definiens: means a corporation, partnership, trust or other entity that directly, or indirectly through one or more intermediates, controls, is controlled by or is under common control with a specified Part y but only for so long as such relationship exists . For such p urposes,,, and shall mean the possession of the power to dir ect or cause the direction of the management and po licies of an entity, whether through the ownership of voting equ ity, voting member or partnership interests, contro l of a majority of the board of directors or 1 other similar body, by contract, or otherwise . In t he case of a corporation, the direct or indirect ow nership of fifty percent ( 50 % ) or more of its outstanding voting sha res or the ability otherwise to elect a majority of the board of directors or other managing authority of the entity shall in any event be presumptively deemed to conf er control, it being understood that the direct or indirect own ership of a lesser percentage of such shares shall not necessarily preclude the existence of control