Section 5100.7 Of Article 2. General Definitions From California Financial Code >> Division 2. >> Chapter 1. >> Article 2.
5100.7
. "Controlling person" of a savings association means any
person or entity which (a) either directly or indirectly or acting in
concert with one or more other persons or entities, owns, controls,
or holds with power to vote, or holds proxies representing, 10
percent or more of the voting shares or rights of the association or
(b) controls in any manner the election or appointment of a majority
of the directors of the association. However, a director of a savings
association shall not be deemed to be a controlling person of the
association based upon his or her voting, or acting in concert with
other directors in voting, proxies (a) obtained in connection with an
annual solicitation of proxies or (b) obtained from savings account
holders and borrowers if the proxies are voted as directed by a
majority vote of the entire board of directors of that association,
or of a committee of those directors if the committee's composition
and authority are controlled by a majority vote of the entire board
and if its authority is revocable by such a majority.