Page:United States Statutes at Large Volume 102 Part 4.djvu/849

 PUBLIC LAW 100-650—NOV. 10, 1988

102 STAT. 3819

Public Law 100-650 100th Congress An Act To amend the Depository Institution Management Interlocks Act to revise the manner in which the service of directors of depository institutions and depository holding companies are regulated, and for other purposes.

Nov. 10, 1988 [H.R. 4879]

Be it enacted by the Senate and House of Representatives of the Management United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be referred to as the "Management Interlocks Revision Act of 1988". SEC. 2. AFFILIATION THRESHOLD.

Section 202(3)(B) of the Depository Institution Management Interlocks Act (12 U.S.C. 3201(3)(B)) is amended by striking "50 per centum" each place such term appears and inserting in lieu thereof "25 percent". SEC. 3. EXCLUSION OF CERTAIN ADVISORY AND HONORARY DIRECTORS.

Section 202(4) of the Depository Institution Management Interlocks Act (12 U.S.C. 8201(4)) is amended by striking out "(including an advisory or honorary director)" and inserting in lieu thereof "(including an advisory or honorary director, except in the case of a depository institution with total assets of less than $100,000,000)". SEC. 4. EXCEPTION FOR FAILED OR FAILING INSTITUTIONS WHICH ARE ACQUIRED.

Section 205 of the Depository Institution Management Interlocks Act (12 U.S.C. 3204) is amended by adding at the end thereof the following new paragraph: "(7) A depository institution or a depository holding company which— "(A) is closed or is in danger of closing, as determined by the appropriate Federal depository institutions regulatory agency in accordance with regulations prescribed by such agency; and "(B) is acquired by another depository institution or depository holding company, during the 5-year period beginning on the date of the acquisition of the depository institution or depository holding company described in subparagraph (A).". SEC..5. LIMITED EXCEPTION FOR DIVERSIFIED SAVINGS AND LOAN HOLDING COMPANIES.

(a) EXCEPTION ESTABLISHED.—Section 205 of the Depository Institution Management Interlocks Act (12 U.S.C. 3204) is amended by inserting after paragraph (7) (as added by section 4 of this Act) the following new paragraph: "(8)(A) A diversified savings and loan holding company (as defined in section 408(a)(l)(F) of the National Housing Act) with

Interlocks Revision Act of 1988. 12 USC 3201 note.

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