Page:United States Statutes at Large Volume 92 Part 3.djvu/1012

 9 2 STAT. 3 6 4 4

PUBLIC LAW 95-630—NOV. 10, 1978

" (6) The Comptroller may, in his discretion, compromise, modify, or remit any civil money penalty which is subject to imposition or has been imposed under this section. Regulations. " (7) The Comptroller shall promulgate regulations establishing procedures necessary to implement this subsection. " (8) All penalties collected under authority of this section shall be covered into the Treasury of the United States.". 12 USC 375b. SEC. 104. Section 22 of the Federal Reserve Act is amended by adding at the end thereof the following new subsection: Loan or extension " (h)(1) No member bank shall make any loan or extension of credit of credit to in any manner to any of its executve officers, or to any person who executive directly or indirectly or acting through or in concert w i t h one or more officers, persons owns, controls, or has the power to vote more than 10 per prohibitions. centum of any class of voting securities of such member bank, except in the case of such a bank located in a city, town, or village with less than t h i r t y thousand in population, in which case such per centum shall be 18 per centum, or to any company controlled by such an executive officer or person, or to any political or campaign committee the funds or services of which will benefit such an executive officer or person or which is controlled by such an executive officer or person, where the amount of such loan or extension of credit, when aggregated with the amount of all other loans or extensions of credit then outstanding by such bank to such executive officer or person and to all companies controlled by such executive officer or person and to all political or campaign committees the funds or services of which will benefit such executive officer or person or which are controlled by such executive officer or person, would exceed the limits on loans to a single borrower established by section 5200 of the Revised Statutes, as amended. 12 USC 84. For purposes of this paragraph, the provisions of section 5200 of the Revised Statutes, as amended, shall be deemed to apply to a State member bank as if such State member bank were a national banking association. " (2) No member bank shall make any loan or extension of credit in any manner to any of its executive officers or directors, or to any person who directly or indirectly or acting through or in concert with one or more persons owns, controls, or has the power to vote more than 10 per centum of any class of voting securities of such member bank, or to any compan}?^ controlled by such an executive officer, director, or person, or to any political or campaign committee the funds or services of which will benefit such executive, director, or person or which is controlled by such executive officer, director, or person, where the amount of such loan or extension of credit, when aggregated with the amount of all other loans or extensions of credit then outstanding by such bank to such executive officer, director, or person and to all companies controlled by such executive officer, director, or person and to all political or campaign committees the funds or services of which wull benefit such executive officer, director, or person or which are controlled by such executive officer, director, or person, would exceed $25,000, unless such loan, line of credit, or extension of credit is approved in advance by a majority of the entire board of directors with the interested party abstaining from participating directly or indirectly in the voting. " (3) No member bank shall make any loan or extension of credit in any manner to any of its executive officers or directors, or to any person who directly or acting through or in concert with one or more persons, owns, controls, or has the power to vote more than 10 per centum of any class of voting securities of such member bank, or to any

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