§ 221a. Additional definitions

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. 1933

   Banking Act of 1933

   Pub. L. 73–89 § 2 · 48 Stat. 162

   Enacted · 12 U.S.C. § 221a

   June 16, 1933, ch. 89, § 2, 48 Stat. 162

   Source evidence

   Code source credit
   June 16, 1933, ch. 89, § 2, 48 Stat. 162

   Enacted provision · exact public law section
   Sec. 2. As used in this Act and in any provision of law amended by this Act— (a) Terms construed. The terms “banks”, “national bank”, “national banking association”, “member bank”, “board”, “district”, and “reserve Vol. 38, p. 251. U.S.C., p. 274. bank” shall have the meanings assigned to them in section 1 of the Federal Reserve Act, as amended. (b) “Affiliates,” organizations included within term. Except where otherwise specifically provided, the term “affiliate” shall include any corporation, business trust, association, or other similar organization— (1) Member bank having controlling interest. Of which a member bank, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or (2) Shareholders of member bank control. Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own or control either a majority of the shares of such bank or more than 50 per centum of the number of shares voted for the election of directors of such bank at the preceding election, or by trustees for the benefit of the shareholders of any such bank; or (3) Of which a majority of its directors, trustees, or other persons Majority directors of, are directors of member bank. exercising similar functions are directors of any one member bank. (c) The term “holding company affiliate” shall include any corporation, “Holding company affiliate,” organizations included within term. business trust, association, or other similar organization— (1) Which owns or controls, directly or indirectly, either a When majority of shares of capital stock of member bank owned, etc. majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of any one bank at the preceding election, or controls in any manner the election of a majority of the directors of any one bank; or (2) For the benefit of whose shareholders or members all or When capital stock of member bank held in trust. substantially all the capital stock of a member bank is held by trustees.

2. 1935

   Public Law not identified

   Added · 12 U.S.C. § 221a(c)

   Subsec. (c). Act Aug. 23, 1935, added last par

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (c). Act Aug. 23, 1935, added last par.

3. 1966

   Pub. L. 89–485 § 13(a) · 80 Stat. 236

   1. Added · 12 U.S.C. § 221a(b)(4)

      Pub. L. 89–485, § 13(a), added par. (4) which incorporates definitions of “holding company affiliate” contained in cls. (1) and (2) of former subsec. (c) of this section

   2. Substituted · 12 U.S.C. § 221a(b)(4)

      Pub. L. 89–485, § 13(a), substituted “a member bank” for “any one bank” in first two places

   Source evidence

   Code amendment note
   Subsec. (b)(4). Pub. L. 89–485, § 13(a), added par. (4) which incorporates definitions of “holding company affiliate” contained in cls. (1) and (2) of former subsec. (c) of this section, and substituted “a member bank” for “any one bank” in first two places.

   Enacted provision · exact public law section
   (a) Subsection (b) of section 2 of the Banking Act of 1933, as amended (12 U.S.C. 221a), is further amended by inserting before the period at the end thereof the following: “; or “(4) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of a member bank at the preceding election, or controls in any manner the election of a majority of the directors of a member bank, or for the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees”.

4. 1966

   Pub. L. 89–485 § 13(b) · 80 Stat. 236

   1. Repealed · 12 U.S.C. § 221a(c)

      Pub. L. 89–485, § 13(b), repealed definition of “holding company affiliate”, cls. (1) and (2) thereof now being incorporated in the subsec. (b)(4) definition of “affiliate”

   2. Substituted · 12 U.S.C. § 221a(c)

      Pub. L. 89–485, § 13(b), substituting “a member bank” for “any one bank” in first two places and the par. excluding therefrom any corporations stock of which is fully owned by the United States and any organization determined by the Board of Governors of the Federal Reserve System not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 89–485, § 13(b), repealed definition of “holding company affiliate”, cls. (1) and (2) thereof now being incorporated in the subsec. (b)(4) definition of “affiliate”, substituting “a member bank” for “any one bank” in first two places and the par. excluding therefrom any corporations stock of which is fully owned by the United States and any organization determined by the Board of Governors of the Federal Reserve System not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies.

   Enacted provision · exact public law section
   (b) Subsection (c) of section 2 of the Banking Act of 1933, as amended (12 U.S.C. 221a), is repealed.

5 of 6 references resolved to an enrolled provision · 1 unresolved