§ 3205. Management official in position prior to November 10, 1978

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 § 206 · 92 Stat. 3641

   Enacted · 12 U.S.C. § 3205

   Pub. L. 95–630, title II, § 206, Nov. 10, 1978, 92 Stat. 3674

   Source evidence

   Code source credit
   Pub. L. 95–630, title II, § 206, Nov. 10, 1978, 92 Stat. 3674

   Enacted provision · exact public law section
   Sec. 206. A person whose service in a position as a management official began prior to the date of enactment of this title and was not immediately prior to the date of enactment of this title in violation of 15 USC 19. section 8 of the Clayton Act is not prohibited by section 203 or section 204 of this title from continuing to serve in that position for a period of ten years after the date of enactment of this title. The appropriate Federal banking agency (as set forth in section 209) may provide a reasonable period of time for compliance with this title, not exceeding fifteen months, after any change in circumstances which makes such service prohibited by this title.

2. 1981

   Pub. L. 97–110 title III § 302 · 95 Stat. 1513

   1. Amended · 12 U.S.C. § 3205

      Pub. L. 97–110 designated existing provisions as subsec. (a)

   2. Inserted · 12 U.S.C. § 3205

      Pub. L. 97–110 inserted provision that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or 3203 of this title

   3. Added · 12 U.S.C. § 3205

      Pub. L. 97–110 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 97–110 designated existing provisions as subsec. (a), inserted provision that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or 3203 of this title, and added subsec. (b).

   Enacted provision · exact public law section
   Sec. 302. Section 206 of the Depository Institution Management Interlocks Act is amended to read as follows: 12 USC 3205. “Sec. 206. (a) A person whose service in a position as a management official began prior to the date of enactment of this title and who was not immediately prior to the date of enactment of this title in violation of section 8 of the Clayton Act is not prohibited by section 15 USC 19. 12 USC 3202, 3203. 203 or section 204 of this title from continuing to serve in that position for a period of ten years after the date of enactment of this title. The appropriate Federal banking agency (as set forth in section 209) may provide a reasonable period of time for compliance with this 12 USC 3207. title, not exceeding fifteen months, after any change in circumstances which makes service described in the preceding sentence prohibited by this title, except that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 203 or section 204 of this title. “(b) Effective on the date of enactment of this title, a person who serves aa a management official of a company which is not a depository institution or a depository holding company and as a management official of a depository institution or a depository holding company is not prohibited m>m continuing to serve as a management official of that depository institution or depository holding company as a result of that company which is not a depository institution or depository holding company becoming a diversified savings and loan holding company as that term is defined in section 408(a) of the National Housing Act. This subsection shall 12 USC 1730a. Expiration. expire ten years after the date of enactment of this title.”.

3. 1988

   Pub. L. 100–650 § 5(b)(2) · 102 Stat. 3819

   Substituted · 12 U.S.C. § 3205(a)

   Pub. L. 100–650, § 5(b)(2), substituted “depository institutions regulatory agency” for “banking agency (as set forth in section 3207 of this title)”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 100–650, § 5(b)(2), substituted “depository institutions regulatory agency” for “banking agency (as set forth in section 3207 of this title)”.

   Enacted provision · exact public law section
   (2) Conforming amendment.— Section 206(a) of the Depository Institution Management Interlocks Act (12 U.S.C. 3205(a)) is amended by striking out “banking agency (as set forth in section 209)” and inserting in lieu thereof “depository institutions regulatory agency”.

4. 1988

   Pub. L. 100–650 § 6 · 102 Stat. 3819

   Substituted · 12 U.S.C. § 3205(a)

   Pub. L. 100–650, § 6, substituted “15 years” for “ten years”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 100–650, § 6, substituted “15 years” for “ten years”.

   Enacted provision · exact public law section
   SEC. 6. EXTENSION OF GRANDFATHER CLAUSE. Subsections (a) and (b) of section 206 of the Depository Institution Management Interlocks Act (12 U.S.C. 3205) are each amended by striking “ten years” and inserting in lieu thereof “la years”.

5. 1988

   Pub. L. 100–650 § 6 · 102 Stat. 3819

   Substituted · 12 U.S.C. § 3205(b)

   Pub. L. 100–650, § 6, substituted “15 years” for “ten years”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 100–650, § 6, substituted “15 years” for “ten years”.

