Indiana Code 28-2-16-6. “Control” defined
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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 28-2-16-6
- bank: means a financial institution:
Indiana Code 28-2-16-2
- company: means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization that has been organized or reorganized under the laws of the United States, any state of the United States, or the District of Columbia. See Indiana Code 28-2-16-5
- control: means directly or indirectly:
Indiana Code 28-2-16-6
- 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.279-1987, SEC.9.