(a) In any proceeding under section 238.21(b) or (c)
of this part, a first company is presumed not to control a second
company if:
(1) The first
company controls less than 10 percent of the outstanding securities
of each class of voting securities of the second company; and
(2) The first company is not presumed to
control the second company under section 238.22 of this part.
(b) In any proceeding under this subpart, or judicial proceeding
under the Home Owners’ Loan Act, other than a proceeding in which
the Board has made a preliminary determination that a first company
has the power to exercise a controlling influence over the management
or policies of a second company, a first company may not be held to
have had control over a second company at any given time, unless the
first company, at the time in question, controlled 5 percent or more
of the outstanding securities of any class of voting securities of
the second company, or had already been found to have control on the
basis of the existence of a controlling influence relationship.
