§ 28-6.2-1-5 — "Associate" defined

Indiana § 28-6.2-1-5

• Jurisdiction: Indiana
• Art. 6.2: MUTUAL SAVINGS BANK HOLDING
• Ch. 1: Definitions

Text

"Associate", when indicating a relationship
between persons, means:
(1) any corporation or organization, other than the applicant or a
majority-owned subsidiary of the applicant, of which the person:
(A) is an officer or a partner; or
(B) is directly or indirectly the beneficial owner of ten percent
(10%) or more of any class of equity securities;
(2) any trust or other estate:
(A) in which the person has a substantial beneficial interest; or
(B) for which the person serves as trustee or in a similar
fiduciary capacity;
however, the term does not apply to any employee stock benefit
plan in which the person has a substantial beneficial interest or
serves as a trustee or in a similar fiduciary capacity; and
(3) any relative or spouse of the natural person, or any relative of
the spouse, who:
(A) has the same home as the person; or
(B) is a director or an officer of the applicant or of any of the
applicant's parent organizations or subsidiaries.

Legislative History

As added by P.L.122-1994, SEC.101.