"___percent (including associates) voting security owner," when used with respect to a corporation or other organization, means any person who owns, directly or indirectly, of record or beneficially, voting securities of such corporation or other organization which, when combined with the voting securities of the corporation or other organization owned, directly or indirectly, of record or beneficially, by all associates of such person, constitute the specified percentage or more of the voting securities of the corporation or other organization.
Cal. Code Regs. Tit. 10, § 80.155
Note: Authority cited: Sections 321 and 334, Financial Code. Reference: Division 1.2, Financial Code.