Page:United States Statutes at Large Volume 108 Part 3.djvu/488

 108 STAT. 2240 PUBLIC LAW 103-325—SEPT. 23, 1994 issues an order disapproving the transaction or activity and setting forth the reasons for disapproval. "(ii) EXTENSION OF PERIOD.— The Board may extend the 60-day period referred to in clause (i) for an additional 30 days. The Board may further extend the period with the agreement of the bank holding company submitting the notice pursuant to this subsection. "(iii) DETERMINATION OF PERIOD IN CASE OF PUBLIC HEARING. — In the event a hearing is requested or the Board determines that a hearing is warranted, the Board may extend the notice period provided in this subsection for such time as is reasonably necessary to conduct a hearing and to evaluate the hearing record. Such extension shall not exceed the 91-day period beginning on the date that the hearing record is complete. "(D) APPROVAL BEFORE END OF PERIOD. — "(i) IN GENERAL.— Any transaction or activity may commence before the expiration of any period for disapproval established under this paragraph if the Board issues a written notice of approval. "(ii) SHORTER PERIODS BY REGULATION. —The Board may prescribe regulations which provide for a shorter notice period with respect to particular activities or transactions. "(E) EXTENSION OF PERIOD.— In the case of any notice to engage in, or to acquire or retain ownership or control of shares of any company engaged in, any activity pursuant to subsection (c)(8) or (a)(2) that has not been previously approved by regulation, the Board may extend the notice period under this subsection for an additional 90 days. The Board may further extend the period with the agreement of the bank holding company submitting the notice pursuant to this subsection. " (2) GENERAL STANDARDS FOR REVIEW.— "(A) CRITERIA.—In connection with a notice under this subsection, the Board shall consider whether performance of the activity by a bank holding company or a subsidiary of such company can reasonably be expected to produce benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices. "(B) GROUNDS FOR DISAPPROVAL. — The Board may deny any proposed transaction or activity for which notice has been submitted pursuant to this subsection if the bank holding company submitting such notice neglects, fails, or refuses to furnish the Board all the information required by the Board. "(C) CONDITIONAL ACTION.— Nothing in this subsection limits the authority of the Board to impose conditions in connection with an action under this section."; and (2) in subsection (c), by striking the penultimate sentence.

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