Page:United States Statutes at Large Volume 108 Part 3.djvu/484

 108 STAT. 2236 PUBLIC LAW 103-325—SEPT. 23, 1994 "(B) the appropriate Federal depository institutions regulatory agency determines that continuation of service by the management official does not produce an anticompetitive effect with respect to each affected depository institution, depository holding company, or company described in subsection (b).". (b) AMENDMENTS TO SECTION 209. —Section 209 of the Depository Institution Management Interlocks Act (12 U.S.C. 3207) is amended— (1) by striking "Rules" and inserting "(a) IN GENERAL. — Rules"; (2) by striking ", including rules or regulations which permit service by a management official which would otherwise be prohibited by section 203 or section 204,"; and (3) by adding at the end the following new subsections: "(b) REGULATORY STANDARDS. — An appropriate Federal depository institution regulatory agency may permit, on a case-by-case basis, service by a management official which would otherwise be prohibited by section 203 or 204 only if— "(1) the board of directors of the affected depository institution, depository institution holding company, or company described in section 206(b), provides a resolution to the appropriate Federal depository institutions regulatory agency certify- ing that there is no other candidate from the community described in paragraph (1) or (2) of section 203 who— "(A) possesses the level of expertise necessary for such service with respect to the affected depository institution, depository institution holding company, or company described in section 206(b) and is not prohibited from service under section 203 or 204; and "(B) is willing to serve as a management official at the affected depository institution, depository institution holding company, or company described in section 206(b); and "(2) the appropriate Federal depository institutions regulatory agency determines that— "(A) the management official is critical to the safe and sound operations of the affected depository institution, depository institution holding company, or company described in section 206(b); "(B) continuation of service by the management official does not produce an anticompetitive effect with respect to the affected depository institution, depository institution holding company, or company described in section 206(b); and "(C) the management official meets such additional requirements as the agency may impose. "(c) LIMITED EXCEPTION FOR MANAGEMENT OFFICIAL CONSIGN- MENT PROGRAM.— "(1) IN GENERAL. — Notwithstanding the requirements of subsection (b), an appropriate Federal depository institutions regulatory agency may establish a program to permit, on a case-by-case basis, service by a management official which would otherwise be prohibited by section 203 or 204, for a period of not more than 2 years, if the agency determines that such service would—

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