32-1-382. Definitions.
32-1-382. Definitions. As used in 32-1-381 through 32-1-384, unless the context requires otherwise, the following definitions apply:
(1) "Acquire" means:
(a) the direct or indirect purchase or exchange of stock;
(b) the direct or indirect purchase of assets and liabilities; or
(c) a merger.
(2) "Bank" means a commercial bank, as defined in 32-1-105, or a national banking association as designated by 12 U.S.C. 24.
(3) "Bank holding company" means a bank holding company or a financial holding company that is registered under the Bank Holding Company Act of 1956, as amended, regardless of where it is located or has its headquarters.
(4) "Control" means:
(a) ownership of, authority over, or power to vote, directly or indirectly, 25% or more of any class of voting security;
(b) authority in any manner over the election of a majority of directors; or
(c) power to exercise, directly or indirectly, a controlling influence over management and policies.
(5) "Department" means the department of administration provided for in 2-15-1001.
(6) "Financial institution" means a bank or bank holding company.
(7) "Headquarters" means the state in which the activities of a bank holding company or a company controlling the bank holding company are "principally conducted" within the meaning of the Bank Holding Company Act of 1956, as amended.
(8) "Located in this state" means:
(a) in the case of a bank, that the organizational certificate identifies an address in this state as the principal place of conducting its business; and
(b) in the case of a bank holding company, an entity, partnership, or trust organized under the laws of this state.
History: En. Sec. 2, Ch. 401, L. 1993; amd. Sec. 6, Ch. 265, L. 1995; amd. Sec. 5, Ch. 36, L. 2001; amd. Sec. 78, Ch. 483, L. 2001.