Shift in control definition
Shift in control or “change in control” means any change in the power or authority to manage, direct, or influence the conduct, policies, and affairs of an institution from one person or group of people to another person or group of people. A “shift in control” or “change in control” may but need not involve a transfer of any property interest. A “shift in control” or “change in control” may include a shift in the voting control of corporate stock from one person or group to another, the acquisition of sufficient stock by a minority shareholder to gain control of the institution, the transfer of voting rights to a voting trust, the transfer of any ownership interest to any trust in which the owner does not have the same degree of control as before the transfer, and the transfer of authority to manage the institution by the owners to another. A “shift in control” or “change in control” does not include the owner’s replacement of an individual administrator with another natural person if the owner does not transfer any interest in the institution or relinquish any control of the institution to that person.
Shift in control means a change in the ownership of
Shift in control or “change in control” means any change in the power or authority to manage, direct, or influence the conduct, policies, and affairs of an institution from one
More Definitions of Shift in control
Shift in control means a change in the ownership of an institution where a person who previously did not own at least 25 percent of the stock or interest in an institution or its parent company acquires ownership of at least 25 percent of the stock or interest in the institution or its parent company.