IC 32-22-3.5-4 — "Controlling person"
Chapter 3.5. Prohibition on Ownership of Land by Certain Foreign Owned Companies and Foreign Individuals
Section text
Sec. 4. As used in this chapter, "controlling person" means: (1) a beneficial owner (as defined in IC 23-1-20-3.5) of at least fifty-one percent (51%) of the shares of a business entity; (2) an officer, a director, or any other individual who possesses inside information about a business entity because of the officer, director, or other individual's relationship with the business entity; or (3) a person, individually or as a member of a group, who has the ability to directly or indirectly affect a business entity's management or policies.
As added by P.L.131-2026, SEC.5.
Source: official publisher (2026 edition)