750. EXECUTIVE OFFICER DEFINED.

For purposes of this Chapter, “executive officer” shall include every officer who participates or has authority to participate, other than in the capacity of a director, in the major policy making functions of the controlled group, regardless of whether the officers’ title contains a designation of assistant. The chairman of the board, the president, every vice-president, the controller, the secretary and the treasurer of a corporation are assumed to be executive officers unless the officer is excluded from participation in major policy making functions and does not actually participate therein. However, no controlled group may have more than six executive officers.