California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 50 - Business and Industrial Development Corporations
Article 1 - General Provisions
Subarticle 2 - Definitions
Section 50.103 - " Percent (Including Associates) Equity Security Owner."

"___ percent (including associates) equity security owner," when used with respect to a corporation or other organization, means any person who owns, directly or indirectly, of record or beneficially, equity securities of such corporation or other organization which, when combined with the equity securities of the corporation or other organization owned, directly or indirectly, of record or beneficially, by all associates of such person, constitute the specified percentage or more of any class of the equity securities of the corporation or other organization.