(1) DEFINITIONS. As used in this section: (a) “Act of congress” means the act of congress, entitled “An act to provide for the establishment, operation and maintenance of foreign trade zones in ports of entry of the United States, to expedite and encourage foreign commerce, and for other purposes” (19 USC 81 et. seq.). (b) “Private corporation” means any corporation organized under ch. 180 for the purpose of establishing, operating and maintaining foreign trade zones under this section. (c) “Public corporation” means the state, or any county, town, city or village within the state, or any state or municipal authority or similar organization financed in whole or in part by public funds. (2) ESTABLISHMENT, OPERATION AND MAINTENANCE. Any public or private corporation may make application for the privilege of establishing, operating and maintaining a foreign trade zone under the act of congress. Any public or private corpora- tion, whose application is granted under the act of congress, may establish, operate and maintain a foreign trade zone subject to the conditions and restrictions of the act of congress and any amendments thereto, and under such rules and regulations and for the period of time that may be prescribed by the board established by the act of congress to carry out the provisions of such act.
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