Page:United States Statutes at Large Volume 103 Part 1.djvu/355

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 327 savings and loan holding company with the prior written approval of the Director. "(B) TREATMENT OF CERTAIN HOLDING COMPANIES.—I f any individual referred to in subparagraph (A) controls more than 1 savings and loan holding company or more than 1 savings association, any savings and loan holding company fc;o: controlled by such individual shall be subject to the activi- ties limitations contained in subsection (c) to the same extent such limitations apply to multiple savings and loan holding companies, unless all or all but 1 of the savings associations (including any institution deemed to be a sav- ings association under subsection (1) of this section) con- trolled directly or indirectly by such individual was ac- quired pursuant to an acquisition described in subclause (I) or (II) of subsection (c)(3)(B)(i). " (5) ACQUISITIONS PURSUANT TO CERTAIN SECURITY INTERESTS.— This subsection and subsection (c)(2) of this section do not apply to any savings and loan holding company which acquired the control of a savings association or of a savings and loan holding company pursuant to a pledge or hypothecation to secure a loan, or in connection with the liquidation of a loan, made in the ordinary course of business. It shall be unlawful for any such company to retain such control 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. jCr the Director finds such extension is warranted and would not be detrimental to the public interest. "(6) SHARES HELD BY INSURANCE AFFILIATES.— Shares described in clause (iii)(VII) of paragraph (1)(A) shall not be excluded for purposes of clause (iii) of such paragraph if— "(A) all shares held under such clause (iii)(Vn) by all ' insurance company affiliates of such savings association or savings and loan holding company in the aggregate exceed 5 percent of all outstanding shares or of the voting power of the savings association or savings and loan holding com- pany; or "(B) such shares are acquired or retained with a view to acquiring, exercising, or transferring control of the savings association or savings and loan holding company. "(f) DECLARATION OF DIVIDEND.— Every subsidiary savings associa- tion of a savings and loan holding company shall give the Director not less than 30 days' advance notice of the proposed declaration by its directors of any dividend on its guaranty, permanent, or other nonwithdrawable stock. Such notice period shall commence to run from the date of receipt of such notice by the Director. Any such dividend declared within such period, or without the giving of such notice to the Director, shall be invalid and shall confer no rights or benefits upon the holder of any such stock. " (g) ADMINISTRATION AND ENFORCEMENT.— "(1) IN GENERAL.— The Director is authorized to issue such regulations and orders as the Director deems necessary or appro- priate to enable the Director to administer and carry out the purposes of this section, and to require compliance therewith and prevent evasions thereof.

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