Delaware § 1004 - Definitions.

§ 1004. Definitions.

For the purposes of this chapter:

(1) A “close relative” means a person’s parents, spouse, children (natural or adopted) and siblings of the whole and half-blood.

(2) A person has a “financial interest” in a private enterprise if he or she:

a. Has a legal or equitable ownership interest in the enterprise of more than 10% (1% in the case of a corporation whose stock is regularly traded on an established securities market); or

b. Is associated with the enterprise and received from the enterprise during the last calendar year or might reasonably be expected to receive from the enterprise during the current or the next calendar year income in excess of $5,000 for services as an employee, officer, director, trustee or independent contractor; or

c. Is a creditor of a private enterprise in an amount equal to 10% or more of the debt of that enterprise (1% or more in the case of a corporation whose securities are regularly traded on an established securities market).

(3) A “person” means an individual, partnership, corporation, trust, joint venture and any other association of individuals or entities.

(4) A “private enterprise” means any activity whether conducted for profit or not for profit and includes the ownership of real or personal property; provided, that “private enterprise” does not include any activity of the State, any political subdivision or any agency, authority or instrumentality thereof.

67 Del. Laws, c. 419, §  1;  70 Del. Laws, c. 186, §  1;