Page:United States Statutes at Large Volume 96 Part 1.djvu/1278

 96 STAT. 1236

PUBLIC LAW 97-290—OCT. 8, 1982 trade and financing services designed to create export trading companies that can handle all of an exporting company's needs. INVESTMENTS IN EXPORT TRADING COMPANIES

SEC, 203. Section 4(c) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(c)) is amended— (1) in paragraph (12XB), by striking out "or" at the end thereof; (2) in paragraph (13), by striking out the period at the end thereof and inserting in lieu thereof"; or"; and (3) by inserting after paragraph (13) the following: "(14) shares of any company which is an export trading company whose acquisition (including each acquisition of shares) or formation by a bank holding company has not been disapproved by the Board pursuant to this paragraph, except that such investments, whether direct or indirect, in such shares shall not exceed 5 per centum of the bank holding company's consolidated capital and surplus. "(A)(i) No bank holding company shall invest in an export trading company under this paragraph unless the Board has been given sixty days' prior written notice of such proposed investment and within such period has not issued a notice disapproving the proposed investment or extending for up to another thirty days the period during which such disapproval may be issued. "(ii) The period for disapproval may be extended for such additional thirty-day period only if the Board determines that a bank holding company proposing to invest in an export trading company has not furnished all the information required to be submitted or that in the Board's judgment any material information submitted is substantially inaccurate. "(iii) The notice required to be filed by a bank holding company shall contain such relevant information as the Board shall require by regulation or by specific request in connection with any particular notice. "(iv) The Board may disapprove any proposed investment only if— "(I) such disapproval is necessary to prevent unsafe or unsound banking practices, undue concentration of resources, decreeised or unfair competition, or conflicts of interest; "(II) the Board finds that such investment would affect the financial or managerial resources of a bank holding company to an extent which is likely to have a materially adverse effect on the safety and soundness of any subsidiary bank of such bank holding company, or "(III) the bank holding company fails to furnish the information required under clause (iii). "(v) Within three days after a decision to disapprove an investment, the Board shall notify the bank holding company in writing of the disapproval and shall provide a written statement of the basis for the disapproval. "(vi) A proposed investment may be made prior to the expiration of the disapproval period if the Board issues

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