§ 53-226. Definitions.
§53‑226. Definitions.
For the purposes of thisArticle:
(1) "Bank"means any insured bank as the term is defined in Section 3(h) of the FederalDeposit Insurance Act (12 U.S.C. Section 1813(h)), or any institution eligibleto become an insured bank as the term is defined therein, which, in eitherevent:
a. Accepts depositsthat the depositor has a legal right to withdraw on demand; and
b. Engages in thebusiness of making commercial loans.
(2) "Bank holdingcompany" means any company which has control over any bank.
(3) "Commissioner"means the Commissioner of Banks of this State.
(4) "Company"means a corporation, joint stock company, business trust, partnership, votingtrust, association, and any similar organized group of persons, whetherincorporated or not, and whether or not organized under the laws of this Stateor any other state or any territory or possession of the United States or underthe laws of the foreign country, territory, colony or possession thereof, otherthan a corporation all the capital of which is owned by the United States or acorporation which is chartered by the Congress of the United States;"company" includes subsidiary and parent companies.
(5) "Control"means that:
a. Any company directlyor indirectly or acting through one or more persons owns, controls, or haspower to vote twenty‑ five per centum (25%) or more of the votingsecurities of the bank;
b. The company controlsin any manner the election of a majority of the directors, managers or trusteesof the bank or company; or
c. The Commissionerdetermines, after notice and opportunity for hearing, that the company directlyor indirectly exercises a controlling influence over the management or policiesof the bank or company.
(6) "Subsidiary",with respect to a bank holding company, means:
a. Any company twenty‑fiveper centum (25%) or more of whose voting shares (excluding shares owned by theUnited States or by any company wholly owned by the United States) is held byit with power to vote;
b. Any company theelection of a majority of whose directors is controlled in any manner by a bankholding company; or
c. Any company withrespect to the management or policies of which a bank holding company has thepower, directly or indirectly, to exercise control, as determined by theCommissioner.
(7) For the purposes ofany proceeding under subdivisions (5)c. and (6)c. of this section, there is apresumption that any company which directly or indirectly owns, controls, orhas power to vote less than five percent (5%) of any class of voting securitiesof a given bank or company does not have control over that bank or company. (1983(Reg. Sess., 1984), c. 1113, s. 1.)