§ 23-1-43-8 — "Control" defined

Indiana § 23-1-43-8

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 43: Business Combinations

Text

(a) As used in this chapter, "control", including
the terms "controlling", "controlled by", and "under common control
with", means the possession (directly or indirectly) 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,
or otherwise.
(b) A person's beneficial ownership of ten percent (10%) or more of
the voting power of a corporation's outstanding voting shares creates
a presumption that the person has control of the corporation.
(c) Notwithstanding subsections (a) and (b), a person is not
considered to have control of a corporation if the person holds voting
power, in good faith and not for the purpose of circumventing this
chapter, as an agent, bank, broker, nominee, custodian, or trustee for
one (1) or more beneficial owners who do not individually or as a
group have control of the corporation.

Legislative History

As added by P.L.149-1986, SEC.27.