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6000 - Bank Holding Company Act
DEFINITIONS
SEC. 2. (a)(1) Except as provided in paragraph (5) of this
subsection, "bank holding company" means any company which has
control over any bank or over any company that is or becomes a bank
holding company by virtue of this Act.
(2) Any company has control over a bank or over any company if--
(A) the company directly or indirectly or acting through one or
more other persons owns, controls, or has power to vote 25 per centum
or more of any class of voting securities of the bank or company;
(B) the company controls in any manner the election of a majority
of the directors or trustees of the bank or company; or
(C) the Board determines, after notice and opportunity for
hearing, that the company directly or indirectly exercises a
controlling influence over the management or policies of the bank or
company.
(3) For the purposes of any proceeding under paragraph (2)(C) of
this subsection, there is a presumption that any company which directly
or indirectly owns, controls, or has power to vote less than 5 per
centum of any class of voting securities of a given bank or company
does not have control over that bank or company.
(4) In any administrative or judicial proceeding under this Act,
other than a proceeding under paragraph (2)(C) of this subsection, a
company may not be held to have had control over any given bank or
company at any given time unless that company, at the time in question,
directly or indirectly owned, controlled, or had power to vote 5 per
centum or more of any class of voting securities of the bank or
company, or had already been found to have control in a proceeding
under paragraph (2)(C).
(5) Notwithstanding any other provision of this subsection--
(A) No bank and no company owning or controlling voting shares of
a bank is a bank holding company by virtue of its ownership or control
of shares in a fiduciary capacity, except as provided in paragraphs (2)
and (3) of subsection (g) of this section. For the purpose of the
preceding sentence, bank shares shall not be deemed to have been
acquired in a fiduciary capacity if the acquiring bank or company has
sole discretionary authority to exercise voting rights with respect
thereto; except that this limitation is applicable in the case of a
bank or company acquiring such shares prior to the date of enactment of
the Bank Holding Company Act Amendments of 1970 only if the bank or
company has the right consistent with its obligations under the
instrument, agreement, or other arrangement establishing the fiduciary
relationship to divest itself of such voting rights and fails to
exercise that right to divest within a reasonable period not to exceed
one year after the date of enactment of the Bank Holding Company Act
Amendments of 1970.
(B) No company is a bank holding company by virtue of its
ownership or control of shares acquired by it in connection with its
underwriting of securities if such shares are held only for such period
of time as will permit the sale thereof on a reasonable basis.
(C) No company formed for the sole purpose of participating in a
proxy solicitation is a bank holding company by virtue of its control
of voting rights of shares acquired in the course of such
solicitation.
{{12-30-99 p.6022}}
(D) No company is a bank holding company by virtue of its
ownership or control of shares acquired in securing or collecting a
debt previously contracted in good faith, until two years after the
date of acquisition. The Board is authorized upon application by a
company to extend, from time to time for not more than one year at a
time, the two-year period referred to herein for disposing of any
shares acquired by a company in the regular course of securing or
collecting a debt previously contracted in good faith, if, in the
Board's judgment, such an extension would not be detrimental to the
public interest, but no such extension shall in the aggregate exceed
three years.
(E) No company is a bank holding company by virtue of its
ownership or control of any State-chartered bank or trust company
which--
(i) is wholly owned by 1 or more thrift institutions or savings
banks; and
(ii) is restricted to accepting--
(I) deposits from thrift institutions or savings banks;
(II) deposits arising out of the corporate business of the thrift
institutions or savings banks that own the bank or trust company; or
(III) deposits of public moneys.
(F) No trust company or mutual savings bank which is an insured
bank under the Federal Deposit Insurance Act is a bank holding company
by virtue of its direct or indirect ownership or control of one bank
located in the same State, if (i) such ownership or control existed on
the date of enactment of the Bank Holding Company Act Amendments of
1970 and is specifically authorized by applicable State law, and (ii)
the trust company or mutual savings bank does not after that date
acquire an interest in any company that, together with any other
interest it holds in that company, will exceed 5 per centum of any
class of the voting shares of that company, except that this limitation
shall not be applicable to investments of the trust company or mutual
savings bank, direct and indirect, which are otherwise in accordance
with the limitations applicable to national banks under section 5136 of
the Revised Statutes (12 U.S.C. 24).
