[§414E-1]  Definitions.  As used in thischapter, unless the context otherwise requires:

"Acquiring person" means a person whois required to deliver an information statement.

"Beneficial ownership" shall bedetermined pursuant to section 13 of the federal Securities Exchange Act of1934 and the rules adopted thereunder, as amended.

"Control share acquisition" means anacquisition of shares of an issuing public corporation resulting in beneficialownership by an acquiring person of a new range of voting power specified inthis chapter, but does not include an acquisition:

(1)  Before or pursuant to an agreement entered intobefore July 1, 1987;

(2)  By a donee pursuant to an inter vivos gift notmade to avoid this chapter or by a distributee as defined in chapter 560;

(3)  Pursuant to a security agreement not created toavoid this chapter;

(4)  Pursuant to a merger or share exchange executedin accordance with applicable law, if the issuing public corporation is a partyto the plan of merger or share exchange;

(5)  From the issuing public corporation;

(6)  That is approved by resolution of the board ofdirectors of the issuing public corporation before the acquisition occurs; or

(7)  That the board of directors of the issuing publiccorporation determines, by resolution before the acquisition occurs, is not acontrol share acquisition.

"Issuing public corporation" means acorporation incorporated in this State with at least one hundred shareholdersand having its principal place of business or substantial assets located inthis State. [L 2001, c 129, pt of §1]