17.__Principal place of business.__"Principal place of business" has the following meaning.

A.__"Principal place of business" of a plan sponsor or a person other than a natural person means the single state in which the natural persons who establish policy for the direction, control and coordination of the operations of the entity as a whole primarily exercise that function, determined by the association in its reasonable judgment by considering the following factors:

(1)__The state in which the primary executive and administrative headquarters of the entity is located;

(2)__The state in which the principal office of the chief executive officer of the entity is located;

(3)__The state in which the board of directors of the entity or similar governing body of the entity conducts the majority of its meetings;

(4)__The state in which the executive or management committee of the board of directors of the entity or similar governing body of the entity conducts the majority of its meetings;

(5)__The state from which the management of the overall operations of the entity is directed; and

(6)__In the case of a benefit plan sponsored by affiliated companies comprising a consolidated corporation, the state in which the holding company or controlling affiliate has its principal place of business as determined using the factors listed in subparagraphs (1) to (5).__However, in the case of a plan sponsor, if more than 50% of the participants in the benefit plan are employed in a single state, that state is deemed to be the principal place of business of the plan sponsor.

B.__The principal place of business of a plan sponsor of a benefit plan is deemed to be the principal place of business