Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.

1. (1) "Acquiring person" means a person acquiring or seeking to acquire control of a state trust company, directly or indirectly.

2. (2) "Control," "controls," "controlled," and "controlling" mean:

   1. (a) The ownership of or ability or power to vote, directly, acting through one or more other persons, or otherwise indirectly, twenty-five percent or more of the outstanding shares of a class of voting securities of a state trust company or other company;
   2. (b) The ability to control the election of a majority of the board of a state trust company or other company;
   3. (c) The power to exercise, directly or indirectly, a controlling influence over the management or policies of the state trust company or other company as determined by the director after notice and an opportunity for hearing; or
   4. (d) The conditioning of the transfer of twenty-five percent or more of the outstanding shares or participation shares of a class of voting securities of a state trust company on the transfer of twenty-five percent or more of the outstanding shares of a class of voting securities of another state trust company or other company.
3. (3) "Merger" includes consolidation.
4. (4) "Merging trust company" means a party to a merger.
5. (5) "Resulting trust company" means the trust company resulting from a merger.

[ 2019 c 389 s 93; 2014 c 37 s 388.]