(6) For the purposes of this Act, any successor to a bank holding
company shall be deemed to be a bank holding company from the date on
which the predecessor company became a bank holding company.
[Codified to 12 U.S.C. 1841(a)]
[Source: Section 2(a) of the Act of May 9, 1956 (Pub. L. No. 511;
70 Stat. 133), effective May 9, 1956, as amended by section 1 of the
Act of July 1, 1966 (Pub. L. No. 89--485; 80 Stat. 236), effective July
1, 1966; section 101(a) of title I of the Act of December 31, 1970
(Pub. L. No. 91--607; 84 Stat. 1760), effective December 31, 1970;
section 301(b) of title III of the Act of November 16, 1977 (Pub. L.
No. 95--188; 91 Stat. 1389), effective November 16, 1977; section
101(e) of title I of the Act of August 10, 1987 (Pub. L. No. 100--86;
101 Stat. 562), effective August 10, 1987; section 724 of title VII of
the Act of November 12, 1999 (Pub. L. No. 106-102; 113 Stat. 1471),
effective November 12, 1999]
(b) "Company" means any
corporation 1
partnership, business trust, association, or similar organization, or
any other trust unless by its terms it must terminate within
twenty-five years or not later than twenty-one years and ten months
after the death of individuals living on the effective date of the
trust, but shall not include any corporation the majority of the shares
of which are owned by the United States or by any State, and shall not
include a qualified family partnership. "Company covered in 1970"
means a company which becomes a bank holding company as a result of the
enactment of the Bank Holding Company Act Amendments of 1970 and which
would have been a bank holding company on June 30, 1968, if those
amendments had been enacted on that date.
[Codified to 12 U.S.C. 1841(b)]
[Source: Section 2(b) of the Act of May 9, 1956 (Pub. L. No. 511;
70 Stat. 133), effective May 9, 1956, as amended by section 2 of the
Act of July 1, 1966 (Pub. L. No. 89--485; 80 Stat. 236),
effective July 1, 1966 and section 101(b) of title I of the Act of
December 31, 1970
{{12-29-06 p.6023}}(Pub. L. No. 91--607; 84
Stat. 1762), effective December 31, 1970; section 2610(r) of title II
of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat.
3009--475), effective September 30, 1996]
(c) BANK DEFINED.--For purposes of this Act--
(1) IN GENERAL.--Except as provided in paragraph (2),
the term "bank" means any of the following:
(A) An insured bank as defined in section 3(h) of the Federal
Deposit Insurance Act.
(B) An institution organized under the laws of the United States,
any State of the United States, the District of Columbia, any territory
of the United States, Puerto Rico, Guam, American Samoa, or the Virgin
Islands which both--
(i) accepts demand deposits or deposits that the depositor may
withdraw by check or similar means for payment to third parties or
others; and
(ii) is engaged in the business of making commercial loans.
(2) EXCEPTIONS.--The term "bank" does not include
any of the following:
(A) A foreign bank which would be a bank within the meaning of
paragraph (1) solely because such bank has an insured or uninsured
branch in the United States.
(B) An insured institution (as defined in subsection (j)).
(C) An organization that does not do business in the United
States except as an incident to its activities outside the United
States.
