“Affiliate of a declarant” defined.
1. “Affiliate of a declarant” means any person who controls, is controlled by or is under common control with a declarant.
2. A person “controls” a declarant if the person:
(a) Is a general partner, officer, director or employer of the declarant;
(b) Directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote or holds proxies representing, more than 20 percent of the voting interest in the declarant;
(c) Controls in any manner the election of a majority of the directors of the declarant; or
(d) Has contributed more than 20 percent of the capital of the declarant.
3. A person “is controlled by” a declarant if the declarant:
(a) Is a general partner, officer, director or employer of the person;
(b) Directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote or holds proxies representing, more than 20 percent of the voting interest in the person;
(c) Controls in any manner the election of a majority of the directors of the person; or
(d) Has contributed more than 20 percent of the capital of the person.
4. Control does not exist if the powers described in this section are held solely as security for an obligation and are not exercised.
Last modified: February 27, 2006