§ 1849. Saving provision

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1956

   May 9, 1956, ch. 240, § 11, 70 Stat. 146 · 70 Stat. 146

   Enacted · 12 U.S.C. § 1849

   May 9, 1956, ch. 240, § 11, 70 Stat. 146

   Source evidence

   Code source credit
   May 9, 1956, ch. 240, § 11, 70 Stat. 146

2. 1966

   Pub. L. 89–485 § 11 · 80 Stat. 236

   1. Amended · 12 U.S.C. § 1849

      Pub. L. 89–485 designated existing provisions as subsec. (a)

   2. Inserted · 12 U.S.C. § 1849

      Pub. L. 89–485 inserted “except as specifically provided in this section”

   3. Added · 12 U.S.C. § 1849

      Pub. L. 89–485 added subsecs. (b) to (f)

   Source evidence

   Code amendment note
   Pub. L. 89–485 designated existing provisions as subsec. (a), inserted “except as specifically provided in this section”, and added subsecs. (b) to (f).

   Enacted provision · exact public law section
   Sec. 11. Section 11 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841 (note)) is amended by inserting “(a)” after “Sec. 11.”; by inserting a comma and “except as specifically provided in this section” before the period at the end thereof; and by adding at the end thereof the following new subsections: “(b) The Board shall immediately notify the Attorney General of any approval by it pursuant to this Act of a proposed acquisition, merger, or consolidation transaction, and such transaction may not be consummated before the thirtieth calendar day after the date of approval by the Board. Any action brought under the antitrust laws arising out of an acquisition, merger, or consolidation transaction shall be commenced within such thirty-day period. The commencement of such an action shall stay the effectiveness of the Board’s approval unless the court shall otherwise specifically order. In any such action, the court shall review de novo the issues presented. In any judicial proceeding attacking any acquisition, merger, or consolidation transaction approved pursuant to this Act, on the ground that such transaction alone and of itself constituted a violation of any antitrust laws other than section 2 of the Act of July 2, 1890 (section 2 of the Sherman 26 Stat. 209. Antitrust Act, 15 U.S.C. 2), the standards applied by the court shall be identical with those that the Board is directed to apply under section 3 of Ante, pp. 237, 238. this Act. Upon the consummation of an acquisition, merger, or consolidation transaction in compliance with this Act and after the termination of any antitrust litigation commenced within the period prescribed in this section, or upon the termination of such period if no such litigation is commenced therein, the transaction may not thereafter be attacked in any judicial proceeding on the ground that it alone and of itself constituted a violation of any antitrust laws other than section 2 of the Act of July 2, 1890 (section 2 of the Sherman Antitrust Act, 15 U.S.C. 2), but nothing in this Act shall exempt any bank holding company involved in such a transaction from complying with the antitrust laws after the consummation of such transaction. “(c) In any action brought under the antitrust laws arising out of any acquisition, merger, or consolidation transaction approved by the Board pursuant to this Act, the Board and any State banking supervisory agency having jurisdiction within the State involved, may appear as a party of its own motion and as of right, and be represented by its counsel. “(d) Any acquisition, merger, or consolidation of the kind described in section 3(a) of this Act which was consummated at any time prior or subsequent to May 9, 1956, and as to which no litigation was initiated by the Attorney General prior to the date of enactment of this amendment, shall be conclusively presumed not to have been in violation of any antitrust laws other than section 2 of the Act of July 2, 1890 (section 2 of the Sherman Antitrust Act, 15 U.S.C. 2). 26 Stat. 209. “(e) Any court having pending before it on or after the date of enactment of this amendment any litigation initiated under the antitrust laws by the Attorney General with respect to any acquisition, merger, or consolidation of the kind described in section 3(a) of this Act shall apply the substantive rule of law set forth in section 3 of this Act. Ante, pp. 237, 238. “Antitrust laws.” 26 Stat. 209. 38 Stat. 730. Loans to affiliates. 48 Stat. 183; Post, p. 243. “Extension of credit.” “(f) For the purposes of this section, the term ‘antitrust laws’ means the Act of July 2, 1890 (the Sherman Antitrust Act, 15 U.S.C. 1–7), the Act of October 15, 1914 (the Clayton Act, 15 U.S.C. 12–27), and any other Acts in pari materia.”

3. 1970

   Bank Holding Company Act Amendments of 1970

   Pub. L. 91–607 § 104(a) · 84 Stat. 1760

   1. Substituted · 12 U.S.C. § 1849(b)

      Pub. L. 91–607, § 104(a), substituted “section 1842 of this title” for “this chapter” where appearing first two times

   2. Inserted · 12 U.S.C. § 1849(b)

      Pub. L. 91–607, § 104(a), inserted “approved under section 1842 of this title” in second sentence before “shall be commended” and in last sentence before “in compliance with this chapter”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 91–607, § 104(a), substituted “section 1842 of this title” for “this chapter” where appearing first two times, and inserted “approved under section 1842 of this title” in second sentence before “shall be commended” and in last sentence before “in compliance with this chapter”.