(D) An institution that functions solely in a trust or fiduciary
capacity, if--
(i) all or substantially all of the deposits of such institution
are in trust funds and are received in a bona fide fiduciary capacity;
(ii) no deposits of such institution which are insured by the
Federal Deposit Insurance Corporation are offered or marketed by or
through an affiliate of such institution;
(iii) such institution does not accept demand deposits or
deposits that the depositor may withdraw by check or similar means for
payment to third parties or others or make commercial loans; and
(iv) such institution does not--
(I) obtain payment or payment related services from any Federal
Reserve bank, including any service referred to in section 11A of the
Federal Reserve Act; or
(II) exercise discount or borrowing privileges pursuant to
section 19(b)(7) of the Federal Reserve Act.
(E) A credit union (as described in section 19(b)(1)(A)(iv) of
the Federal Reserve Act).
(F) An institution, including an institution that accepts
collateral for extensions of credit by holding deposits under $100,000,
and by other means which--
(i) engages only in credit card operations;
(ii) does not accept demand deposits or deposits that the
depositor may withdraw by check or similar means for payment to third
parties or others;
(iii) does not accept any savings or time deposit of less than
$100,000;
(iv) maintains only one office that accepts deposits; and
(v) does not engage in the business of making commercial loans.
(G) An organization operating under section 25 or section 25(a)
of the Federal Reserve Act.
(H) An industrial loan company, industrial bank, or other similar
institution which is--
(i) an institution organized under the laws of a State which, on
March 5, 1987, had in effect or had under consideration in such State's
legislature a statute which required or would require such institution
to obtain insurance under the Federal Deposit Insurance Act--
(I) which does not accept demand deposits that the depositor may
withdraw by check or similar means for payment to third parties;
(II) which has total assets of less than $100,000,000;
or
{{12-29-06 p.6024}}
(III) the control of which is not acquired by any company after
the date of the enactment of the Competitive Equality Amendments of
1987; or
(ii) an institution which does not, directly, indirectly, or
through an affiliate, engage in any activity in which it was not
lawfully engaged as of March 5, 1987,
except that this subparagraph shall cease to apply to any
institution which permits any overdraft (including any intraday
overdraft), or which incurs any such overdraft in such institution's
account at a Federal Reserve bank, on behalf of an affiliate if such
overdraft is not the result of an inadvertent computer or accounting
error that is beyond the control of both the institution and the
affiliate.
[Codified to 12 U.S.C. 1841(c)]
[Source: Section 2(c) of the Act of May 9, 1956 (Pub. L. No. 511;
70 Stat. 133), effective May 9, 1956, as amended by section 3 of the
Act of July 1, 1966 (Pub. L. No. 89--485; 80 Stat. 236), effective July
1, 1966; section 101(c) of title I of the Act of December 31, 1970
(Pub. L. No. 91--607; 84 Stat. 1762), effective December 31, 1970;
section 333 of title III and section 404(d)(1) of title IV of the Act
of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1504 and 1512
respectively), effective October 15, 1982; and section 101(a)(1) of
title I of the Act of August 10, 1987 (Pub. L. No. 100--86; 101 Stat.
554 to 557), effective August 10, 1987; Section 2304(b) of title II of
the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat.
3009--425), effective September 30, 1996; section 107(c) of title I of
the Act of November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1359),
effective March 12, 2001; section 8(c)(1) of the Act of October 30,
2004 (Pub. L. No. 108--386; 118 Stat. 2232), effective October 30,
2004; section 727(a)(1) of title VII of the Act of October 13, 2006
(Pub. L. No. 109--351; 120 Stat. 2003), effective October 13,
2006]
(d) "Subsidiary", with respect to a specified bank holding
company, means (1) any company 25 per centum or more of whose voting
shares (excluding shares owned by the United States or by any company
wholly owned by the United States) is directly or indirectly owned or
controlled by such bank holding company, or is held by it with power to
vote; (2) any company the election of a majority of whose directors is
controlled in any manner by such bank holding company; or (3) any
company with respect to the management or policies of which such bank
holding company has the power, directly or indirectly, to exercise a
controlling influence, as determined by the Board, after notice and
opportunity for hearing.
