§ 390.283. Affiliate.
196 words·~1 min read·
/us/cfr/t12/s§ 390.283·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The term affiliate of a State savings association, unless otherwise defined, means any corporation, business trust, association, or other similar organization:
(a)Of which a State savings association, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or
(b)Of which control is held, directly or indirectly through stock ownership or in any other manner, by the shareholders of a State savings association who own or control either a majority of the shares of such State savings association or more than 50 per centum of the number of shares voted for the election of directors of such State savings association at the preceding election, or by trustees for the benefit of the shareholders of any such State savings association; or
(c)Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one State savings association.