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