North Carolina General Statutes 58-65-175. Definitions
The following definitions apply in this Part:
(1) Affiliate. – As defined in N.C. Gen. Stat. § 58-19-5.
Terms Used In North Carolina General Statutes 58-65-175
- 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.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
(2) Control. – As defined in N.C. Gen. Stat. § 58-19-5.
(3) Executive officer. – As defined in N.C. Gen. Stat. § 58-19-5.
(4) Nonprofit holding corporation. – A domestic corporation formed in connection with a reorganization and operating under Chapter 55A of the N.C. Gen. Stat. that directly or indirectly through another domestic corporation operating under Chapter 55A of the N.C. Gen. Stat. holds all the membership interests in a hospital service corporation and is the ultimate controlling person of the hospital service corporation. A nonprofit holding corporation is not (i) a “company,” “insurance company,” or “insurer,” as those terms are defined in N.C. Gen. Stat. § 58-1-5, or (ii) a “hospital service corporation,” as defined in N.C. Gen. Stat. § 58-65-1.1.
(5) Reorganization. – A transaction or series of transactions in which a nonprofit holding corporation is created by or on behalf of a hospital service corporation to hold, directly or indirectly through another domestic corporation operating under Chapter 55A of the N.C. Gen. Stat., membership interests in the hospital service corporation and becomes the ultimate controlling person of the hospital service corporation.
(6) Subsidiary. – As defined in N.C. Gen. Stat. § 58-19-5.
(7) Ultimate controlling person. – As defined in N.C. Gen. Stat. § 58-19-5. (2023-33, s. 1.)