“Related” Defined.
Ala. Code § 5-11A-36
in effect5-11A-36. “Related” Defined.
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.
(Acts 1989, No. 89-539, p. 1127, §7.)
Source: Alabama Legislature (alison.legislature.state.al.us)URL: https://alison.legislature.state.al.us/code-of-alabama#5-11A-36Fetched: 10/20/2026