1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).
Corporations where one is the subsidiary of the other, both are subsidiaries of the same corporation, or both are controlled by the same person. One corporation is the subsidiary of another if it is controlled by the other. These are the basic and most common types of affiliated corporations. If two corporations are affiliated with the same corporation, they are deemed to be affiliated. “Control” for the purpose of the definition of “affiliate” is legal control: holding voting securities of the corporation that carry more than 50 percent of the votes that may be cast for the election of directors, where such votes are sufficient to elect a majority of the board of directors.