Page:United States Statutes at Large Volume 84 Part 2.djvu/433

 84 STAT. ]

PUBLIC LAW 91-607-DEC. 31, 1970

(d) Section 2(d) of such Act is amended— (1) by striking out "or (2)'' and inserting in lieu thereof " (2) ": and (2) by striking out the period and inserting in lieu thereof the following:"; or (3) any company with respect to the management or policies of which such bank holding company has the power, directly or indirectly, to exercise a controlling influence, as determined by the Board, after notice and opportunity for hearing." (e) Section 2 of such Act is further amended by adding at the end thereof a new subsection as follows: " (i) The term 'thrift institution' means (1) a domestic building and loan or savings and loan association, (2) a cooperative bank without capital stock organized and operated for mutual purposes and without profit, or (3) a mutual savings bank not having capital stock represented by shares." S E ( \ 102. Section 3 of the Bank Holding Company Act of 1956 (12 U.S.C. 1812) is amended— (1) by adding at the end of subsection (a) a new sentence as follows: "For the purpose of the preceding sentence, bank shares acquired after the date of enactment of the Bank Holding Company Act Amendments of 1970 shall not be deemed to have been acquired in good faith in a fiduciary capacity if the acquiring bank or company has sole discretionary authority to exercise voting rights with respect thereto, but in such instances acquisitions may be made without prior approval of the l^oard if the Board, upon application filed within ninety days after the shares are acquired, approves retention or, if retention is disapproved, the acquiring bank disposes of the shares or its sole discretionary voting rights within two years after issuance of the order of disapproval."; (2) by adding at the end of subsection (b) a new sentence as follows: "In the event of the failure of the Board to act on any application for approval under this section within the ninety-oneday period which begins on the date of submission to the Board of the complete record on that application, the application shall be deemed to have been granted."; and (3) by adding at the end thereof the following new subsection: "(e) Every bank that is a holding company and every bank that is a supsidiary of such a company shall become and remain an insured bank as such term is defined in section 3(h) of the Federal Deposit Insurance Act.'' SKC. 103. Section -t of the Bank Holding Company Act of 1956 (12 U.S.C. 1843) is amended— (1) by striking out paragraph (2) of subjection (a) and inserting in lieu thereof the following: " (2) after two years from the date as of which it becomes a bank holding company, or in the case of a company which has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940, prior to May 15. 1955. in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31, 1978, or, in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on the date of such enactment, after December 31, 1980, retain direct or indirect ownership or control of any voting shares of any company which is not a bank or bank holding company or engage in any activities other than (A) those of banking or of managing or controlling banks and other subsidiaries 47-348 O - 72 - 28 (Pt. 2)

1763 Subsidiary. 80 Stat. 236. 12 USC 1841.

"Thrift institution."

Bank s h a r e s, acquisition. 70 Stat. 134.

64 Stat. 873; 80 Stat. 2 3 8. 12 USC 1813. I n t e r e s t s in nonbanking organizations.

54 Stat. 789. 15 USC 8 0 a - 5 1,

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