Delaware Code Title 5 Sec. 3303 – Definitions
For the purposes of this chapter, unless otherwise specifically defined, or unless another intention clearly appears or unless the context requires a different meaning:
(1) “Affiliate” means, if used with respect to a specified person other than a natural person, a person controlling or controlled by such specified person, or a person controlled by a person who also controls such specified person.
(2) “Applicant” means a Delaware corporation that has submitted an application for a license under this chapter.
(3) “Bidco” means a business and industrial development corporation licensed under this chapter.
(4) “Business firm” means a person that transacts business on a regular and continual basis, or that proposes to transact business on a regular and continual basis.
(5) “Commissioner” means the Bank Commissioner of the State.
(6) “Control” means, if used with respect to a specified person, the power to direct or cause the direction of, directly or indirectly through 1 or more intermediaries, the management and policies of such specified person, whether through the ownership of voting securities, by contract, other than a commercial contract for goods or nonmanagement services or otherwise. A natural person shall not be considered to control another person solely on account of being a director, officer or employee of such other person.
(7) “Controlling person” means, if used with respect to a specified person, a person who controls such specified person, directly or indirectly through 1 or more intermediaries.
(8) “Corporate name” means the name of a corporation as set forth in the certificate of incorporation of such corporation.
(9) “Delaware corporation” means a corporation, whether for profit or nonprofit, incorporated under the General Corporation Law of Delaware.
(10) “Insolvent” means a licensee that ceases to pay its debts in the ordinary course of business, that cannot pay its debts as they become due or whose liabilities exceed its assets.
(11) “Interests of a licensee” includes the interests of shareholders of the licensee.
(12) “License” means a license issued under this chapter authorizing a Delaware corporation to transact business as a Bidco.
(13) “Licensee” means a Delaware corporation which is licensed under this chapter.
(14) “Officer” means:
a. If used with respect to a corporation, a person appointed or designated as an officer of such corporation by or pursuant to applicable law or the certificate of incorporation or bylaws of such corporation, or a person who performs with respect to such corporation functions usually performed by an officer of a corporation; and
b. If used with respect to a specified person other than a natural person or a corporation, a person who performs with respect to such specified person functions usually performed by an officer of a corporation with respect to such corporation.
(15) “Order” includes an approval, authorization, consent, exemption, denial, prohibition or other official act taken by the Commissioner.
(16) “Person” includes an individual, proprietorship, joint venture, partnership, statutory trust, trust, business trust, syndicate, association, joint stock company, corporation, cooperative, government, agency of a government or any other entity or organization. If used with respect to acquiring control of or controlling a specified person, “person” includes a combination of 2 or more persons acting in concert.
(17) “Principal shareholder” means a person that owns, directly or indirectly, of record or beneficially, securities representing 10 percent or more of the outstanding voting securities of a corporation.
(18) “State” means the State of Delaware.
(19) “State Administrative Procedures Act” refers to Chapter 101 of Title 29.
(20) “Subject person” means a controlling person, subsidiary or affiliate of a licensee, a director, officer or employee of a licensee or of a controlling person, subsidiary or affiliate of a licensee or any other person who participates in the conduct of the business of a licensee.
(21) “Subsidiary” means, if used with respect to a licensee, a company or business firm which the licensee holds control of as permitted by § 3323(a)(2), (3), (4) or (5) of this title.
(22) “This chapter” includes any order issued or rule promulgated under this chapter.
Terms Used In Delaware Code Title 5 Sec. 3303
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302