§ 3204. Exceptions

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. 1978

   Depository Institution Management Interlocks Act

   Pub. L. 95–630 title II § 205 · 92 Stat. 3641

   Enacted · 12 U.S.C. § 3204

   Pub. L. 95–630, title II, § 205, Nov. 10, 1978, 92 Stat. 3673

   Source evidence

   Code source credit
   Pub. L. 95–630, title II, § 205, Nov. 10, 1978, 92 Stat. 3673

   Enacted provision · exact public law section
   Sec. 205. The prohibitions contained in sections 203 and 204 shall 12 USC 3204. not apply in the case of any one or more of the following or subsidiary thereof: (1) A depository institution or depository holding company which has been placed formally in liquidation, or which is in the hands of a receiver, conservator, or other official exercising a similar function. (2) A corporation operating under section 25 or 25A of the Federal Reserve Act. (3) A credit union being served by a management official of another credit union. (4) A depository institution or depository holding company which does not do business within any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands except as an incident to its activities outside the United States. (5) A State-chartered savings and loan guaranty corporation. (6) A Federal Home Loan Bank or any other bank organized specifically to serve depository institutions.

2. 1982

   Garn-St Germain Depository Institutions Act of 1982

   Pub. L. 97–320 title IV § 425(d) · 96 Stat. 1469

   Substituted · 12 U.S.C. § 3204(2)

   Pub. L. 97–320 substituted “25(a)” for “25A”

   Source evidence

   Code amendment note
   Par. (2). Pub. L. 97–320 substituted “25(a)” for “25A”.

   Enacted provision · exact public law section
   (d) Section 205(2) of the Depository Institution Management Interlocks Act (12 U.S.C. 3204(2)) is amended by striking “25A” and inserting in lieu thereof “25(a)”.

3. 1988

   Pub. L. 100–650 § 4 · 102 Stat. 3819

   Added · 12 U.S.C. § 3204(7)

   Pub. L. 100–650, § 4, added par. (7)

   Source evidence

   Code amendment note
   Par. (7). Pub. L. 100–650, § 4, added par. (7).

   Enacted provision · exact public law section
   SEC. 4. EXCEPTION FOR FAILED OR FAILING INSTITUTIONS WHICH ARE ACQUIRED. Section 205 of the Depository Institution Management Interlocks Act (12 U.S.C. 3204) is amended by adding at the end thereof the following new paragraph: “(7) A depository institution or a depository holding company which— “(A) is closed or is in danger of closing, as determined by the appropriate Federal depository institutions regulatory agency in accordance with regulations prescribed by such agency; and “(B) is acquired by another depository institution or depository holding company, during the 5-year period beginning on the date of the acquisition of the depository institution or depository holding company described in subparagraph (A).”.

4. 1988

   Pub. L. 100–650 § 5(a) · 102 Stat. 3819

   Added · 12 U.S.C. § 3204(8)

   Pub. L. 100–650, § 5(a), added par. (8)

   Source evidence

   Code amendment note
   Par. (8). Pub. L. 100–650, § 5(a), added par. (8).

   Enacted provision · exact public law section
   (a) Exception Established.— Section 205 of the Depository Institution Management Interlocks Act (12 U.S.C. 3204) is amended by inserting after paragraph (7) (as added by section 4 of this Act) the following new paragraph: “(8) (A) A diversified savings and loan holding company (as defined in section 408(a)(1)(F) of the National Housing Act) with respect to the service of a director of such company who is also a director of any nonaffiliated depository institution or depository holding company (including a savings and loan holding company) if— “(i) notice of the proposed dual service is given by such diversified savings and loan holding company to— “(I) the appropriate Federal depository institutions regulatory agency for such company; and “(II) the appropriate Federal depository institutions regulatory agency for the nonaffiliated depository institution or depository holding company of which such person is also a director, not less than 60 days before such dual service is proposed to begin; and “(ii) the proposed dual service is not disapproved by any such appropriate Federal depository institutions regulatory agency before the end of such 60-day period. “(B) Any appropriate Federal depository institutions regulatory agency may disapprove, under subparagraph (A)(ii), a notice of proposed dual service by any individual if such agency finds that— “(i) the dual service cannot be structured or limited so as to preclude the dual service’s resulting in a monopoly or substantial lessening of competition in financial services in any part of the United States; “(ii) the dual service would lead to substantial conflicts of interest or unsafe or unsound practices; or “(iii) the diversified savings and loan holding company has neglected, failed, or refused to furnish all the information required by such agency. “(C) Any appropriate Federal depository institutions regulatory agency may, at any time after the end of the 60-day period referred to in subparagraph (A), require that any dual service by any individual which was not disapproved by such agency during such period be terminated if a change in circumstances occurs with respect to any depository institution or depository holding company of which such individual is a director that would have provided a basis for disapproval of the dual service during such period.”.

5. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 title VI § 604(a) · 103 Stat. 183

   Added · 12 U.S.C. § 3204(9)

   Pub. L. 101–73 added par. (9)

   Source evidence

   Code amendment note
   Par. (9). Pub. L. 101–73 added par. (9).

   Enacted provision · exact public law section
   (a) Amendment to Depository Institution Management Interlocks Act.— Section 205 of the Depository Institution Management Interlocks Act (12 U.S.C. 3204) is amended by adding at the end thereof the following new paragraph: “(9) Any savings association (as defined in section 10(a)(1)(A) of the Home Owners’ Loan Act or any savings and loan holding company (as defined in section 10(a)(1)(D) of such Act) which has issued stock in connection with a qualified stock issuance pursu-ant to section 10(q) of such Act, except that this paragraph shall apply only with respect to service as a single management official of such savings association or holding company, or any subsidiary of such savings association or holding company, by a single management official of the savings and loan holding company which purchased the stock issued in connection with such qualified stock issuance, and shall apply only when the Director of the Office of Thrift Supervision has determined that such service is consistent with the purposes of this Act and the Home Owners’ Loan Act.”.

5 of 5 references resolved to an enrolled provision