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 50.105 - Associate
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
"Associate," when used to indicate a relationship with a specified person who is related with a licensee or an applicant for a license, means:
(a) Any corporation or other organization (other than the licensee or the applicant for a license or a subsidiary of the licensee or of the applicant for a license) of which the specified person is an officer or partner or is, directly or indirectly, the beneficial owner of 10% or more of any class of the equity securities.
(b) Any trust or other estate in which the specified person has a substantial beneficial interest or as to which the specified person serves as a trustee or in a similar fiduciary capacity.
(c) Any relative or spouse of the specified person, or any relative of such spouse, who has the same home as the specified person or who is a director or officer of the licensee, of the applicant for a license, or of any parent or subsidiary of the licensee or of the applicant for a license.
