels or advises in, or with respect to; the formation, organization or reorganization of any foreign corporation, shall, within thirty (30) days thereafter, file with the Commissioner a return.
(B) Form and Contents of Return. - Such return shall be in such form and shall set forth; under oath, in respect of each such corporation, to the full extent of the information within the possession or knowledge or under the control of the person required to file the return, such information as the Secretary of Finance, upon recommendation of the Commissioner, shall prescribe by rules and regulations as necessary for carrying out the provisions of this Title. Nothing in this Section shall be construed to require the divulging of privileged communications between attorney and client.

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