North Carolina General Statutes 58-70-6. Definitions
For purposes of N.C. Gen. Stat. § 58-70-5 and this section, the following definitions apply:
(1) An “affiliate” of or a person “affiliated” with a specific person. – A person that indirectly through one or more intermediaries or directly controls, is controlled by, or is under common control with the person specified.
Terms Used In North Carolina General Statutes 58-70-6
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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.
(2) Control, including the terms “controlling,” “controlled by,” and “under common control with.” – The direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise. Control is presumed to exist if any person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of any other person.
(3) Holding company system. – An entity comprising two or more affiliated persons.
(4) Person. – An individual, corporation, partnership, limited liability company, association, joint stock company, trust, unincorporated organization, or any similar entity or any combination of the foregoing acting in concert.
(5) Subsidiary of a specified person. – An affiliate controlled by that person indirectly through one or more intermediaries or directly.
(6) Voting security. – Includes any security convertible into or evidencing a right to acquire a voting security. (2009-566, s. 22.)