Section 1280 Of Chapter 8. Bank Holding Companies From California Financial Code >> Division 1.1. >> Chapter 8.
1280
. "Bank holding company" means:
(a) Any person or company which:
(1) Directly or indirectly owns, controls, or holds with power to
vote, 10 percent or more of the outstanding stock of any domestic
bank, or 10 percent or more of the outstanding stock of any domestic
bank together with 10 percent or more of the shares or proxy of
shares of any national bank located in California.
(2) Controls in any manner whether by the holding of proxy, or
otherwise, the election of a majority of the directors of any
domestic bank, or of both any domestic bank and any national bank
located in California.
(3) The commissioner determines, after reasonable notice and
opportunity for hearing, directly or indirectly exercises, or has
power to exercise, a controlling influence over the management and
policies of any domestic bank, or of both any domestic bank and any
national bank located in California.
(b) Any company which controls in any manner any company which is
or becomes a bank holding company by virtue of this chapter.
(c) Bank holding company does not include a trust company
controlled by or under common control with a title insurance company.