Page:United States Statutes at Large Volume 80 Part 1.djvu/45

 80

STAT.]

PUBLIC LAW 89-356-FEB. 21, 1966

other than section 2 of the Act of July 2, 1890 (section 2 of the Sherman Antitrust'Act, 15 U.S.C. 2), the sta,ndards applied by the court 26 Stat. 209. shall be identical with those that the banking a^^encies are directed to apply under paragraph (5). " (C) Upon the consummation of a merger transaction in compliance with this subsection and after the termination of any antitrust litigation commenced within the period prescribed in this paragraph, or upon the termination of such period if no such litigation is commenced therein, the transaction may not thereafter be attacked in any judicial proceeding on the ground that it alone and of itself constituted a violation of any antitrust laws other than section 2 of the Act of July 2, 1890 (section 2 of the Sherman Antitrust Act, 15 TT.S.C. 2), but nothing in this subsection shall exempt any bank resulting from a merger transaction from complying with the antitrust laws after the oonsummation of such transaction. " (D) I n any action brought under the antitrust laws arising out of a mergei' transaction appro\-ed by a Federal supervisory agency pursuant to this subsection, such agency, and any State banking supervisory agency having jurisdiction within the State involved, may appear as a party of its own motion and as of right, and be represented by its counsel. "(8) For the purposes of this subsection, the term 'antitrust laws' jg^^"*'*™^' means the Act of July 2, 1890 (the Sherman Antitrust Act, 15 U.S.C. 1.-7), the Act of October 15, 1914 (the Clayton Act, 15 U.S.C. 12-27), ^ sj^j- 209. and any other Acts in pari materia. "(9) Each of the responsible agencies shall include in its annual Report to report to the Congress a description of each merger transaction °"^'"^^^approved by it during the period covered by the report, along with the following information: " (A) the name and total resources of each bank involved; " (B) whether a report was submitted by the Attorney General under paragraph (4), and, if so, a summary by the Attorney General of the substance of such report; and " (C) a statement by the responsible agency of the basis for its approval." (b) Section 18 of such Act is further amended by adding at the ^^ us^c ^^^ end thereof the following new subsection: " (i)(1) No insured State nonmember bank (except a District bank) ^^^f'^""" "^ shall, without the prior consent of the Corporation, reduce the amount "Restrictions. or retire any part of its common or preferred capital stock, or retire any part of its capital notes or debentures. "(2) No insured bank sihall convert into an insured State bank conversions. if its capital stock or its surplus will be less than the capital stock or surplus, respectively, of the converting bank at the time of the shareholder's meeting approving such conversion, without the prior written consent of— " (A) the Comptroller of the Currency if the resulting bank is to be a District bank; " (B) the Board of Governors of the Federal Reserve System if the resulting bank is to be a State member bank (except a District b a n k); " (C) the Corporation if the resulting bank is to be a State nonmember insured bank (except a District bank). "(3) Without the prior written consent of the Corporation, no insured bank shall convert into a noninsured bank or institution. "(4) I n granting or withholding consent under this subsection, the responsible agency shall consider— " (A) the financial history and condition of the bank, " (B) the adequacy of its capital structure,

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