As used in this chapter, "controlling person" means:

1. (1) a beneficial owner (as defined in IC 23-1-20-3.5 ) of at least fifty-one percent (51%) of the shares of a business entity;
2. (2) an officer, a director, or any other individual who possesses inside information about a business entity because of the officer, director, or other individual's relationship with the business entity; or
3. (3) a person, individually or as a member of a group, who has the ability to directly or indirectly affect a business entity's management or policies.

As added by P.L.131-2026, SEC.5.