§ 28-1-18.2-1.3 — Control over another company; fiduciary ownership or control of shares

Indiana § 28-1-18.2-1.3

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 18.2: Examination of Affiliates

Text

3. (a) A company or shareholder is
considered to have control over another company if:
(1) the company or shareholder, directly or indirectly, or acting
through at least one (1) other person owns, controls, or has power
to vote at least twenty-five percent (25%) of any class of voting
securities of the other company;
(2) the company or shareholder controls in any manner the
election of a majority of the directors or trustees of the other
company; or
(3) the department determines, after notice and opportunity for
hearing, that the company or shareholder, directly or indirectly,
exercises a controlling influence over the management or policies
of the other company.
(b) Notwithstanding any other provision of this chapter, a company
is not considered to own or control another company by virtue of its
ownership or control of shares in a fiduciary capacity, except as
provided in subsection (a)(3) or if the company owning or controlling
the shares is a business trust.

Legislative History

As added by P.L.14-1992, SEC.97.