Section 1280 - Bank holding company defined"Bank holding company" means:
(a) Any person or company which: (1) Directly or indirectly owns, controls, or holds with power to vote, 10 percent or more of the outstanding stock of any domestic bank, or 10 percent or more of the outstanding stock of any domestic bank together with 10 percent or more of the shares or proxy of shares of any national bank located in California.(2) Controls in any manner whether by the holding of proxy, or otherwise, the election of a majority of the directors of any domestic bank, or of both any domestic bank and any national bank located in California.(3) The commissioner determines, after reasonable notice and opportunity for hearing, directly or indirectly exercises, or has power to exercise, a controlling influence over the management and policies of any domestic bank, or of both any domestic bank and any national bank located in California.(b) Any company which controls in any manner any company which is or becomes a bank holding company by virtue of this chapter.(c) Bank holding company does not include a trust company controlled by or under common control with a title insurance company.Added by Stats 2012 ch 243 (SB 664),s 3, eff. 1/1/2012.