28030-28049
CORPORATIONS CODE
SECTION 28030-28049
28030. Subject to additional definitions contained in this division which are applicable to specific provisions of this division, and unless the context otherwise requires, the definitions in this article apply throughout this division. 28031. "Accredited investor" means a person who is defined in Section 2(a)(15) of the Securities Act of 1933, or any other person that the Securities and Exchange Commission may so designate by rule, regulation, or order, who, by purchasing the securities of a licensee, provides the investment funds with which the licensee will provide financial assistance to small business firms. 28032. "Affiliate" means any person or persons controlling, controlled by, or under common control with, other specified persons. 28033. "Commissioner" means the Commissioner of Corporations or his or her designee with respect to a particular matter. 28034. "Company" means a corporation, limited partnership, limited liability company, or other form of business entity, which is organized under the laws of the State of California. 28035. "Control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a specified person. 28036. "Controlling person," when used with respect to a specified person, means any person who controls the specified person, directly or indirectly, through one or more intermediaries. 28037. "Insolvent," when used with respect to any person, means a person who has ceased to pay his or her debts in the ordinary course of business, who cannot pay his or her debts as they become due, or whose liabilities exceed his or her assets. 28038. "License" means a license issued under this division authorizing a licensee to transact business as a capital access company. 28039. "Licensee" means a company that is licensed under this division. 28040. "Officer" means either of the following: (a) When used with respect to a corporation, any person appointed or designated as an officer of the corporation by or pursuant to applicable law or the articles of incorporation or bylaws of the corporation or any person who performs with respect to the corporation functions usually performed by an officer of a corporation. (b) When used with respect to a specified person other than a natural person or a corporation, any person who performs with respect to the specified person functions usually performed by an officer of a corporation with respect to the corporation. 28041. "Order" means any approval, consent, authorization, exemption, denial, prohibition, or requirement applicable to a specific case issued by the commissioner. "Order" includes any condition of a license and any agreement made by any person with the commissioner under this division. 28042. "Parent," when used with respect to a specified person other than a natural person, means any person other than a natural person that controls the specified person, directly or indirectly, through one or more intermediaries. 28043. "Person" means any natural person, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, government, agency of any government, or any other organization. However, "person," when used with respect to acquiring control of or controlling a specified person, includes any combination of two or more persons acting in concert. 28044. "Principal security holder," means any person who owns, directly or indirectly, of record or beneficially, securities representing 10 percent or more of the voting power of the issuer of those securities. 28045. "To provide financing assistance to a person" means to purchase securities issued by the person, either directly from the person, or indirectly through a securities underwriter. 28046. "Security" has the meaning set forth in Section 25019. 28047. "Small business firm" means a person that proposes to transact, or transacts, business on a regular and continuous basis in California and, together with its affiliates, has a net worth of not more than eighteen million dollars ($18,000,000) and average net income after federal income taxes, excluding any carryover losses, for the preceding two years no greater than six million dollars ($6,000,000). 28047.1. "Smaller business firm" means a person that proposes to transact, or transacts, business on a regular and continuous basis in California and, together with its affiliates, has a net worth of not more than six million dollars ($6,000,000), and average net income after federal income taxes, excluding any carryover losses, for the preceding two years no greater than two million dollars ($2,000,000). 28048. "Subsidiary," when used with respect to a specified person other than a natural person, means any person other than a natural person controlled by the specified person, directly or indirectly, through one or more intermediaries. 28049. "Voting power" has the meaning set forth in Section 194.5.