Page:United States Statutes at Large Volume 80 Part 1.djvu/43

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STAT.]

PUBLIC LAW 89-356-FEB. 21, 1966

extent to which the United States shall be a participant in and an exhibitor at Interama; and (2) to make available to the head of the designated department or agency, on a reimbursable basis, such personnel as may be necessary to assist him in carrying out his functions under this Act. SEC. 5. (a) There is authorized to be appropriated not to exceed Appropriation. $7,500,000 to provide for United States participation in Interama under this Act, of which not to exceed $250,000 shall be available for expenditure in connection with the preparation of the report required to be submitted to the Congress under section 2(b) of this Act. Sums appropriated under this subsection shall remain available until expended. (b) I n addition to the amount authorized in subsection (a), there is authorized to be appropriated not to exceed $1,000,000 annually for each of the fiscal years 1968 and 1969 for the maintenance of United States installations and activities at Interama. Approved February 19, 1966.

Public Law 89-356 AN ACT

February 21, 1966

To establish a procedure for the review of proposed bank mergers so as to eliminate the necessity for the dissolution of merged banks, and for other purposes.

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Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section ^^"'' mergers. 18(c) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)) is ^^ Stat. 892. amended to read: "(c)(1) Except with the prior written approval of the responsible agency, which shall in every case referred to in this paragraph be the Corporation, no insured bank shall— " (A) merge or consolidate with any noninsured bank or institution; " (B) assume liability to pay any deposits made in, or similar liabilities of, any noninsured bank or institution; " (C) transfer assets to any noninsured bank or institution in consideration of the assumption of liabilities for any portion of the deposits made in such insured bank. "(2) No insured bank shall merge or consolidate with any other insured bank or, either directly or indirectly, acquire the assets of, or assume liability to pay any deposits made in, any other insured bank except with the prior written approval of the responsible agency, which shall be— " (A) the Comptroller of the Currency if the acquiring, assuming, or resulting bank is to be a national bank or a District bank; " (B) the Board of Governors of the Federal Reserve System if the acquiring, assuming, or resulting bank is to be a State member bank (except a District b a n k); " (C) the Corporation if the acquiring, assuming, or resulting bank is to be a nonmember insured bank (except a District bank). "(3) Notice of any proposed transaction for which approval is 0^°*/^^°^/"'' required under paragraph (1) or (2) (referred to hereafter in this ^r°arsa^rons!^ .subsection as a 'merger transaction') shall, unless the responsible agency finds that it must act immediately in order to prevent the probable failure of one of the banks involved, be published— " (A) prior to the granting of approval of such transaction, " (B) in a form approved by the responsible agency, " (C) at appropriate intervals during a period at least as long

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