As Amended
SEC. 49-20-5. Definitions.
The following words and phrases shall have the meanings ascribed herein, unless the context clearly indicates otherwise:
(a) "River timberlands company" means a corporation which is incorporated under the laws of this state and which owns, either directly or through subsidiaries, eighty thousand (80,000) or more acres of river timberlands.
(b) "River timberlands" means land in this state which is (i) substantially forested and (ii) located within fifteen (15) miles of the thalweg of the Mississippi River.
(c) "Subsidiary" means, with respect to a corporation, any other corporation, association, trust or other business entity of which such corporation owns either fifty percent (50%) or more of the voting securities or fifty percent (50%) or more of the equity interests, either directly or through one or more intermediate subsidiaries.
(d) "Specified subsidiary" of a river timberlands company means a subsidiary of a river timberlands company by which any of the river timberlands of such river timberlands company are owned.
(e) "Person" means a corporation, an association, a trust, a partnership or any other business entity or a natural person.
(f) "Owns" (with "owner," "owned," and similar expressions), with respect to securities, includes, without limitation: (i) having the right (alone or with others) to receive, directly or indirectly, the dividends and other distributions on such securities or the proceeds of their sale or both, or (ii) having the right (alone or with others) to vote or direct the voting of such securities.
(g) "Affiliate" or "affiliated person" of another person means:
(i) The spouse of such other person;
(ii) The parents of such other person and their lineal descendants and the parents of such other person's spouse and their lineal descendants;
(iii) Any person who directly or indirectly owns twenty percent (20%) or more of the outstanding voting securities of such other person;
(iv) Any person, twenty percent (20%) or more of the outstanding voting securities of which are directly or indirectly owned by such other person;
(v) Any person or group of persons who directly or indirectly control, are controlled by, or are under common control with such other person;
(vi) Any officer, director, partner, copartner or employee of such other person;
(vii) If such other person is an investment company, any investment adviser of such company or any member of an advisory board of such company;
(viii) If such other person is an unincorporated investment company not having a board of directors, the depositor of such company; or
(ix) Any person who has entered into an agreement, written or unwritten, to act in concert with such other person in acquiring or otherwise acting in respect of the voting securities of a river timberlands company.
SOURCES: Laws, 1991, ch. 326 Sec. 3, eff from and after passage (approved March 15, 1991).