Section 23-47-801 - Definitions

For purposes of this subchapter, 'affiliated bank' means a bank, having authority to conduct trust business and business incidental to trust business within this state, more than fifty percent (50%) of the voting stock of which is owned directly or indirectly by:(1) The same bank holding company that owns, directly or indirectly, more than fifty percent (50%) of the voting stock of a subsidiary trust company or national trust company; or(2) The same five (5) or fewer persons who are individuals, estates, or trusts that own directly or indirectly more than fifty percent (50%) of the voting stock of the bank holding company described in subdivision (1) of this section, taking into account the stock ownership of each such person only to the extent the ownership is identical with respect to each of the bank and the bank holding company.Acts 1997, No. 89, § 1; 1997, No. 408, § 7.