Ala. Code § 5-11A-36

Current through the 2024 Regular Session.

Section 5-11A-36 - "Related" defined

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.

Ala. Code § 5-11A-36 (1975)

Acts 1989, No. 89-539, p. 1127, §7.