§ 215c. Mergers, consolidations, and other acquisitions authorized

Footnotes

1. 1 See References in Text note below.

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. 1991

   Federal Deposit Insurance Corporation Improvement Act of 1991

   Pub. L. 102–242 title V § 502(b) · 105 Stat. 2236

   Enacted · 12 U.S.C. § 215c

   R.S. § 5156A, as added Pub. L. 102–242, title V, § 502(b), Dec. 19, 1991, 105 Stat. 2393

   Source evidence

   Code source credit
   R.S. § 5156A, as added Pub. L. 102–242, title V, § 502(b), Dec. 19, 1991, 105 Stat. 2393

   Enacted provision · exact public law section
   (b) National Banks.— Chapter 1 of title LXII of the Revised Statutes of the United States (12 U.S.C. 5133 et seq.) is amended by adding at the end the following new section: “SEC. 5156A. MERGERS, CONSOLIDATIONS. AND OTHER ACQUISITIONS AUTHORIZED. “(a) In General.— Subject to sections 5(d)(3) and 18(c) of the Federal Deposit Insurance Act and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution. “(b) Expedited Approval of Acquisitions.— “(1) In general.— Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency by section 5(d)(3) of the Federal Deposit Insurance Act or any other applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency. “(2) Extensions of period.— The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that— “(A) an applicant has not furnished all of the information required to be submitted; or “(B) in the Comptroller’s judgment, any material information submitted is substantially inaccurate or incomplete. “(c) Rule of Construction.— No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act or any other law governing the powers of national banks. “(d) Acquire Defined.— For purposes of this section, the term ‘acquire’ means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.”.

2. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 div. A title II § 2201(b)(1) · 110 Stat. 3009

   Substituted · 12 U.S.C. § 215c(b)(1)

   Pub. L. 104–208 substituted “under any applicable law” for “by section 1815(d)(3) of this title or any other applicable law”

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 104–208 substituted “under any applicable law” for “by section 1815(d)(3) of this title or any other applicable law”.

   Enacted provision · exact public law section
   (1) Revised statutes.— Section 5156A(b)(1) of the Revised Statutes of the United States (12 U.S.C. 215c(b)(1)) is amended by striking “by section 5(d)(3) of the Federal Deposit Insurance Act or any other” and inserting “under any”.

2 of 2 references resolved to an enrolled provision