Page:United States Statutes at Large Volume 113 Part 2.djvu/415

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1435 "(9) PREVENTION OF NEW AFFILIATIONS BETWEEN S&L HOLDING COMPANIES AND COMMERCIAL FIRMS.— "(A) IN GENERAL. —Notwithstanding paragraph (3), no company may directly or indirectly, including through any merger, consolidation, or other type of business combination, acquire control of a savings association after May 4, 1999, unless the company is engaged, directly or indirectly (including through a subsidiary other than a savings association), only in activities that are permitted— "(i) under paragraph (1)(C) or (2) of this subsection; or "(ii) for financial holding companies under section 4(k) of the Bank Holding Company Act of 1956. " (B) PREVENTION OF NEW COMMERCIAL AFFILIATIONS. — Notwithstanding paragraph (3), no savings and loan holding company may engage directly or indirectly (including through a subsidiary other than a savings association) in any activity other than as described in clauses (i) and (ii) of subparagraph (A). "(C) PRESERVATION OF AUTHORITY OF EXISTING UNITARY S&L HOLDING COMPANIES.— Subparagraphs (A) and (B) do not apply with respect to any company that was a savings and loan holding company on May 4, 1999, or that becomes a savings and loan holding company pursuant to an application pending before the Office on or before that date, and that— "(i) meets and continues to meet the requirements of paragraph (3); and "(ii) continues to control not fewer than 1 savings association that it controlled on May 4, 1999, or that it acquired pursuant to an application pending before the Office on or before that date, or the successor to such savings association. " (D) CORPORATE REORGANIZATIONS PERMITTED.—T h is paragraph does not prevent a transaction that— "(i) involves solely a company under common control with a savings and loan holding company from acquiring, directly or indirectly, control of the savings and loan holding company or any savings association that is already a subsidiary of the savings and loan holding company; or "(ii) involves solely a merger, consolidation, or other type of business combination as a result of which a company under common control with the savings and loan holding company acquires, directly or indirectly, control of the savings and loan holding company or any savings association that is already a subsidiary of the savings and loan holding company. "(E) AUTHORITY TO PREVENT EVASIONS.—The Director may issue interpretations, regulations, or orders that the Director determines necessary to administer and carry out the purpose and prevent evasions of this paragraph, including a determination that, notwithstanding the form of a transaction, the transaction would in substance result in a company acquiring control of a savings association. " (F) PRESERVATION OF AUTHORITY FOR FAMILY TRUSTS. —Subparagraphs (A) and (B) do not apply with

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