'Associate', when indicating a relationship between persons, means:(1) any corporation or organization, other than the applicant or a majority-owned subsidiary of the applicant, of which the person:(A) is an officer or a partner; or(B) is directly or indirectly the beneficial owner of ten percent (10%) or more of any class of equity securities;(2) any trust or other estate:(A) in which the person has a substantial beneficial interest; or(B) for which the person serves as trustee or in a similar fiduciary capacity;however, the term does not apply to any employee stock benefit plan in which the person has a substantial beneficial interest or serves as a trustee or in a similar fiduciary capacity; and(3) any relative or spouse of the natural person, or any relative of the spouse, who:(A) has the same home as the person; or(B) is a director or an officer of the applicant or of any of the applicant's parent organizations or subsidiaries.As added by P.L.122-1994, SEC.101.
Indiana Legal Code