Page:United States Statutes at Large Volume 94 Part 1.djvu/243

 PUBLIC LAW 96-221—MAR. 31, 1980

94 STAT. 193

MORATORIUM

SEC. 902. The Board of Governors of the Federal Reserve System, 12 USC 3101 the Comptroller of the Currency, the Board of Directors of the ^°Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board may not approve any application relating to the takeover of any domestic financial institution by a foreign person until July 1,19o0, unless— (1) such takeover is necessary to prevent the bankruptcy or insolvency of the domestic financial institution involved; (2) the application was initially submitted for filing on or before March 5, 1980; (3) the domestic financial institution has deposits of less than $100,000,000; (4) the application relates to a takeover of shares or assets pursuant to a foreign person's intrafirm reorganization of its interests in a domestic financial institution, including specifically any application to establish a bank holding company pursuant to such reorganization; (5) the application relates to a takeover of the assets or shares of a domestic financial institution if such assets or shares are owned or controlled by a foreign person; or (6) the application relates to the takeover of a domestic financial institution which is a subsidiary of a bank holding company under an order to divest by December 31, 1980. Approved March 31, 1980.

LEGISLATIVE HISTORY: HOUSE REPORT No. 96-842 (Comm. of Conference). SENATE REPORTS: No. 96-368 (Comm. on Banking, Housing, and Urban Affairs) and No. 96-640 (Comm. of Conference). CONGRESSIONAL RECORD: Vol. 125 (1979): Sept. 10, 11, considered and passed House. Oct. 23, 29, 31, Nov. 1, considered and passed Senate, amended. Nov. 7, House concurred in Senate amendment with amendments. Vol. 126 (1980): Mar. 27, House agreed to conference report. Mar. 27, 28, Senate agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS: Vol. 16, No. 14 (1980): Mar. 31, Presidential statement.

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