§ 23-48-401 — Definitions

As used in this subchapter, unless the context otherwise requires: (1) "Bank subsidiary", with respect to a specified bank holding company, means: (A) Any bank, twenty-five percent (25%) or more of whose shares, excluding shares owned by the United States or by any company wholly owned by the United States, are owned or controlled by the bank holding company; (B) Any bank, the election of a majority of whose directors is controlled in any manner by the bank holding company; (C) Any bank, twenty-five percent (25%) or more of whose voting shares are held by a trustee for the benefit of the shareholders or members of the bank holding company; (D) Any bank, with respect to the management or policies of which, the Board of Governors of the Federal Reserve has determined that the bank holding company has the power, directly or indirectly, to exercise a controlling influence; or (E) Any bank which has been found by the Board of Governors of the Federal Reserve to be controlled by a bank holding company; and (2) "Company" means any corporation, limited liability company, or business trust doing business in this state but shall not include any corporation the majority of the shares of which are owned by the United States or by any state.

Legislative History

Acts 1997, No. 89, § 1.