[Codified to 12 U.S.C. 1841(d)]
[Source: Section 2(d) of the Act of May 9, 1956 (Pub. L. No. 511;
70 Stat. 134), effective May 9, 1956, as amended by section 4 of the
Act of July 1, 1966 (Pub. L. No. 89--485; 80 Stat. 236), effective July
1, 1966 and section 101(d) of title I of the Act of December 31, 1970
(Pub. L. No. 91--607; 84 Stat. 1763), effective December 31,
1970]
(e) The term "successor" shall include any company which
acquires directly or indirectly from a bank holding company shares of
any bank, when and if the relationship between such company and the
bank holding company is such that the transaction effects no
substantial change in the control of the bank or beneficial ownership
of such shares of such bank. The Board may, by regulation, further
define the term "successor" to the extent necessary to prevent
evasion of the purposes of this Act.
[Codified to 12 U.S.C. 1841(e)]
[Source: Section 2(e) of the Act of May 9, 1956 (Pub. L. No. 511;
70 Stat. 134), effective May 9, 1956]
(f) "Board" means the Board of Governors of the Federal
Reserve System.
[Codified to 12 U.S.C. 1841(f)]
[Source: Section 2(f) of the Act of May 9, 1956 (Pub. L. No. 511;
70 Stat. 134), effective May 9, 1956]
(g) For the purposes of this Act--
(1) shares owned or controlled by any subsidiary of a bank
holding company shall be deemed to be indirectly owned or controlled by
such bank holding company; and
{{12-29-06 p.6025}}
(2) shares held or controlled directly or indirectly by trustees
for the benefit of (A) a company, (B) the shareholders or members of a
company, or (C) the employees (whether exclusively or not) of a
company, shall be deemed to be controlled by such company, unless the
Board determines that such treatment is not appropriate in light of the
facts and circumstances of the case and the purposes of the Act.
[Codified to 12 U.S.C. 1841(g)]
[Source: Section 2(g) of the Act of May 9, 1956 (Pub. L. No. 511;
70 Stat. 134), effective May 9, 1956, as amended by sections 5 and 6 of
the Act of July 1, 1966 (Pub. L. No. 89--485; 80 Stat. 236, 237),
effective July 1, 1966; section 2207 of title II of the Act of
September 30, 1996 (Pub. L. No. 104-208; 110 Stat. 3009-406), effective
September 30, 1997; section 706 of title VII of the Act of October 13,
2006 (Pub. L. No. 109--351; 120 Stat. 1987), effective October 13,
2006]
(h)(1) Except as provided by paragraph (2), the application of this
Act and of section 23A of the Federal Reserve Act (12 U.S.C. 371), as
amended, shall not be affected by the fact that a transaction takes
place wholly or partly outside the United States or that a company is
organized or operates outside the United States.
(2) Except as provided in paragraph (3), the prohibitions of
section 4 of this Act shall not apply to shares of any company
organized under the laws of a foreign country (or to shares held by
such company in any company engaged in the same general line of
business as the investor company or in a business related to the
business of the investor company) that is principally engaged in
business outside the United States if such shares are held or acquired
by a bank holding company organized under the laws of a foreign country
that is principally engaged in the banking business outside the United
States. For the purpose of this subsection, the term "section
2(h)(2) company" means any company whose shares are held pursuant to
this paragraph.
(3) Nothing in paragraph (2) authorizes a section 2(h)(2) company
to engage in (or acquire or hold more than 5 percent of the outstanding
shares of any class of voting securities of a company engaged in) any
banking, securities, insurance, or other financial activities, as
defined by the Board, in the United States. This paragraph does not
prohibt a section 2(h)(2) company from holding shares that were
lawfully acquired before the date of enactment of the Competitive
Equality Banking Act of 1987.
(4) No domestic office or subsidiary of a bank holding company or
subsidiary thereof holding shares of a section 2(h)(2) company may
extend credit to a domestic office or subsidiary of such section
2(h)(2) company on terms more favorable than those afforded similar
borrowers in the United States.
