Page:United States Statutes at Large Volume 84 Part 2.djvu/435

 84 STAT. ]

1765

PUBLIC LAW 91-607-DEC. 31, 1970

after due notice and opportunity for hearing has determined (by order or regulation) to be so closely related to banking or managing or controlling banks as to be a proper incident thereto. I n determining whether a particular activity is a proper incident to banking or managing or controlling banks the Board shall consider whether its performance by an affiliate of a holding company can reasonably be expected to produce benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices. In orders and regulations under this subsection, the Board may differentiate between activities commenced de novo and activities commenced by the acquisition, in whole or in part, of a going concern;"; (5) by striking out paragraph (9) of subsection (c) and inserting in lieu thereof the following: "(9) shares held or activities conducted by any company organized under the laws of a foreign country the greater part of whose business is conducted outside the United States, if the Board by regulation or order determines that, under the circumstances and subject to the conditions set forth in the regulation or order, the exemption would not be substantially at variance with the purposes of this Act and would be in the public interest;"; (6) by striking out the period at the end of paragraph (10) and inserting in lieu thereof a semicolon, and by addnig after paragraph (10) the following: ''(11) shares owned directly or indirectly by a company covered in 1970 in a company which does not engage in any activities other than those in which the bank holding company, or its subsidiaries, may engage by virtue of this section, but nothing in this paragraph authorizes any bank holding company, or subsidiary thereof, to acquire any interest in or the assets of any going concern (except pursuant to a binding written contract entered into before June 80, 1968, or pursuant to another provision of this Act) other than one which was a subsidiary on June 30, 1968; "'(12) shares retained or acquired, or activities engaged in, by 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, or by any subsidiary thereof, if such company— " (A) within the applicable time limits prescribed in subsection (a)(2) of this section (i) ceases to be a bank holding company, or (ii) ceases to retain direct or indirect ownership or control of those shares and to engage in those activities not authorized under this section; and " (B) complies wath such other conditions as the Board may by regulation or order prescribe; or "(13) shares of, or activities conducted by, any company which does no business in the United States except as an incident to its international or foreign business, if the Board by regulation or order determines that, under the circumstances and subject to the conditions set forth in the regulation or order, the exemption would not be substantially at variance with the purposes of this Act and would be in the public interest. In the event of the failure of the Board to act on any application for an order under paragraph (8) of this subsection within the ninety-oneday period which begins on the date of submission to the Board of the complete record on that af)plication, the application shall be deemed
 * '(8) shares of any company the activities of which the Board

Certain shares, acquisition or re;tention.

Foreign corporations, exemption. 80 Stat. 239. 12 USC 1843.

Exemptions.

Supra.

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