46-229."Substantial interest" and "client or customer" defined."Substantial interest" means any of the following:
(a) If an individual or an individual's spouse, either individually orcollectively, hasowned within the preceding 12 months a legal orequitable interest exceeding $5,000 or 5% of any business, whichever isless, the individual has a substantial interest in that business.
(b) If an individual or an individual'sspouse, either individually or collectively, has receivedduring the preceding calendar year compensation which is or will berequired to be included as taxable income on federal incometax returns of the individual and spouse in an aggregate amount of $2,000from any business or combinationof businesses, the individual has a substantial interest in thatbusiness or combination of businesses.
(c) If anindividual or an individual's spouse, either individually or collectively,has received directly or indirectly in the preceding 12 months, giftsor honorariahaving an aggregate valueof $500 or morefrom any person,the individual hasa substantial interest in that person. If a gift is received for which thevalue is unknown, the individual shall be deemed to have a substantial interest in thedonor. A substantial interest does not exist under this subsection byreason of: (1) A gift or bequest received as the result of the death of the donor; (2)a gift from a spouse, parent, grandparent, sibling, aunt or uncle; or (3)acting as a trustee of a trust for the benefit of another.
(d) If an individual or an individual's spouseholds the position of officer, director,associate, partner or proprietor of any business, the individual has asubstantial interest in that business, irrespective of theamount of compensation received by the individual or individual's spouse.
(e) If an individual or an individual's spousereceives compensation which is a portion or percentage of eachseparate fee or commission paid to a business or combination of businesses,the individual has a substantial interest in any client or customer whopays fees or commissions to the business or combinationof businesses fromwhich fees or commissions the individual or the individual'sspouse, either individually or collectively, received an aggregate of $2,000or more in the preceding calendar year.
As used in this subsection, "client or customer" means a business orcombination of businesses.
History: L. 1974, ch. 353, § 15; L. 1983, ch. 172, § 1; L. 1984,ch. 189, § 1;L. 1987, ch. 198, § 1; July 1.
46-229."Substantial interest" and "client or customer" defined."Substantial interest" means any of the following:
(a) If an individual or an individual's spouse, either individually orcollectively, hasowned within the preceding 12 months a legal orequitable interest exceeding $5,000 or 5% of any business, whichever isless, the individual has a substantial interest in that business.
(b) If an individual or an individual'sspouse, either individually or collectively, has receivedduring the preceding calendar year compensation which is or will berequired to be included as taxable income on federal incometax returns of the individual and spouse in an aggregate amount of $2,000from any business or combinationof businesses, the individual has a substantial interest in thatbusiness or combination of businesses.
(c) If anindividual or an individual's spouse, either individually or collectively,has received directly or indirectly in the preceding 12 months, giftsor honorariahaving an aggregate valueof $500 or morefrom any person,the individual hasa substantial interest in that person. If a gift is received for which thevalue is unknown, the individual shall be deemed to have a substantial interest in thedonor. A substantial interest does not exist under this subsection byreason of: (1) A gift or bequest received as the result of the death of the donor; (2)a gift from a spouse, parent, grandparent, sibling, aunt or uncle; or (3)acting as a trustee of a trust for the benefit of another.
(d) If an individual or an individual's spouseholds the position of officer, director,associate, partner or proprietor of any business, the individual has asubstantial interest in that business, irrespective of theamount of compensation received by the individual or individual's spouse.
(e) If an individual or an individual's spousereceives compensation which is a portion or percentage of eachseparate fee or commission paid to a business or combination of businesses,the individual has a substantial interest in any client or customer whopays fees or commissions to the business or combinationof businesses fromwhich fees or commissions the individual or the individual'sspouse, either individually or collectively, received an aggregate of $2,000or more in the preceding calendar year.
As used in this subsection, "client or customer" means a business orcombination of businesses.
History: L. 1974, ch. 353, § 15; L. 1983, ch. 172, § 1; L. 1984,ch. 189, § 1;L. 1987, ch. 198, § 1; July 1.
46-229."Substantial interest" and "client or customer" defined."Substantial interest" means any of the following:
(a) If an individual or an individual's spouse, either individually orcollectively, hasowned within the preceding 12 months a legal orequitable interest exceeding $5,000 or 5% of any business, whichever isless, the individual has a substantial interest in that business.
(b) If an individual or an individual'sspouse, either individually or collectively, has receivedduring the preceding calendar year compensation which is or will berequired to be included as taxable income on federal incometax returns of the individual and spouse in an aggregate amount of $2,000from any business or combinationof businesses, the individual has a substantial interest in thatbusiness or combination of businesses.
(c) If anindividual or an individual's spouse, either individually or collectively,has received directly or indirectly in the preceding 12 months, giftsor honorariahaving an aggregate valueof $500 or morefrom any person,the individual hasa substantial interest in that person. If a gift is received for which thevalue is unknown, the individual shall be deemed to have a substantial interest in thedonor. A substantial interest does not exist under this subsection byreason of: (1) A gift or bequest received as the result of the death of the donor; (2)a gift from a spouse, parent, grandparent, sibling, aunt or uncle; or (3)acting as a trustee of a trust for the benefit of another.
(d) If an individual or an individual's spouseholds the position of officer, director,associate, partner or proprietor of any business, the individual has asubstantial interest in that business, irrespective of theamount of compensation received by the individual or individual's spouse.
(e) If an individual or an individual's spousereceives compensation which is a portion or percentage of eachseparate fee or commission paid to a business or combination of businesses,the individual has a substantial interest in any client or customer whopays fees or commissions to the business or combinationof businesses fromwhich fees or commissions the individual or the individual'sspouse, either individually or collectively, received an aggregate of $2,000or more in the preceding calendar year.
As used in this subsection, "client or customer" means a business orcombination of businesses.
History: L. 1974, ch. 353, § 15; L. 1983, ch. 172, § 1; L. 1984,ch. 189, § 1;L. 1987, ch. 198, § 1; July 1.
