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.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.
Article 2 - Transfer of Fiduciary Accounts.
Section 5-11A-30 - Transfer Between Related Institutions.
Section 5-11A-31 - Approval of Superintendent.
Section 5-11A-32 - Notice of Transfer.