Affiliate of a Declarant Law and Legal Definition
"Affiliate of a declarant" means any person who controls, is controlled by, or is under common control with a declarant. Pursuant to the Uniform Condominium Act, a person "controls" a declarant if the person is a general partner, officer, director, or employer of the declarant; if s/he directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing, more than 20 percent of the voting interest in the declarant; if s/he controls in any manner the election of a majority of the directors of the declarant; or if s/he has contributed more than 20 percent of the capital of the declarant.
The Act further provides that a person "is controlled by" a declarant, if the declarant is a general partner, officer, director, or employer of the person; if s/he directly or indirectly or acting in concert with one or more other persons; or through one or more subsidiaries, s/he owns, controls, holds with power to vote, or holds proxies representing, more than 20 percent of the voting interest in the person; if s/he controls in any manner the election of a majority of the directors of the person; and if s/he has contributed more than 20 percent of the capital of the person.
Legal Definition list
- Affiliate and Associated Company
- Affiliate [Banks & Banking]
- Affiliate ( Bankruptcy)
- Affidavits
- Affidavit on Demurrer
- Affiliate of a Declarant
- Affiliate of a Futures Commission Merchant, Commodity Trading Advisor, Commodity Pool Operator or Introducing Broker
- Affiliated Business Arrangement
- Affiliated Company (Gaming Law)
- Affiliated Group
- Affiliated Persons (Securities)
