64:26:03:13Filing

of separate returns of financial institutions. To determine if financial institutions sharing a common parent, such as a bank holding company, shall be required to file separate returns, the secretary shall consider the following factors: (1) Whether there is a separate charter for each financial institution; (2) The extent of the flow of goods and services between an institution and its parent; (3) Whether management oversight by the parent is limited to strategic decisions affecting the operation of all subsidiaries generally, not individual institutions; (4) Whether there would be distortion of county income through the use of loss deductions incurred by institutions not doing business in the affected county; (5) The presence or absence of common administrative officers or procedures; or (6) Whether each institution is conducting business in a manner consistent with separate entities.

Source: 16 SDR 76, effective November 1, 1989.