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Indiana Code Title 28. Financial Institutions § 28-6.2-1-5

Current as of January 02, 2024 | Updated by FindLaw Staff

Sec. 5. “Associate”, when indicating a relationship between persons, means:

(1) any corporation or organization, other than the applicant or a majority-owned subsidiary of the applicant, of which the person:

(A) is an officer or a partner; or

(B) is directly or indirectly the beneficial owner of ten percent (10%) or more of any class of equity securities;

(2) any trust or other estate:

(A) in which the person has a substantial beneficial interest; or

(B) for which the person serves as trustee or in a similar fiduciary capacity;

however, the term does not apply to any employee stock benefit plan in which the person has a substantial beneficial interest or serves as a trustee or in a similar fiduciary capacity; and

(3) any relative or spouse of the natural person, or any relative of the spouse, who:

(A) has the same home as the person; or

(B) is a director or an officer of the applicant or of any of the applicant's parent organizations or subsidiaries.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-6.2-1-5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-6-2-1-5-nr2/

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