(5) No domestic banking office or bank subsidiary of a bank
holding company that controls a section 2(h)(2) company may offer or
market products or services of such section 2(h)(2) company, or permit
its products or services to be offered or marketed by or through such
section 2(h)(2) company, unless such products or services were being so
offered or marketed as of March 5, 1987, and then only in the same
manner in which they were being offered or marketed as of that date.
[Codified to 12 U.S.C. 1841(h)]
[Source: Section 2(h) of the Act of May 9, 1956 (Pub. L. No. 511),
as added by section 6 of the Act of July 1, 1966 (Pub. L. No. 89--485;
80 Stat. 237), effective July 1, 1966; as amended by section 8 of the
Act of September 17, 1978 (Pub. L. No. 95--369; 92 Stat. 623),
effective September 17, 1978; and section 205(a) of title II of the Act
of August 10, 1987 (Pub. L. No. 100--86; 101 Stat. 584), effective
August 10, 1987]
(i) THRIFT INSTITUTION.--For purposes of this Act, the
term "thrift institution" means--
(1) any domestic building and loan or savings and loan
association;
(2) any cooperative bank without capital stock organized and
operated for mutual purposes and without profit;
(3) any Federal savings bank; and
(4) any State-chartered savings bank the holding company of which
is registered pursuant to section 408 of the National Housing Act.
[Codified to 12 U.S.C. 1841(i)]
{{12-29-06 p.6026}}
[Source: Section 2(i) of the Act of May 9, 1956 (Pub. L. No. 511),
as added by section 101(e) of title I of the Act of December 31, 1970
(Pub. L. No. 91--607; 84 Stat. 1763), effective December 31, 1970; as
amended by section 118(b) of title I of the Act of October 15, 1982
(Pub. L. No. 97--320; 96 Stat. 1479), effective October 15, 1982; and
section 101(a)(2) of title I of the Act of August 10, 1987 (Pub. L. No.
100--86; 101 Stat. 557), effective August 10, 1987]
(j) Definition of Savings Associations and Related
Term.--The term "savings association" or "insured
institution" means--
(1) any Federal savings association or Federal savings bank;
(2) any building and loan association, savings and loan
association, homestead association, or cooperative bank if such
association or cooperative bank is a member of the Deposit Insurance
Fund; and
(3) any savings bank or cooperative bank which is deemed by the
Director of the Office of Thrift Supervision to be a savings
association under section 10(1) of the Home Owners' Loan Act.
[Codified to 12 U.S.C. 1841(j)]
[Source: Section 2(j) of the Act of May 9, 1956 (Pub. L. No. 511),
as added by section 101(a)(3) of title I of the Act of August 10, 1987
(Pub. L. No. 100--86; 101 Stat. 557), effective August 10, 1987, as
amended by section 602(a) of title VI of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 490), effective August 9, 1989; section
9(h)(1) of the Act of February 15, 2006 (Pub. L. No. 107--193; 119
Stat. 3617), effective date shall take effect on the date of the merger
of the Bank Insurance Fund and the Savings Association Insurance Fund
pursuant to the Federal Deposit Insurance Reform Act of
2005]
(k) AFFILIATE.--For purposes of this Act the term
"affiliate" means any company that controls, is controlled by, or
is under common control with another company.
[Codified to 12 U.S.C. 1841(k)]
[Source: Section 2(k) of the Act of May 9, 1956 (Pub. L. No. 511),
as added by section 101(a)(3) of title I of the Act of August 10, 1987
(Pub. L. No. 100--86; 101 Stat. 557), effective August 10,
1987]
(l) Savings Bank Holding
Company.--For purposes of this Act, the term "savings bank
holding company" means any company which controls one or more
qualified savings banks if the aggregate total assets of such savings
banks constitute, upon formation of the holding company and at all
times thereafter, at least 70 percent of the total assets of such
company.