   Enacted provision · exact public law section
   SEC. 6. EXTENSION OF GRANDFATHER CLAUSE. Subsections (a) and (b) of section 206 of the Depository Institution Management Interlocks Act (12 U.S.C. 3205) are each amended by striking “ten years” and inserting in lieu thereof “la years”.

6. 1994

   Riegle Community Development and Regulatory Improvement Act of 1994

   Pub. L. 103–325 § 338(a)(1) · 108 Stat. 2160

   Substituted · 12 U.S.C. § 3205(a); 12 U.S.C. § 3205(b)

   Pub. L. 103–325, § 338(a)(1), substituted “, subject to the requirements of subsection (c) of this section, 20 years after November 10, 1978” for “15 years after November 10, 1978”

   Source evidence

   Code amendment note
   Subsecs. (a), (b). Pub. L. 103–325, § 338(a)(1), substituted “, subject to the requirements of subsection (c) of this section, 20 years after November 10, 1978” for “15 years after November 10, 1978”.

   Enacted provision · exact public law section
   (1) in subsections (a) and (b), by striking “15 years after the date of enactment of this title” each place it appears and inserting “, subject to the requirements of subsection (c), 20 years after the date of enactment of this title”; and

7. 1994

   Riegle Community Development and Regulatory Improvement Act of 1994

   Pub. L. 103–325 § 338(a)(2) · 108 Stat. 2160

   Added · 12 U.S.C. § 3205(c)

   Pub. L. 103–325, § 338(a)(2), added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 103–325, § 338(a)(2), added subsec. (c).

   Enacted provision · exact public law section
   (2) by adding at the end the following new subsection: “(c) Review of Existing Management Interlocks.— Upon the timely filing of a submission by a person petitioning to serve as a management official in more than 1 position pursuant to subsection (a) or (b), each appropriate Federal depository institutions regulatory agency shall, not later than 6 months after the date of enactment of this Act— “(1) review, on a case-by-case basis, the circumstances under which such person has served as a management official under the provisions of subsection (a) or (b); and “(2) permit the management official to continue to serve in such position only if— “(A) such person has provided a resolution from the boards of directors of each affected depository institution, depository holding company, or company described in subsection (b). certifying to the appropriate Federal depository institutions regulatory agency for each of the institutions involved that there is no other qualified candidate from the community described in paragraph (1) or (2) of section 203 who— “(i) possesses the level of expertise necessary for such service with respect to the affected depository institution, depository holding company, or company described in subsection (b); and “(ii) is willing to serve as a management official at the affected depository institution, depository holding company, or company described in subsection (b); and “(B) the appropriate Federal depository institutions regulatory agency determines that continuation of service by the management official does not produce an anti-competitive effect with respect to each affected depository institution, depository holding company, or company described in subsection (b).”.

8. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 § 2210(b)(1) · 110 Stat. 3009

   Struck · 12 U.S.C. § 3205(a)

   Pub. L. 104–208, § 2210(b)(1), struck out “for a period of, subject to the requirements of subsection (c) of this section, 20 years after November 10, 1978” after “continuing to serve in that position”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 104–208, § 2210(b)(1), struck out “for a period of, subject to the requirements of subsection (c) of this section, 20 years after November 10, 1978” after “continuing to serve in that position”.

   Enacted provision · exact public law section
   (1) in subsection (a), by striking “for a period of, subject to the requirements of subsection (c), 20 years after the date of enactment of this title”;

9. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 § 2210(b)(2) · 110 Stat. 3009

   Struck · 12 U.S.C. § 3205(b)

   Pub. L. 104–208, § 2210(b)(2), struck out at end “This subsection shall expire, subject to the requirements of subsection (c) of this section, 20 years after November 10, 1978.”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 104–208, § 2210(b)(2), struck out at end “This subsection shall expire, subject to the requirements of subsection (c) of this section, 20 years after November 10, 1978.”

   Enacted provision · exact public law section
   (2) in subsection (b), by striking the second sentence; and

10. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 2210(b)(3) · 110 Stat. 3009

    Struck · 12 U.S.C. § 3205(c)

    Pub. L. 104–208, § 2210(b)(3), struck out subsec. (c) which related to review of existing management interlocks

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 104–208, § 2210(b)(3), struck out subsec. (c) which related to review of existing management interlocks.

    Enacted provision · exact public law section
    (3) by striking subsection (c).

12 of 12 references resolved to an enrolled provision