Section 17-16-860 - Subarticle definitions(a) In this subarticle: (i) "Control", including the term "controlled by", means:(A) Having the power, directly or indirectly, to elect or remove a majority of the members of the board of directors or other governing body of an entity, whether through the ownership of voting shares or interests, by contract or otherwise; or(B) Being subject to a majority of the risk of loss from the entity's activities or entitled to receive a majority of the entity's residual returns.(ii) "Director's conflicting interest transaction" means a transaction effected or proposed to be effected by the corporation, or by an entity controlled by the corporation: (A) To which, at the relevant time, the director is a party; or(B) Respecting which, at the relevant time, the director had knowledge and a material financial interest known to the director; or(C) Respecting which, at the relevant time, the director knew that a related person was a party or had a material financial interest.(iii) "Fair to the corporation" means, for purposes of W.S. 17-16-861(b)(iii), that the transaction as a whole was beneficial to or at least not harmful to the corporation, taking into appropriate account whether it was: (A) Fair in terms of the director's dealings with the corporation; and(B) Comparable to what might have been obtainable in an arm's length transaction, given the consideration paid or received by the corporation.(iv) "Material financial interest" means a financial interest in a transaction that would reasonably be expected to impair the objectivity of the director's judgment when participating in action on the authorization of the transaction;(v) "Related person" means: (A) The director's spouse;(B) A child, stepchild, grandchild, parent, stepparent, grandparent, sibling, stepsibling, half sibling, aunt, uncle, niece or nephew, or spouse of any thereof, of the director or of the director's spouse;(C) An individual living in the same home as the director;(D) An entity, other than the corporation or an entity controlled by the corporation, controlled by the director or any person specified above in this paragraph;(E) A domestic or foreign:(I) Business or nonprofit corporation, other than the corporation or an entity controlled by the corporation, of which the director is a director;(II) Unincorporated entity of which the director is a general partner or a member of the governing body; or(III) Individual, trust or estate for whom or of which the director is a trustee, guardian, personal representative or like fiduciary; or(F) A person that is, or an entity that is controlled by, an employer of the director.(vi) "Relevant time" means:(A) The time at which directors' action respecting the transaction is taken in compliance with W.S. 17-16-862; or(B) If the transaction is not brought before the board of directors of the corporation or its committee for action under W.S. 17-16-862, at the time the corporation or an entity controlled by the corporation becomes legally obligated to consummate the transaction.(vii) "Required disclosure" means disclosure of:(A) The existence and nature of the director's conflicting interest; and(B) All facts known to the director respecting the subject matter of the transaction that a director free of such conflicting interest would reasonably believe to be material in deciding whether to proceed with the transaction.