Page:United States Statutes at Large Volume 91.djvu/1424

 91 STAT. 1390 Applications, nonaction deemed approval.

Acquisitions, -mergers, <ind consolidations. Notification to Attorney General. 12 USC 1842.

Antitrust actions.

Judicial standards.

PUBLIC LAW 95-188—NOV. 16, 1977 the basis of the record made at such hearing. In the event of the f aihire of the Board to act on any application for approval under this section within the ninety-one-day 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. Notwithstanding any other provision of this subsection, if the Board finds that it nmst act immediately on any application for approval under this section in order to prevent the probable failure of a bank or bank holding company involved in a proposed acquisition, merger, or consolidation transaction, the Board may dispense with the notice requirements of this subsection, and if notice is given, the Board may request that the views and recommendations of the Comptroller of the Currency or the State supervisory authoj'ity, as the case may be. be submitted immediately in any form or by any means acceptable to the Board. If the Board has found pursuant to this subsection either" that an emergency exists requiiing expeditious action or that it nmst act immediately to prevent probable failni-e. the l^oard may g r a n t or deny any such application without a hearing notwithstanding any recommended disapproval by the appropriate supervisory authority.". SEC. 303. Section 11(b) "of the I k n k Holding Company Act of 1966 (12 U.S.C. 1849) is amended to read as follows: " (b) The Board shall immediately notify the Attorney General of any approval by it pursuant to section 3 of a proposed acquisition, merger, or consolidation transaction. If the Board has found that it must act immediately in order to prevent the probable failure of a bank or bank holding company involved in any such transaction, the transaction may be consummated immediately upon approval by the Board. If the Board has advised the Comptroller of the (^urrency or the State supervisory authority, as the case may be, of the existence of an emergency requiring expeditious action and has required the submission of views and recommendations within ten days, the transaction may not be consumnuited before the fiftli calendar day after the date of approval by the Board. I n all other cases, the transaction may not be consummated before the thirtieth calendar day after the date of approval by the Board. Any action brought under the antitrust laws arising out of an acquisition, merger, or consolidation transaction approved under section 3 shall be commenced prior to the earliest time under this subsection at which the transaction approval under section 3 might be consummated. The commencement of such an action shall stay the effectiveness of the Board's approval unless the court shall otherwise specifically order. In any such action, the court shall review de novo the issues presented. In any judicial proceeding attacking any acquisition, merger, or consolidation transaction approved pursuant to section 3 on the ground that such transaction alone and of itself constituted a violation of any antitrust laws other than section 2 of the Act of eluly 2, 1890 (section 2 of the Sherman A n t i t r u s t Act, 15 U.S.C. 2), the standards applied by the court shall be identical with those that the Board is directed to apply under section 3 of this Act. Upon the consummation of an acquisition, merger, or consolidation transaction approved under section 3 in compliance with this Act and after the termination of any antitrust litigation commenced within the period prescribed in this section, or upon the termination of such period if no such litigation is

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