Indiana Code 28-2-14-6. Control
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Sec. 6. As used in this chapter, “control” means directly or indirectly:
(2) to control in any manner the election of a majority of the directors or trustees of a bank or company; or
(1) to own, control, or hold, with power to vote, twenty-five percent (25%) or more of the voting shares of a bank or company;
Terms Used In Indiana Code 28-2-14-6
- bank: means a financial institution:
Indiana Code 28-2-14-2
- company: means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization, domestic or foreign. See Indiana Code 28-2-14-5
- control: means directly or indirectly:
Indiana Code 28-2-14-6
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
(3) to exercise a controlling influence over the management or policies of a bank or company, as determined by the Board of Governors of the Federal Reserve System after notice and opportunity for hearing.
As added by P.L.265-1985, SEC.4.