Page:United States Statutes at Large Volume 96 Part 1.djvu/524

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 482

which approval by the Federal regulatory agency of such acquisition becomes final. (iii) SPECIAL RULE WHERE OFFER SUBJECT TO APPROVAL B FOREIGN REGULATORY BODY.—In any case where an Y

offer to acquire stock in a corporation was subject to intervention by a foreign regulatory body and a public announcement of such an offer resulted in the intervention by such foreign regulatory body before July 23, 1982— (I) such public announcement shall be treated as a tender offer, and (II) clause (i) shall be applied by substituting for "October 1, 1982" the date which is 90 days after the date on which such regulatory body approves a public offer to acquire stock in such corporation. (iv) SPECIAL RULE WHERE ONE-THIRD OF ACQUIRED DURING MARCH AND APRIL 1982.—If—

"Control."

26 USC 368.

SHARES

(I) one-third or more of the shares of a corporation were acquired by another corporation during March and April 1982, and (II) during March or April 1982, the acquiring corporation filed with the Federal Trade Commission notification of its intent to acquire control of the acquired corporation, subclause (II) of clause (i) shall not apply with respect to distributions made by the acquired corporation. (E) INSURANCE COMPANIES.—The amendments made by this section shall not apply to distributions made by an insurance company pursuant to a plan of partial liquidation adopted before October 1, 1982, where control was acquired by the distributee or its parent after December 31, 1980, and before July 23, 1982, and the conduct of the insurance business by the distributee is conditioned on approval by a State regulatory authority. For purposes of this paragraph, the term "control" has the meaning given to such term by section 368(c) of the Internal Revenue Code of 1954. (3) APPROVAL OF PLAN BY BOARD OF DIRECTORS.—For purposes

of—

Post, p. 485.

(A) paragraph (2), and (B) applying section 346(a)(2) of the Internal Revenue Code of 1954 (as in effect on the day before the date of the enactment of this Act) to distributions to which (but for paragraph (2)) the amendments made by this section would apply, a plan of liquidation shall be treated as adopted when approved by the corporation's board of directors. (4) COORDINATION WITH AMENDMENTS MADE BY SECTION 224.— For purposes of section 338(e)(2)(C) of the Internal Revenue Code of 1954 (as added by section 224), any property acquired in a distribution to which the amendments made by this section do not apply by reason of paragraph (2) shall be treated as acquired before September 1, 1982.

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