(815 ILCS 5/2.4) (from Ch. 121 1/2, par. 137.2-4)
Sec. 2.4.
"Controlling person" means any person offering or selling a
security, or group of persons acting in concert in the offer or sale of a
security, owning beneficially (and in the absence of knowledge, or
reasonable grounds for belief, to the contrary, record ownership shall for
the purposes hereof be presumed to be beneficial ownership) either (i) 25%
or more of the outstanding voting securities of the issuer of such security
where no other person owns or controls a greater percentage of such
securities, or (ii) such number of outstanding securities of the issuer of
such security as would enable such person, or group of persons, to elect a
majority of the board of directors or other managing body of such issuer.
In case of unincorporated issuers, "controlling person" means any person
offering or selling a security, or group of persons acting in concert in
the offer or sale of a security, who directly or indirectly controls the
activities of the issuer.
(Source: P.A. 84-869.)
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