Page:United States Statutes at Large Volume 101 Part 1.djvu/597

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 567

(relating to certain officer, director, or employee relationships involving a member bank and a person or organization primarily engaged in certain securities activities) shall apply to every insured nonmember bank in the same manner and to the same extent as if such insured nonmember bank were a member bank. "(B) CONTINUATION OF CERTAIN AFFILIATIONS.—This paragraph shall not prohibit the continuation of such an affiliation or relationship which commenced before March 5, 1987, or the establishment of such an officer, director, or employee relationship in connection with any affiliation established before March 5, 1987. "(C) 2-YEAR PERIOD.—An affiliation or officer, director, or employee relationship that becomes unlawful as a result of the enactment of this paragraph may continue for a period of 2 years after the date of enactment of this paragraph. "(D) FOREIGN BANKS.—The provisions of this paragraph shall not apply to any foreign bank, as defined in section 1(b)(7) of the International Banking Act of 1978, solely because it has an insured branch in the United States, except that the provisions of section 32 of the Banking Act of 1933 shall apply to an insured branch as if it were an insured bank. "(E) EXCEPTIONS.—The provisions of this paragraph shall not apply to any institution described in subparagraph (D), (F), or (I) of section 2(c)(2) of the Bank Holding Company Act of 1956. "(F) APPLICABILITY.—This paragraph shall apply during the period beginning on March 6, 1987, and ending on March 1, 1988.". (b) TECHNICAL AND CONFORMING AMENDMENT.—Section 18(j)(4)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1828(j)) (as redesignated by subsection (a)) is amended by inserting "or any provision of section 20 of the Banking Act of 1933," after "or any lawful regulation issued pursuant thereto,".

12 USC 3101. 12 USC 78.

Ante, p. 554.

12 USC 377.

SEC. 104. AMENDMENTS TO SAVINGS AND LOAN HOLDING COMPANY PROVISIONS OF THE NATIONAL HOUSING ACT.

(a) DEFINITIONS.—Section 408(a)(1) of the National Housing Act (12 U.S.C. 1730a(a)(l)) is amended— (1) by striking out "and" at the end of subparagraph (I); (2) by striking out the period at the end of subparagraph (J) and inserting in lieu thereof a semicolon; and (3) by adding at the end thereof the following new subparagraphs: "(K) the terms 'bank holding company' and 'bank' have the meanings given to such terms in subsections (a) and (c), respectively, of section 2 of the Bank Holding Company Act of 1956; and Ante, pp. 554, "(L) the term 'acquire' has the meaning given to such 557. term in section 13(f)(8)(E) of the Federal Deposit Insurance Act.". HOLDING COMPANY ACTIVITIES.—Section

(b) 408(c) of the National Housing Act (12 U.S.C. 1730a(c)) is amended to read as follows: "(c) HOLDING COMPANY ACTIVITIES.— "(1) PROHIBITED ACTIVITIES.—Except as otherwise provided in

this subsection, no savings and loan holding company and no subsidiary (of such company) which is not an insured institution shall—

12 USC 1823.

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