Page:United States Statutes at Large Volume 82.djvu/51

 82 STAT. ]

PUBLIC LAW 90-255-FEB. 14, 1968

"(3) purchase securities or other assets or obligations under repurchase agreement from any affiliate; "(4) make any loan, discount^ or extension of credit to (A) any affiliate, except in a transaction authorized by subparagraph (A) of p a r a ^ a p h (6) of this subsection, or (B) any third party on the security of any property acquired from any affiliate, or with knowledge that the proceeds of any such loan, discount, or extension of credit, or any part thereof, are to be paid over to or utilized for the benefit of any affiliate; " (5) guarantee the repayment of or maintain any compensating balance for any loan or extension of credit granted to any affiliate by any third party; "(6) except with the prior written approval of the Corporation— " (A) engage in any transaction with any affiliate involving the purchase, sale, or lease of property or assets (other than participating interests in mortgage loans to the extent authorized by regulations of the Corporation) in any case where the amount of the consideration involved when added to the aggregate amount of the consideration given or received by such institution for all such transactions during the preceding twelve-month period exceeds the lesser of $100,000 or 0.1 per centum of the institution's total assets at the end of the preceding fiscal year; or " (B) enter into any agreement or understanding, either in writing or orally, with any affiliate under which such affiliate is to (i) render management or advertising services for the institution, (ii) serve as a consultant, adviser, or agent for any phase of the operations of the institution, or (iii) render services of any other nature for the institution, other than those which may be exempted by regulation or order of the Corporation, unless the aggregate amount of the consideration required to be paid by such institution in the future under all such existing agreements or understandings cannot exceed the lesser of $100,000 or 0.1 per centum of the institution's total assets at the end of the preceding fiscal year; or " (C) make any payment to any affiliate under any agreement or understanding hereinabove referred to in subparagraph (B) where the institution has previously paid to affiliates during the preceding twelve-month period, pursuant to any such agreements or understandings, an amount aggregating in excess of the lesser of $100,000 or 0.1 per centum of the institution's total assets at the end of the preceding fiscal year. The Corporation shall grant approval under this paragraph (6) if, in the opinion of the Corporation, the terms of any such transaction, agreement, or understanding, or any such payment by such institution, would not be detrimental to the interests of its savings account holders or to the insurance risk of the Corporation with respect to such institution. "(e) ACQUISITIONS.—(1) I t shall be unlawful for— " (A) any savings and loan holding company directly or indirectly, or through one or more subsidiaries or through one or more transactions— " (i) to acquire, except with the prior written approval of the Corporation, the control of an insured institution or a savings and loan holding company, or to retain the control of such an institution or liolding company acquired or retained in violation of this section as heretofore or hereafter in effect:

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