WY Stat § 17-16-860 (2021)
2021 Wyoming Statutes|Title 17 - Corporations, Partnerships and Associations|Chapter 16 - Wyoming Business Corporation Act|Article 8 - Directors and Officers|Section 17-16-860 - Subarticle Definitions.

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.