Page:United States Statutes at Large Volume 84 Part 2.djvu/436

 1766 Annual report to Congress.

PUBLIC LAW 91-607-DEC. 31, 1970

[84 STAT.

to have been granted. The Board shall include in its annual report to the (>)ngress a description and a statement of the reasons for approval of each activity approved by it by order or regulation under such paragraph during the period covered by the report."; and 80 Stat. 240. (7) by redesignating subsection (d) as subsection (e), and by 12 USC 1843. adding after subsection (c) a new subsection as follows: " (d) To the extent that such action would not be substantially at variance with the purposes of this Act and subject to such conditions as it considers necessary to protect the public interest, the Board by order, after opportunity for hearing, may grant exemptions from the provisions of this section to any bank liolding company which controlled one bank prior to July 1. 1968, and has not thereafter acquired the control of any other bank in order (1) to avoid disrupting business relationships that have existed over a long period of years without adversely affecting the banks or communities involved, or (2) to avoid forced sales of small locall}' owned banks to purchasers not similarly representative of community interests, or (3) to allow retention of banks that are so small in relation to the holding company's total interests and so small in relation to the banking market to be served as to minimize the likelihood that the bank's powers to grant or deny credit may be influenced by a desire to further the holding company's other interests." SEC. 104. (a) Section 11(b) of the Bank Holding Company Act of 1956 (12 U.S.C. 1849(b)) is amended— (1) by striking out ''this Act" the first two times it appears and inserting in lieu thereof ''section 3 "; (2) by inserting "approved under section 3'" in the second sentence immediately before "shall be commenced"; and (3) by inserting "approved under section 3" in the last sentence immediately before "in compliance with this Act". (b) Section 11(c) of such Act (12 U.S.C. 1849(c)) is amended by striking out "pursuant to" and inserting in lieu thereof "under section 3 of". Judicial review. SEC. 105. With respect to any proceeding before the Federal Reserve Board wherein an applicant seeks authority to acqviire a subsidiary which is a bank under section 3 of the Bank Holding Company Act Ante, p. 1763. of 1956, to engage directly or indirectly in a nonbanking activity pursuant to section 4 of such Act, or to engage in an activity otherwise prohibited under section 106 of this Act, a party who would become a competitor of the applicant or subsidiary thereof by virtue of the applicant's or its subsidiary's acquisition, entry into the business involved, or activity, shall have the right to be a party in interest in the proceeding and, in the event of an adverse order of the Board, shall have the right as an aggrieved party to obtain judicial review 70 Stat. 138; thereof as provided in section 9 of such Act of 1956 or as otherwise 80 Stat. 240. provided by law. 12 USC 1848. Definitions. SEC. 106. (a) As used in this section, the terms "bank", "bank holding company", "subsidiary'', and "Board" have the meaning ascribed Ante, p. 1760. to such terms in section 2 of the Bank Holding Company Act of 1956. For purposes of this section only, the term "company", as used in section 2 of the Bank Holding Compan}- Act of 1956, means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State. The term "trust service" means any service customarily performed by a bank trust department. Certain arrange(b) A bank shall not in any manner extend credit, lease or sell ments, prohibition. property of any kind, or furnish any service, or fix or vary the consideration for any of the foregoing, on the condition or requirement—

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