Page:United States Statutes at Large Volume 103 Part 1.djvu/353

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 325 year period beginning on the date of such acquisi- tion or for such additional time (not exceeding 3 years) as the Director may permit if the Director determines that such an extension will not be detrimental to the public interest; "(VI) acquired under section 408(m) of the Na- tional Housing Act or section 13(k) of the Federal Deposit Insurance Act; (VII) held by any insurance company, as de- fined in section 2(a)(17) of the Investment Company Act of 1940, except as provided in paragraph (6);: "(VIII) acquired pursuant to a qualified stock issuance if such purchase is approved by the Direc- tor under subsection (q)(l)(D); except that the aggregate amount of shares held under ^ this clause (other than under subclauses (I), (II), (III), (IV), and (VI)) may not exceed 15 percent of all outstanding shares or of the voting power of a savings association or savings and loan holding company; or "(iv) to acquire the control of an uninsured institu- tion, or to retain for more than one year after February 14, 1968, or from the date on which such control was acquired, whichever is later, except that the Director may upon application by such company extend such one-year period from year to year, for an additional period not exceeding 3 years, if the Director finds such extension is warranted and is not detrimental to the public interest; "(B) any other company, without the prior written ap- proval of the Director, directly or indirectly, or through one or more subsidiaries or through one or more transactions, to acquire the control of one or more savings associations, except that such approval shall not be required in connec- f tion with the control of a savings association, (i) acquired by devise under the terms of a will creating a trust which is excluded from the definition of 'savings and loan holding company' under subsection (a) of this section, or (ii) ac- quired in connection with a reorganization in which a person or group of persons, having had control of a savings association for more than 3 years, vests control of that association in a newly formed holding company subject to the control of the same person or group of persons. The v Director shall approve an acquisition of a savings associa- tion under this subparagraph unless the Director finds the financial and managerial resources and future prospects of the company and association involved to be such that the acquisition would be detrimental to the association or the insurance risk of the Savings Association Insurance Fund or Bank Insurance Fund, and shall render a decision within 90 days after submission to the Director of the complete record on the application. "(2) FACTORS TO BE CONSIDERED. — The Director shall not ap- prove any acquisition under subparagraph (A)(i) or (A)(ii), or of more than one savings association under subparagraph (B) of v paragraph (1) of this subsection, any acquisition of stock in connection with a qualified stock issuance, any acquisition under paragraph (4)(A), or any transaction under section 13(k)

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