Page:United States Statutes at Large Volume 103 Part 1.djvu/285

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 257 (A) by striking out "closed" and "closing" each place such terms appear (except in "closed bank") and inserting in lieu thereof "in default" or "default", respectively; (B) by striking out "closed bank" and inserting in lieu thereof "bank in default"; (C) in paragraph (1), by inserting "savings association" after "out-of-state bank"; (D) in paragraph (2)(B)(iii), by striking out "a unanimous vote" and inserting in lieu thereof "a vote of 75 percent of; (E) by striking out "the constitution of any State,"; (F) in paragraph (6)(A), by inserting "the offeror which made the initial lowest acceptable offer and" after "the Corporation shall permit"; (G) by adding at the end of paragraph (7) the following: "(C) if in the opinion of the Corporation the acquisition threatens the safety and soundness of the acquirer or does not result in the future viability of the resulting depository institu- , tion. "; (H) in paragraph (8), by striking out subparagraphs (A), (B), and (D) and redesignating paragraphs (C), (E), (F), and (G) as subparagraphs (A), (B), (C), and (D), respectively; (I) in paragraph (9)— (i) in the paragraph heading, by striking out "NONBANK" and inserting in lieu thereof "CER- TAIN"; (ii) in paragraph (9)(A), by inserting ", other than a subsidiary that is an insured depository institution," after "subsidiary" and by striking out "which is not an insured bank"; and (iii) in paragraph (9)(B), by inserting "or an affiliate of an insured depository institution" after "intermedi- ate holding company"; and (J) by adding at the end thereof the following new para- graph: "(12) ACQUISITION OF MINORITY BANK BY MINORITY BANK HOUD- ING COMPANY WITHOUT REGARD TO ASSET SIZE. — "(A) IN GENERAL.— For the purpose of ensuring continued minority control of a minority-controlled bank, paragraphs (2) and (3) shall apply with respect to the acquisition of a minority-controlled bank by an out-of-State minority-con- trolled depository institution or depository institution hold- ing company without regard to the fact that the total assets of such minority-controlled bank is less than $500,000,000. "(B) DEFINITIONS.—For purposes of this paragraph: , "(i) MINORITY BANK.— The term 'minority bank' means any depository institution described in clause (i), (ii), or (iii) of section 19(b)(l)(A) of the Federal Reserve Act— "(I) more than 50 percent of the ownership or control of which is held by one or more minority individuals; and "(II) more than 50 percent of the net profit or loss of which accrues to minority individuals, "(ii) MINORITY.—The term 'minority' means any Black American, Native American, Hispanic Amer- ican, or Asian American.";

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