Page:United States Statutes at Large Volume 105 Part 3.djvu/508

 105 STAT. 2392 PUBLIC LAW 102-242 —DEC. 19, 1991 savings association to retain any such asset during the 2- year period beginning on the date of the acquisition. "(B) EXTENSION.— The Director may extend the 2-year period described in subparagraph (A) for not more than 1 year at a time and not more than 2 years in the aggregate, if the Director determines that the extension is consistent with the purposes of this Act.". SEC. 502. MERGERS, CONSOLIDATIONS, AND OTHER ACQUISITIONS AU- THORIZED. (a) FEDERAL SAVINGS ASSOCIATIONS. —Section 10 of the Home Owners' Loan Act (12 U.S.C. 1467a) is amended by adding at the end the following new subsection: " (t) MERGERS, CONSOUDATIONS, AND OTHER ACQUISITIONS AU- THORIZED. — "(1) IN GENERAL.— Subject to sections 5(d)(3) and 18(c) of the Federal Deposit Insurance Act and all other applicable laws, any Federal savings association may acquire or be acquired by any insured depository institution. "(2) EXPEDITED APPROVAL OF ACQUISITIONS. — "(A) IN GENERAL.—Any application by a savings association to acquire or be acquired by another insured depository institution which is required to be filed with the Director under section 5(d)(3) of the Federal Deposit Insurance Act or any other applicable law or regulation shall be approved or disapproved in writing by the Director before the end of the 60-day period beginning on the date such application is filed with the agency. "(B) EXTENSION OF PERIOD.—The period for approval or disapproval referred to in subparagraph (A) may be extended for an additional 30-day period if the Director determines that— "(i) an applicant has not furnished all of the information required to be submitted; or "(ii) in the Director's judgment, any material information submitted is substentially inaccurate or incomplete. "(3) ACQUIRE DEFINED. —For purposes of this subsection, the term 'acquire' means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution. (4) REGULATIONS.— "(A) REQUIRED.— The Director shall prescribe such regulations as may be necessary to carry out paragraph (1). "(B) EFFECTIVE DATE. —The regulations required under subparagraph (A) shall— "(i) be prescribed in final form before the end of the 90-day period beginning on the date of the enactment of this subsection; and "(ii) take effect before the end of the 120-day period beginning on such date. "(5) LIMITATION. —No provision of this section shall be construed to authorize a national bank or any subsidiary thereof to engage in any activity not otherwise authorized under the

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