25 C.F.R. § 502.17

Person having a direct or indirect financial interest in a management contract

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Person having a direct or indirect financial interest in a management contract means:

(a) When a person is a party to a management contract, any person having a direct financial interest in such management contract;

(b) When a trust is a party to a management contract, any beneficiary or trustee;

(d) When a corporation is a party to a management contract, any person who is a director or who holds at least 5% of the issued and outstanding stock alone or in combination with another stockholder who is a spouse, parent, child or sibling when the corporation is publicly traded or the top ten (10) shareholders for a privately held corporation;

(e) When an entity other than a natural person has an interest in a trust, partnership or corporation that has an interest in a management contract, all parties of that entity are deemed to be persons having a direct financial interest in a management contract; or

(f) Any person or entity who will receive a portion of the direct or indirect interest of any person or entity listed above through attribution, grant, pledge, or gift.

[74 FR 36932, July 27, 2009]

Notes of Decisions

Cited in 1 case, 2006–2006 · leading case: Bremer Bus. Fin. Corp. v. Dorsey & Whitney LLP (In Re SRC Holding Corp.), 352 B.R. 103 (Bankr. D. Minn. 2006).

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Bremer Bus. Fin. Corp. v. Dorsey & Whitney LLP (In Re SRC Holding Corp.), 352 B.R. 103 (Bankr. D. Minn. 2006). “25 C.F.R. § 502.17 (c). But, they do not provide further guidance on the question of who qualifies as a person with a “direct or indirect financial interest in .”

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