9-1612. Company having control over a bank or trust company defined.

9-1612

Chapter 9.--BANKS AND BANKING; TRUST COMPANIES Article 16.--BANKING CODE; TRUST AUTHORITY

      9-1612.   Company having control over a bank or trust company defined. For the purposes of this act, any company has control over a bank or trust company if:

      (a)   The company directly or indirectly, or acting through one or more persons, owns, controls or has power to vote twenty-five percent (25%) or more of any class of voting securities of the bank or trust company; or

      (b)   the company controls in any manner the election of a majority of the directors or trustees of the bank or trust company.

      History:   L. 1973, ch. 49, § 2; July 1.