   Enacted provision · exact public law section
   (a) Section 11(b) of the Bank Holding Company Act of 1956 (12 U.S.C. 1849(b)) is amended— (1) by striking out “this Act” the first two times it appears and inserting in lieu thereof “section 3”; (2) by inserting “approved under section 3” in the second sentence immediately before “shall be commenced”; and (3) by inserting “approved under section 3” in the last sentence immediately before “in compliance with this Act”.

4. 1970

   Bank Holding Company Act Amendments of 1970

   Pub. L. 91–607 § 104(b) · 84 Stat. 1760

   Substituted · 12 U.S.C. § 1849(c)

   Pub. L. 91–607, § 104(b), substituted “under section 1842 of this title” for “pursuant to this chapter”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 91–607, § 104(b), substituted “under section 1842 of this title” for “pursuant to this chapter”.

   Enacted provision · exact public law section
   (b) Section 11(c) of such Act (12 U.S.C. 1849(c)) is amended by striking out “pursuant to” and inserting in lieu thereof “under section 3 of”.

5. 1977

   Pub. L. 95–188 title III § 303 · 91 Stat. 1387

   Substituted · 12 U.S.C. § 1849(b)

   Pub. L. 95–188 authorized a proposed acquisition, merger, or consolidation transaction to be consummated immediately upon approval by the Board where the Board has found that it must act immediately in order to prevent the probable failure of a bank or bank holding company involved in any such transaction; prohibited a transaction from being consummated before the fifth calendar day after the date of approval by the Board where the Board has advised the Comptroller of the Currency or the State supervisory authority, as the case may be, of the existence of an emergency requiring expeditious action and has required the submission of views and recommendations within ten days; continued for all other cases the thirty day waiting period after date of approval by the Board for consummation of the transaction; and substituted provision for commencement of stay actions prior to the earliest time at which the transaction approval under section 1842 of this title might be consummated for prior provision for commencement of such stay actions within the thirty-day waiting period

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 95–188 authorized a proposed acquisition, merger, or consolidation transaction to be consummated immediately upon approval by the Board where the Board has found that it must act immediately in order to prevent the probable failure of a bank or bank holding company involved in any such transaction; prohibited a transaction from being consummated before the fifth calendar day after the date of approval by the Board where the Board has advised the Comptroller of the Currency or the State supervisory authority, as the case may be, of the existence of an emergency requiring expeditious action and has required the submission of views and recommendations within ten days; continued for all other cases the thirty day waiting period after date of approval by the Board for consummation of the transaction; and substituted provision for commencement of stay actions prior to the earliest time at which the transaction approval under section 1842 of this title might be consummated for prior provision for commencement of such stay actions within the thirty-day waiting period.

   Enacted provision · exact public law section
   Sec. 303. Section 11(b) of the Bank Holding Company Act of 1966 (12 U.S.C. 1849) is amended to read as follows: “(b) The Board shall immediately notify the Attorney General of any approval by it pursuant to section 3 of a proposed acquisition, merger, or consolidation transaction. If the Board has found that it must act immediately in order to prevent the probable failure of a bank or bank holding company involved in any such transaction, the transaction may be consummated immediately upon approval by the Board. If the Board has advised the Comptroller of the Currency or the State supervisory authority, as the case may be, of the existence of an emergency requiring expeditious action and has required the submission of views and recommendations within ten days, the transaction may not be consummated before the fifth calendar day after the date of approval by the Board. In all other cases, the transaction may not be consummated before the thirtieth calendar day after the date of approval by Antitrust actions. the Board. Any action brought under the antitrust laws arising out of an acquisition, merger, or consolidation transaction approved under section 3 shall be commenced prior to the earliest time under this subsection at which the transaction approval under section 3 might be consummated. The commencement of such an action shall stay the effectiveness of the Board’s approval unless the court shall otherwise specifically order. In any such action, the court shall review de novo the Judicial standards. issues presented. In any judicial proceeding attacking any acquisition, merger, or consolidation transaction approved pursuant to section 3 on the ground that such transaction alone and of itself constituted a violation of any antitrust laws other than section 2 of the Act of July 2, 1890 (section 2 of the Sherman Antitrust Act, 15 U.S.C. 2), the standards applied by the court shall be identical with those that the Board is directed to apply under section 3 of this Act. Upon the consummation of an acquisition, merger, or consolidation transaction approved under section 3 in compliance with this Act and after the termination of any antitrust litigation commenced within the period prescribed in this section, or upon the termination of such period if no such litigation is commenced therein, the transaction may not thereafter be attacked in any judicial proceeding on the ground that it alone and of itself constituted a violation of any antitrust laws other than section 2 of the Act of July 2, 1890 (section 2 of the Sherman Antitrust Act, 15 U.S.C. 2), but nothing in this Act shall exempt any bank holding company involved in such a transaction from complying with the antitrust laws after the consummation of such transaction.”.

