Page:United States Statutes at Large Volume 92 Part 3.djvu/1041

 PUBLIC LAW 95-630—NOV. 10, 1978

92 STAT. 3673

sons who are officers of 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 such officers of other banks in excess of 6 per centum of the paid-in capital and 6 per centum of the surplus of such a bank. (4) the term "management official" means an employee or officer with management functions, a director (including an advisory or honorary director), a trustee of a business organization under the control of trustees, or any person who has a representative or nominee serving in any such capacity: Provided, That if a corporator, trustee, director, or other officer of a Statechartered savings bank or cooperative bank is specifically authorized under the laws of the State in which said institution is located to serve as a trustee, director, or other officer of a State-chartered trust company which does not make real estate mortgage loans and does not accept savings deposits from natural persons, then, for the purposes of this title, such corporator, trustee, director, or other officer shall not be deemed to be a management official of such trust company: And provided further, That if a management official of a State-cha.rtered trust company which does not make real estate mortgage loans and does not accept savings deposits from natural persons is specifically authorized under the laws of the State in which said institution is located to serve as a corporator, trustee, director, or other officer of a State-chartered savings bank or cooperative bank, then, for the purposes of this title, such management official shall not be deemed to be a management official of any such savings bank or cooperative bank; and (5) the term "office" used with reference to a depository institution means either a principal office or a branch. SEC. 203. A management official of a depository institution or a Service in depository holding company may not serve as a management official another of any other depository institution or depository holding company not institution, affiliated therewith if an office of one of the institutions or any deposi- prohibition. tory institution that is an affiliate of such institutions is located within 12 USC 3202. either— (1) the same standard metropolitan statistical area as defined by the Office of Management and Budget, except in the case of depository institutions with less than $20,000,000 in assets in which case the provision of paragraph (2) shall apply, as that in which an office of the other institution or any depository institution that is an affiliate of such other institution is located, or (2) the same city, town, or village as that in which an office of the other institution or any depository institution that is an affiliate of such other institution is located, or in any city, town, or village contiguous or adjacent thereto. SEC. 204. If a depository institution or a depository holding company Service in has total assets exceeding $1,000,000,000, a management official of such another institution or any affiliate thereof may not serve as a management institution, official of any other nonaffiliated depository institution or depository prohibition. holding company having total assets exceeding $500,000,000 or as a 12 USC 3203. management official of any affiliate of such other institution. SEC. 205. The prohibitions contained in sections 203 and 204 shall 12 USC 3204. not apply in the case of any one or more of the following or subsidiary thereof:

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