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.
Alabama Legal Code