[Codified to 12 U.S.C. 1841(l)]
[Source: Section 2(l) of the Act of May 9, 1956 (Pub. L. No. 511),
as added by section 101(a)(3) of title I of the Act of August 10, 1987
(Pub. L. No. 100--86; 101 Stat. 557), effective August 10,
1987]
(m) [Repealed]
[Codified to 12 U.S.C. 1841(m)]
[Source: Section 2(m) of the Act of May 9, 1956 (Pub. L. No. 511),
as added by section 101(a)(3) of title I of the Act of August 10, 1987
(Pub. L. No. 100--86; 101 Stat. 557), effective August 10, 1987;
section 727(a)(2) of title VII of the Act of October 13, 2006 (Pub. L.
No. 109--351; 120 Stat. 2003), effective October 13,
2006]
(n) INCORPORATED DEFINITIONS.--For purposes of this Act,
the terms "depository institution", "insured depository
institution", "appropriate Federal banking agency",
"default", "in danger of default", and "State bank
supervisor" have the same meanings as in section 3 of the Federal
Deposit Insurance Act.
[Codified to 12 U.S.C. 1841(n)]
[Source: Section 2(n) of the Act of May 9, 1956 (Pub. L. No. 511),
as added by section 101(c) of title I of the Act of September 29, 1994
(Pub. L. No. 103--328; 108 Stat. 2341),
{{12-29-06 p.6027}}effective September
29, 1995; as amended by section 103c(1)(A) of title I of the Act of
November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1351), effective
March 12, 2000]
(o) OTHER DEFINITIONS.--For purposes of this Act, the
following definitions shall apply:
(1) CAPITAL TERMS.--
(A) INSURED DEPOSITORY INSTITUTIONS.--With respect to
insured depository institutions, the terms "well capitalized",
"adquately capitalized", and "undercapitalized" have the
same meanings as in section 38 of the Federal Deposit Insurance Act.
(B) BANK HOLDING COMPANY.--
(i) ADEQUATELY CAPITALIZED.--With respect to a bank
holding company, the term "adequately capitalized" means a level
of capitalization which meets or exceeds all applicable Federal
regulatory capital standards.
(ii) WELL CAPITALIZED.--A bank holding company is
"well capitalized" if it meets the required capital levels for
well capitalized bank holding companies established by the Board.
(C) OTHER CAPITAL TERMS.--The terms "Tier 1" and
"risk-weighted assets" have the meanings given those terms in the
capital guidelines or regulations established by the Board for bank
holding companies.
(2) ANTITRUST LAWS.--Except as provided in section 11,
the term "antitrust laws"--
(A) has the same meaning as in subsection (a) of the first
section of the Clayton Act; and
(B) includes section 5 of the Federal Trade Commission Act to the
extent that such section 5 relates to unfair methods of competition.
(3) BRANCH.--The term "branch" means a domestic
branch (as defined in section 3 of the Federal Deposit Insurance Act).
(4) HOME STATE.--The term "home State" means--
(A) with respect to a national bank, the State in which the main
office of the bank is located;
(B) with respect to a State bank, the State by which the bank is
chartered; and
(C) with respect to a bank holding company, the State in which
the total deposits of all banking subsidiaries of such company are the
largest on the later of--
(i) July 1, 1966; or
(ii) the date on which the company becomes a bank holding company
under this Act.
(5) HOST STATE.--The term "host State" means--
(A) with respect to a bank, a State, other than the home State of
the bank, in which the bank maintains, or seeks to establish and
maintain, a branch; and
(B) with respect to a bank holding company, a State, other than
the home State of the company, in which the company controls, or seeks
to control, a bank subsidiary.
(6) OUT-OF-STATE BANK.--The term "out-of-State
bank" means, with respect to any State, a bank whose home State is
another State.
(7) OUT-OF-STATE BANK HOLDING COMPANY.--The term
"out-of-State bank holding company" means, with respect to any
State, a bank holding company whose home State is another State.
