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§ 5-11a-36 — Alabama Law | CourtGPT
  1. Home/
  2. Laws/
  3. Alabama/
  4. Title 5 - Banks and Financial Institutions/
  5. Chapter 11a - Regulation of Trust Business of Banks and Trust Companies/
  6. Article 2 - Transfer of Fiduciary Accounts/
  7. § 5-11a-36
Alabama Legal Code

§ 5-11a-36

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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.