Connecticut General Statutes 19a-486 – Sale of nonprofit hospitals: Definitions
For purposes of sections 19a-486 to 19a-486h, inclusive:
Terms Used In Connecticut General Statutes 19a-486
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Hospital: means an establishment for the lodging, care and treatment of persons suffering from disease or other abnormal physical or mental conditions and includes inpatient psychiatric services in general hospitals. See Connecticut General Statutes 19a-490
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
- Person: means any individual, firm, partnership, corporation, limited liability company or association. See Connecticut General Statutes 19a-490
(1) “Nonprofit hospital” means a nonprofit entity licensed as a hospital pursuant to this chapter and any entity affiliated with such a hospital through governance or membership, including, but not limited to, a holding company or subsidiary.
(2) “Purchaser” means a person acquiring any assets of a nonprofit hospital through a transfer.
(3) “Person” means any individual, firm, partnership, corporation, limited liability company, association or other entity.
(4) “Transfer” means to sell, transfer, lease, exchange, option, convey, give or otherwise dispose of or transfer control over, including, but not limited to, transfer by way of merger or joint venture not in the ordinary course of business.
(5) “Control” has the meaning assigned to it in § 36b-41.
(6) “Executive director” means the executive director of the Office of Health Strategy, established under § 19a-754a, or the executive director’s designee.