6. 1987

   Financial Institutions Emergency Acquisitions Amendments of 1987

   Pub. L. 100–86 title V § 502(h)(3) · 101 Stat. 552

   1. Amended · 12 U.S.C. § 1849(b)

      Pub. L. 100–86 designated existing provisions as par. (1)

   2. Added · 12 U.S.C. § 1849(b)

      Pub. L. 100–86 added par. (2)

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 100–86 designated existing provisions as par. (1) and added par. (2).

   Enacted provision · exact public law section
   (3) Early antitrust review in case of emergency acquisition of failing bank.— Section 11(b) of the Bank Holding Company Act of 1956 (12 U.S.C. 1849(b)) is amended— (A) by striking out “(b) The Board” and inserting in lieu thereof “ (b) Antitrust Review .— “(1) In general.—The Board”; (B) by moving all that follows 2 ems to the right; and (C) by adding at the end thereof the following new paragraph: “(2) Section 13(f) cases.— (A) If— “(i) the Federal Deposit Insurance Corporation learns that a bank insured by such Corporation is in danger of closing; and “(ii) the Corporation is considering assisting the acquisition of such bank and its affiliated banks by another bank or holding company under section 13(f) of the Federal Deposit Insurance Act and such acquisition is subject to the approval of the Board under section 3 of this Act, the Corporation shall immediately notify the Board of such facts. “(B) Upon receipt of notice from the Federal Deposit Insurance Corporation under subparagraph (A) or at such earlier time as deemed appropriate by the Board, the Board shall immediately notify the Attorney General of the United States of the facts concerning the possible acquisition. “(C) Within 5 days of receiving notice under subparagraph (B), the Attorney General shall notify the Board in writing of the Attorney General’s preliminary finding as to the consistency of the possible acquisition with the antitrust laws. “(D) The Board may reduce or eliminate the post-approval waiting period established under paragraph (1) for an acquisition to which this paragraph applies, except that such period may not be eliminated or reduced to less than 5 days without the concurrence of the Attorney General.”.

7. 1994

   Riegle Community Development and Regulatory Improvement Act of 1994

   Pub. L. 103–325 title III § 321(a) · 108 Stat. 2160

   Inserted · 12 U.S.C. § 1849(b)(1)

   Pub. L. 103–325 inserted before period at end of fourth sentence “or, if the Board has not received any adverse comment from the Attorney General of the United States relating to competitive factors, such shorter period of time as may be prescribed by the Board with the concurrence of the Attorney General, but in no event less than 15 calendar days after the date of approval”

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 103–325 inserted before period at end of fourth sentence “or, if the Board has not received any adverse comment from the Attorney General of the United States relating to competitive factors, such shorter period of time as may be prescribed by the Board with the concurrence of the Attorney General, but in no event less than 15 calendar days after the date of approval”.

   Enacted provision · exact public law section
   (a) Acquisitions.— Section 11(b)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1849(b)(1)) is amended by inserting before the period at the end of the 4th sentence the following: “or, if the Board has not received any adverse comment from the Attorney General of the United States relating to competitive factors, such shorter period of time as may be prescribed by the Board with the concurrence of the Attorney General, but in no event less than 15 calendar days after the date of approval”.

8. 1999

   Pub. L. 106–102 title I § 131 · 113 Stat. 1338

   Inserted · 12 U.S.C. § 1849(b)(1)

   Pub. L. 106–102 inserted before period at end of first sentence “and, if the transaction also involves an acquisition under section 1843 of this title, the Board shall also notify the Federal Trade Commission of such approval”

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 106–102 inserted before period at end of first sentence “and, if the transaction also involves an acquisition under section 1843 of this title, the Board shall also notify the Federal Trade Commission of such approval”.

   Enacted provision · exact public law section
   SEC. 131. AMENDMENT TO THE BANK HOLDING COMPANY ACT OF 1956 TO MODIFY NOTIFICATION AND POST-APPROVAL WAITING PERIOD FOR SECTION 3 TRANSACTIONS. Section 11(b)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1849(b)(1)) is amended by inserting “and, if the transaction also involves an acquisition under section 4, the Board shall also notify the Federal Trade Commission of such approval” before the period at the end of the first sentence.

   Effective date note
   Amendment by Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title.

11 of 12 references resolved to an enrolled provision · 1 partial