Directly

Directly or indirectly, when used in reference to activities or investments of an organization, means activities or investments of the organization or of any subsidiary of the organization.
or
when used in reference to activities or investments of an organization, means activities orinvestments of the organization or of any subsidiary of the organization.

Source

12 CFR § 211.2


Scoping language

Unless otherwise specified, for purposes of this subpart:

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