§ 58-70-6. Definitions. - North Carolina Statutes

§ 58‑70‑6. Definitions.

For purposes of G.S. 58‑70‑5and this section, the following definitions apply:

(1)        An"affiliate" of or a person "affiliated" with a specificperson. – A person that indirectly through one or more intermediaries ordirectly controls, is controlled by, or is under common control with the personspecified.

(2)        Control, includingthe terms "controlling," "controlled by," and "undercommon control with." – The direct or indirect possession of the power todirect or cause the direction of the management and policies of a person,whether through the ownership of voting securities, by contract other than acommercial contract for goods or nonmanagement services, or otherwise. Controlis presumed to exist if any person directly or indirectly owns, controls, holdswith the power to vote, or holds proxies representing ten percent (10%) or moreof the voting securities of any other person.

(3)        Holding companysystem. – An entity comprising two or more affiliated persons.

(4)        Person. – An individual,corporation, partnership, limited liability company, association, joint stockcompany, trust, unincorporated organization, or any similar entity or anycombination of the foregoing acting in concert.

(5)        Subsidiary of aspecified person. – An affiliate controlled by that person indirectly throughone or more intermediaries or directly.

(6)        Voting security. – Includesany security convertible into or evidencing a right to acquire a votingsecurity.  (2009‑566,s. 22.)