CHAPTER 25 – INNOVATION COUNCIL

04 NCAC 25 .0101             DEFINITIONS

For the purposes of the rules in this Chapter, the definitions found in G.S. 169-1, and the following definitions, shall apply to this Section:

(1)           "Executive Director" means the Executive Director of the North Carolina Innovation Council or an authorized designee of the Executive Director.

(2)           "Expression of Interest" shall mean a method for potential applicants to contact the NC Innovation Council through its website to document their interest in submitting an application to be a Sandbox participant.

(3)           "Monitoring and Evaluation Plan" means a written plan submitted by a Sandbox applicant that requires the applicant to periodically measure the success or risks of the innovative product or service during and at the end of the Sandbox period.

(4)           "Nonprofit corporation" as defined in G.S. 55A-1-40(17).

(5)           "Control person" means an entity or individual who has the power to influence, direct, or control the activities of a publicly traded company. Control persons can be directors, officers, shareholders, affiliates, or any other person with authority over the public company's management and operations.

(6)           "DUNS Number" means a data universal numbering system or DUNS number, a unique, nine-digit series or numerals that identifies a business. Dun & Bradstreet, Inc. (D&B) creates the number, which generates a business profile in its database and provides a company's name, phone number, address, number of workers and line of business, along with other relevant corporate information.

History Note:        Authority G.S. 169-1; 169-4;

Eff. March 1, 2025.