Page:United States Statutes at Large Volume 103 Part 1.djvu/352

 103 STAT. 324 PUBLIC LAW 101-73 —AUG. 9, 1989 loan holding company organized under the laws of a foreign country as of June 1, 1984 (including any subsidiary thereof which is not a savings association), which controls a single savings association on August 10, 1987, shall not be subject to this subsection with respect to any activities of such holding company which are conducted exclusively in a foreign country. "(8) EXEMPTION FOR BANK HOLDING COMPANIES.— Except for paragraph (1)(A), this subsection shall not apply to any company section 4 of the Bank Holding Company Act of 1956, or any of its subsidiaries. " (d) TRANSACTIONS WITH AFFILIATES. —Transactions between any subsidiary savings association of a savings and loan holding com- pany and any affiliate (of such savings association subsidiary) shall be subject to the limitations and prohibitions specified in section 11 \ of this Act. \ " (e) ACQUISITIONS. — \ "(1) IN GENERAL.— It shall be unlawful for— \ "(A) any savings and loan holding company directly or indirectly, or through one or more subsidiaries or through one or more transactions— "(i) to acquire, except with the prior written approval •I' ^ of the Director, the control of a savings association or a savings and loan holding company, or to retain the ' control of such an association or holding company ac- quired or retained in violation of this section as here- tofore or hereafter in effect; "(ii) to acquire, except with the prior written ap- (•*;' • ,\ proval of the Director, by the process of merger, consolidation, or purchase of assets, another savings association or a savings and loan holding company, or all or substantially all of the assets of any such associa- tion or holding company; "(iii) to acquire, by purchase or otherwise, or to retain more than 5 percent of the voting shares of a savings association not a subsidiary, or of a savings and loan holding company not a subsidiary, or in the case of ^ • a multiple savings and loan holding company (other '•'•-- •'•-•• than a company described in subsection (c)(8)), to so acquire or retain more than 5 percent of the voting shares of any company not a subsidiary which is en- gaged in any business activity other than the activities specified in subsection (c)(2). This clause shall not apply to shares of a savings association or of a savings and loan holding company— "(I) held as a bona fide fiduciary (whether with _^' or without the sole discretion to vote such shares); "(II) held temporarily pursuant to an underwrit- ing commitment in the normal course of an under- % writing business; "(III) held in an account solely for trading pur- poses; "(IV) over which no control is held other than control of voting rights acquired in the normal course of a proxy solicitation; ' ^* ^r ' '' "(V) acquired in securing or collecting a debt ^,.*' ' ' previously contracted in good faith, during the 2-
 * that is treated as a bank holding company for purposes of

