§ 18-5-2 - Definitions. - Rhode Island Statutes

SECTION 18-5-2

   § 18-5-2  Definitions. – (a) As used in this chapter, "affiliate" of a trust company or national bankingassociation means a member of an affiliated group connected through stockownership with a common parent corporation which directly or indirectly ownsstock possessing at least eighty percent (80%) of the total voting power and atleast eighty percent (80%) of the total value of stock of each member of theaffiliated group other than the common parent corporation.

   (b) "Common trust fund" means a fund maintained by a bank ortrust company exclusively for the collective investment and reinvestment ofmoney contributed to the fund by the bank or trust company in its capacity as atrustee, executor, administrator, or guardian, or as a cotrustee, coexecutor,coadministrator, or coguardian.