Delaware Code Title 29 Sec. 1004 – Definitions
For the purposes of this chapter:
(1) A “close relative” means a person’s parents, spouse, children (natural or adopted) and siblings of the whole and half-blood.
(2) A person has a “financial interest” in a private enterprise if he or she:
a. Has a legal or equitable ownership interest in the enterprise of more than 10% (1% in the case of a corporation whose stock is regularly traded on an established securities market); or
b. Is associated with the enterprise and received from the enterprise during the last calendar year or might reasonably be expected to receive from the enterprise during the current or the next calendar year income in excess of $5,000 for services as an employee, officer, director, trustee or independent contractor; or
c. Is a creditor of a private enterprise in an amount equal to 10% or more of the debt of that enterprise (1% or more in the case of a corporation whose securities are regularly traded on an established securities market).
(3) A “person” means an individual, partnership, corporation, trust, joint venture and any other association of individuals or entities.
(4) A “private enterprise” means any activity whether conducted for profit or not for profit and includes the ownership of real or personal property; provided, that “private enterprise” does not include any activity of the State, any political subdivision or any agency, authority or instrumentality thereof.
Terms Used In Delaware Code Title 29 Sec. 1004
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Trustee: A person or institution holding and administering property in trust.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302