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.
History: (Acts 1989, No. 89-539, p. 1127, §7.)