Which of the following is not one of the six requirements that must be met to establish effective control over an entity through a contractual arrangement?
Question 3 options:
1)The contractual term between the parties must be for the remaining life of the controlled entity or a period of at least 10 years
2)The controlling party has exclusive authority of all decision making in ongoing major or central operations
3)The involvement of other variable interest holders
4)The controlling party has exclusive authority for establishing compensation levels and hiring and firing of key personnel