S.A.

But the structural foundation of the bank contained conflicting mandates that became very apparent during the war.

Because it was organized as a Sociedad Anonima, which classifies it as a joint stock company.

Right.

That meant the bank was owned by private shareholders who expected standard fiduciary management, risk mitigation, and profitable returns on their investment capital.

They had some kind of construction conglomerate

Hmm, La Compagnie de St. Pierre, Société Anonyme, established in 1872

There you go.

But they didn't become pornographically rich until the '40s, when they pretty much rebuilt all of France and Germany after World War II.

Excelente pergunta, Raquel.

E se a gente levar em consideração que nenhuma empresa, seja o porte que for, da empresa SA a Capital Aberto, nenhuma empresa tem recursos abundantes.

E quando a gente fala de recursos abundantes, a gente está falando de quê? De tempo, dinheiro e de pessoas.

Então, a partir do momento que a gente está aberto para desenvolver projetos, vai chegar terreno para você todos os dias.

foreign corporations.

So the tax code is going to say that of a French entity that is, let's say, a Societe Anonim or Sociedad Anonima in Spain, those are going to be treated as foreign corporations.

And then when you have a foreign corporation, you're going to be subject to a certain set of rules in the tax code, and those are called the anti-deferral rules.

The key words there are controlled foreign corporations and a passive foreign investment company.