definiens: shall mean any corporation or oth er business entity ( a ) in which a Party owns or controls, directly or indirec tly, at least fifty percent ( 50 % ) of the outstanding stock or other voting righ ts entitled to elect directors, or ( b ) which owns or controls, directly or indirectly, at least fifty percent ( 50 % ) of the outstanding stock or other vot ing rights entitled to elect directors, of a Party, or ( c ) which is under common control with a Party, through ownership or control of at least fifty perc ent ( 50 % ) of the outstanding stock or other voting rights entitled to elect dire ctors ; provided, however, in any country where the local law does not permit for eign equity participation of at least fifty percent ( 50 % ), then an i ncludes any company in which the Party owns or controls or is owned or controlle d by, directly or indirectly, the maximum percentage of outstanding stock or voti ng rights permitted by local law