"Control" defined

Sec. 7. (a) "Control" of a savings bank means: (1) controlling, owning, or having the power to vote, directly or indirectly, or acting through one (1) or more persons, twenty-five percent (25%) or more of any class of voting securities of the savings bank; or (2) in any manner controlling the election of a majority of the directors of the savings bank. (b) "Control" of a savings bank also exists if the department determines, after notice and opportunity for hearing, that a person directly or indirectly exercises a controlling influence over the management or policies of the savings bank. As added by P.L.122-1994, SEC.101.