“Principal shareholder”, when used with respect to a corporation, means any person who owns, directly or indirectly, of record or beneficially, securities representing 10 percent or more of the voting power of such corporation.
Cal. Fin. Code § 31049
Definitions
Known as the Business and Industrial Development Corporations Law
The act spans §§ 31000–31952 (132 sections).
Added by renumbering Section 31047 by Stats. 1982, Ch. 1570, Sec. 5.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.