6-1101

6-1101. Definitions

In this chapter, unless the context otherwise requires:

1. "Acquisition of control" means a transaction by which a person obtains, directly
or indirectly, control of a financial institution.

2. "Application" means an application which is made pursuant to this article for
approval of the superintendent to become a financial institution holding company.

3. "Control" means direct or indirect ownership or power to vote twenty-five per
cent or more of the outstanding voting securities of a financial institution or
controlling person or to control in any manner the election of a majority of the
directors of a financial institution or controlling person. For the purposes of
determining the percentage of voting securities owned, controlled or held by a person,
there shall be aggregated with the voting securities attributed to the person the voting
securities of any other person directly or indirectly controlling, controlled by or under
common control with the other person, by any officer, partner, employee or agent of the
person or by any spouse, parent or child of the person.

4. "Controlling person" means a person who is directly or indirectly in control of
a financial institution.

5. "Financial institution" means banks, trust companies, savings and loan
associations, international banking facilities, and holding companies of banks, trust
companies, savings and loan associations and international banking facilities under the
jurisdiction of the department.

6. "Financial institution holding company" means a corporation, trust, association,
partnership or similar organization which directly or indirectly, acting through one or
more persons, controls a financial institution or a controlling person.

7. "Voting security" means any security presently entitling the owner or holder of
the security to vote for the election of directors of a financial institution or
controlling person, excluding, in the case of a savings and loan association, votes
attributable to savings accounts. A specified percentage of outstanding voting
securities is the amount of the outstanding voting securities that entitles the holder or
holders of the securities to cast that specified percentage of the aggregate votes which
the holders of all outstanding voting securities are entitled to cast.