Alabama § 5-11A-36 “Related” Defined

Alabama Statutes

§ 5-11A-36 — “Related” Defined

Alabama·Title 5 Banks and Financial Institutions·Ch. 11A Regulation of Trust Business of Banks and Trust Companies·Art. 2 Transfer of Fiduciary Accounts

A transferor bank, trust company or trust department is “related” to a transferee bank, trust company or trust department if:

(1)Such transferee controls the transferor;

(2)Such transferor controls the transferee;

(3)The same entity controls, directly or indirectly, the transferor and the transferee;

(4)A majority of the directors of the transferor are directors of the transferee; or

(5)A majority of the directors of the transferee are directors of the transferor. “Control” and “controls” as used herein shall mean the ownership of a majority of the voting shares of another bank, trust company or of the bank operating such trust department.

Free access — add to your briefcase to read the full text and ask questions with AI

A transferor bank, trust company or trust department is “related” to a transferee bank, trust company or trust department if:
(1) Such transferee controls the transferor;
(2) Such transferor controls the transferee;
(3) The same entity controls, directly or indirectly, the transferor and the transferee;
(4) A majority of the directors of the transferor are directors of the transferee; or
(5) A majority of the directors of the transferee are directors of the transferor.
“Control” and “controls” as used herein shall mean the ownership of a majority of the voting shares of another bank, trust company or of the bank operating such trust department.

Alabama § 5-11A-36 (“Related” Defined) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.