Board of directors
(3) Board of directors means the issuer's board of directors or an appropriate person or persons performing similar functions for any issuer not having a board of directors; (4) Capital preservation investment means an investment that is made to conserve capital and liquidity until the funds are used in the issuer's primary business or businesses; (5) Controlled primarily means controlled within the meaning of section 2(a)(9) of the Act (15 U.S.C. 80a-2(a)(9)) with a degree of control that is greater than that of any other person; (6) Investment made pursuant to a collaborative research and development arrangement means an investment in an investee made pursuant to a business relationship which: (i) Is designed to achieve narrowly focused goals that are directly related to, and an integral part of, the issue's research and development activities; (ii) Calls for the issuer to conduct joint research and development activities with the investee or a company controlled primarily by, or which controls primarily, the investee; and (iii) Is not entered into for the purpose of avoiding regulation under the Act; (7) Investments in securities means all securities other than securities issued by majority-owned subsidiaries and companies controlled primarily by the issuer that conduct similar types of businesses, through which the issuer is engaged primarily in a business other than that of investing, reinvesting, owning, holding, or trading in securities; (8) Other investment means an investment in securities that is not a capital preservation investment; and (9) Research and development expenses means research and development costs as defined in FASB ASC Topic 730, Research and Development, as currently in effect or as it may be subsequently revised.