Indiana Code 28-1-18.2-1.3. Control over another company; fiduciary ownership or control of shares
(1) the company or shareholder, directly or indirectly, or acting through at least one (1) other person owns, controls, or has power to vote at least twenty-five percent (25%) of any class of voting securities of the other company;
Terms Used In Indiana Code 28-1-18.2-1.3
- company: means a corporation, limited liability company, partnership, business trust, association, or similar organization. See Indiana Code 28-1-18.2-1.1
- Fiduciary: A trustee, executor, or administrator.
(3) the department determines, after notice and opportunity for hearing, that the company or shareholder, directly or indirectly, exercises a controlling influence over the management or policies of the other company.
(b) Notwithstanding any other provision of this chapter, a company is not considered to own or control another company by virtue of its ownership or control of shares in a fiduciary capacity, except as provided in subsection (a)(3) or if the company owning or controlling the shares is a business trust.
As added by P.L.14-1992, SEC.97.