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 ortrust company if:

      (a)   The company directly or indirectly, or acting through one or morepersons, owns, controls or has power to vote twenty-five percent (25%) ormore 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 thedirectors or trustees of the bank or trust company.

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