Page:United States Statutes at Large Volume 92 Part 3.djvu/1040

 92 STAT. 3672

PUBLIC LAW 95-630—NOV. 10, 1978 words "direct obligations of the United States" and inserting in lieu thereof the words "any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency thereof".

Depository Institution Management Interlocks Act. Short title. 12 USC 3201 note. Definitions. 12 USC 3201.

12 USC 1841.

12 USC 1730a. vUti'S^iMGY'

TITLE II—INTERLOCKING

DIRECTOES

SEC. 201. This title may be cited as the "Depository Institution Management Interlocks Act". SEC. 202. As used in this title— (1) the term "depository institution" means a commercial bank, a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead association, a cooperative bank, an industrial bank, or a credit union; (2) the term "depository holding company" means a bank holding company as defined in section 2(a) of the Bank Holding Company Act of 1956, a company which would be a bank holding company as defined in section 2(a) of the Bank Holding Company Act of 1956 but for the exemption contained in section 2(a)(5)(F) thereof, or a savings and loan holding company as defined in section 408(a)(1)(D) of the National Housing Act; (3) the characterization of any corporation (including depository institutions and depository holding companies), as an "affiliate of," or as "affiliated" with any other corporation means that— (A) one of the corporations is a depository holding company and the other is a subsidiary thereof, or both corporations are subsidiaries of the same depository holding company, as the term "subsidiary" is defined in either section 2(d) of the Bank Holding Company Act of 1956 in the case of a bank holding company or section 408(a)(1)(H) of the National Housing Act m the case of a saving and loan holding company; or (B) more than 50 per centum of the voting stock of one corporation is beneficially owned in the aggregate by one or more persons who also beneficially own in the aggregate more than 50 per centum of the voting stock of the other corporation; or (C) one of the corporations is a trust company all of the stock of which, except for directors qualifying shares, was '" owned by one or more mutual savings banks on the date of enactment of this Act, and the other corporation is a mutual savings bank; or (D) one of the corporations is a bank, insured by the Federal Deposit Insurance Corporation and chartered under State law, the voting securities of which are held by other banks, as permitted by State law, and which bank is primarily engaged in providing banking services for other banks and not the public: Provided, however, That in no case shall the voting securities of such corporation be held by any such other bank in excess of 5 per centum of the paid-in capital and 5 per centum of the surplus of such other bank; or ' * (E) one of the corporations is a bank, chartered under State law and insured by the Federal Deposit Insurance Corporation, the voting securities of which are held only by per-

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