Page:United States Statutes at Large Volume 113 Part 2.djvu/352

 113 STAT. 1372 PUBLIC LAW 106-102—NOV. 12, 1999 (d) DEFINITIONS. —For purposes of this section, the following definitions shall apply: (1) BANK HOLDING COMPANY. —The term "bank holding company" has the meaning given the term in section 2 of the Bank Holding Company Act of 1956. (2) COMMISSION.—The term "Commission" means the Securities and Exchange Commission. (3) CORPORATION. —The term "Corporation" means the Federal Deposit Insurance Corporation. (4) FEDERAL BANKING AGENCY.—The term "Federal banking agency" has the meaning given the term in section 3(z) of the Federal Deposit Insurance Act. (5) INSURED DEPOSITORY INSTITUTION.— The term "insured depository institution" has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act. (6) REGISTERED INVESTMENT COMPANY.—The term "registered investment company" means an investment company that is registered with the Commission under the Investment Company Act of 1940. (7) SAVINGS AND LOAN HOLDING COMPANY.—The term "savings and loan holding company" has the meaning given the term in section 10(a)(1)(D) of the Home Owners' Loan Act. ^^,,,,„_, _ ,._; SEC. 116. ELIMINATION OF APPLICATION REQUIREMENT FOR FINAN- CIAL HOLDING COMPANIES. (a) PREVENTION OF DUPLICATIVE FILINGS.— Section 5(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1844(a)) is amended by adding at the end the following new sentence: "A declaration filed in accordance with section 4(1)(1)(C) shall satisfy the requirements of this subsection with regard to the registration of a bank holding company but not any requirement to file an application to acquire a bank pursuant to section 3.". (b) DIVESTITURE PROCEDURES.— Section 5(e)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1844(e)(1)) is amended— (1) by striking "Financial Institutions Supervisory Act of, ,Jf 1966, order" and inserting "Financial Institutions Supervisory Act of 1966, at the election of the bank holding company— "(A) order"; and (2) by striking "shareholders of the bank holding company. '^' Such distribution" and inserting "shareholders of the bank holding company; or "(B) order the bank holding company, after due notice - and opportunity for hearing, and after consultation with the primary supervisor for the bank, which shall be the Comptroller of the Currency in the case of a national bank, and the Federal Deposit Insurance Corporation and the appropriate State supervisor in the case of an insured nonmember bank, to terminate (within 120 days or such longer period as the Board may direct) the ownership or control of any such bank by such company. The distribution referred to in subparagraph (A)". ^•< SEC. 117. PRESERVING THE INTEGRITY OF FDIC RESOURCES. Section 11(a)(4)(B) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(4)(B)) is amended by striking "to benefit any shareholder of and inserting "to benefit any shareholder or affiliate

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