Kan. Admin. Regs. § 40-13-5 - Ownership of more than 10 percent of an equity security
(a) In determining
whether a person is the beneficial owner, directly or indirectly, of more than
10 percent of any class of any equity security for the purpose of
K.S.A.
40-264, the class shall be deemed to consist
of the total number of shares of the class outstanding, but shall not include
any securities of the class held by or for the account of the insurer or a
subsidiary of the insurer .
(b) The
class of voting trust certificates or certificates of deposit shall consist of
the number of shares of voting trust certificates or certificates of deposit
issuable out of the total amount of outstanding shares of the class which may
be deposited under the voting trust agreement or deposit agreement in question,
whether or not all of the outstanding securities have been so deposited.
(c) A person acting in good faith
may rely on the information contained in the latest annual statement filed with
the commissioner concerning the number of shares outstanding in a class or, in
the case of voting trust certificates or certificates of deposit, the number
issuable.
(d) In determining
whether a person is the beneficial owner, directly or indirectly, of more than
10 percent of any class of equity security for the purpose of
K.S.A.
40-264, a person shall be deemed to be the
beneficial owner of securities of the class in which the person has the right
to acquire securities through the exercise of presently exercisable options,
warrants or rights, or through the conversion of presently convertible
securities.
(e) The securities
subject to the options, warrants, rights or conversion privileges held by a
person shall be deemed to be outstanding for the purpose of computing, the
percentage of outstanding securities of the class owned by the person described
in paragraphs (a), (b) and (c), but shall not be deemed outstanding for the
purpose of computing the percentage of the class owned by any other person.
This paragraph shall not be construed to relieve a person of any duty to comply
with K.S.A. 40-264 with respect to
equity securities consisting of options, warrants, rights or convertible
securities which are otherwise subject, as a class , to
K.S.A.
40-264.
Notes
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