(8) LEAD INSURED DEPOSITORY INSTITUTIONS.--
(A) IN GENERAL.--The term "lead insured depository
institution" means the largest insured depository institution
controlled by the subject bank holding company at any time, based on a
comparison of the average total risk-weighted assets controlled by each
insured depository institution during the previous 12-month period.
(B) BRANCH OR AGENCY.--For purposes of this paragraph
and section 4(j)(4), the term "insured depository institution"
includes any branch or agency operated in the United States by a
foreign bank.
(9) WELL MANAGED.--The term "well managed" means--
(A) in the case of any company or depository institution which
receives examinations, the achievement of--
{{12-29-06 p.6028}}
(i) a CAMEL composite rating of 1 or 2 (or an equivalent rating
under an equivalent rating system) in connection with the most recent
examination or subsequent review of such company or institution; and
(ii) at least a satisfactory rating for management, if such
rating is given; or
(B) in the case of a company or depository institution that has
not received an examination rating, the existence and use of managerial
resources which the Board determines are satisfactory.
{{12-30-99 p.6028.01}}
(10) QUALIFIED FAMILY PARTNERSHIP.--The term
"qualified family partnership" means a general or limited
partnership that the Board determines--
(A) does not directly control any bank, except through a
registered bank holding company;
(B) does not control more than 1 registered bank holding company;
(C) does not engage in any business activity, except indirectly
through ownership of other business entities;
(D) has no investments other than those permitted for a bank
holding company pursuant to section 4(c);
(E) is not obligated on any debt, either directly or as a
guarantor;
(F) has partners, all of whom are either--
(i) individuals related to each other by blood, marriage
(including former marriage), or adoption; or
(ii) trusts for the primary benefit of individuals related as
described in clause (i); and
(G) has filed with the Board a statement that includes--
(i) the basis for the eligibility of the partnership under
subparagraph (F);
(ii) a list of the existing activities and investments of the
partnership;
(iii) a commitment to comply with this paragraph;
(iv) a commitment to comply with section 7 of the Federal Deposit
Insurance Act with respect to any acquisition of control of an insured
depository institution occurring after date of enactment of this
paragraph; and
(v) a commitment to be subject, to the same extent as if the
qualified family partnership were a bank holding company--
(I) to examination by the Board to assure compliance with this
paragraph; and
(II) to section 8 of the Federal Deposit Insurance Act.
[Codified to 12 U.S.C. 1841(o)]
[Source: Section 2(o) of the Act of May 9, 1956 (Pub. L. No. 511),
as added by section 101(c) of title I of the Act of September 29, 1994
(Pub. L. No. 103--328; 108 Stat. 2341), effective September 29, 1995;
as amended by sections 2208(b) and 2610(2) of title II of the Act of
September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--408 and
3009--475, respectively), effective September 30, 1996; section 119 of
title I of the Act of November 12, 1999 (Pub. L. No. 106--102; 113
Stat. 1373), effective March 12, 2000]
(p) FINANCIAL HOLDING COMPANY.--For purposes of this Act,
the term "financial holding company" means a bank holding company
that meets the requirements of section 4(l)(1).
[Codified to 12 U.S.C. 1841(p)]
[Source: Section 2(p) of title I of the Act of May 9, 1956 (Pub. L.
No. 511), as added by section 103(c)(1) of title I of the Act of
November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1351), effective
March 12, 2000]
(q) INSURANCE COMPANY.--For purposes of sections 4 and 5,
the term "insurance company" includes any person engaged in the
business of insurance to the extent of such activities.
[Codified to 12 U.S.C. 1841(q)]
[Source: Section 2(q) of title I of the Act of May 9, 1956 (Pub. L.
No. 511), as added by section 103(c)(1) of title I of the Act of
November 12, 1999 (Pub. L. No. 106--102; 113 Stat. 1351), effective
March 12, 2000]
1 So in statute as enacted. A comma should probably follow the
word "corporation". Go Back to Text
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