§ 619. Capital stock; by whom held; ownership of capital stock by foreign bank

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. 1913

   Third Deficiency Appropriation Act, fiscal year 1919

   Pub. L. 66–6 § 25A · 41 Stat. 35

   Enacted · 12 U.S.C. § 619

   Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378

   Source evidence

   Code source credit
   Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378

2. 1978

   International Banking Act of 1978

   Pub. L. 95–369 § 3(f) · 92 Stat. 607

   1. Inserted · 12 U.S.C. § 619

      Pub. L. 95–369 inserted “Except as otherwise provided in this subchapter” before “a majority of the shares”

   2. Inserted · 12 U.S.C. § 619

      Pub. L. 95–369 inserted provision relating to the ownership of 50 per centum of the shares of capital stock by a foreign bank with prior approval of the Board of Governors of the Federal Reserve System

   Source evidence

   Code amendment note
   Pub. L. 95–369 inserted “Except as otherwise provided in this subchapter” before “a majority of the shares”, and inserted provision relating to the ownership of 50 per centum of the shares of capital stock by a foreign bank with prior approval of the Board of Governors of the Federal Reserve System.

   Enacted provision · exact public law section
   (f) The thirteenth paragraph of section 25(a) of the Federal Reserve Act (12 U.S.C. 619) is deleted and the following paragraph is inserted in lieu thereof: “Except as otherwise provided in this section, a majority of the shares of the capital stock of any such corporation shall at all times be held and owned by citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States or of a State of the United States, or by firms or companies, the controlling interest in which is owned by citizens of the United States. Notwithstanding any other provisions of this section, one or more foreign banks, institutions organized under the laws of foreign countries which own or control foreign banks, or banks organized under the laws of the United States, the States of the United States, or the District of Columbia, the controlling interests in which are owned by any such foreign banks or institutions, may, with the prior approval of the Board of Governors of the Federal Reserve System and upon such terms and conditions and subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, own and hold 50 per centum or more of the shares of the capital stock of any corporation organized under this section, and any such corporation shall be subject to the same provisions of law as any other corporation organized under this section, and the terms ‘controls’ and Definitions. ‘controlling interest’ shall be construed consistently with the definition of ‘control’ in section 2 of the Bank Holding Company Act of 12 USC 1841. 1956. For the purposes of the preceding sentence of this paragraph the term ‘foreign bank’ shall have the meaning assigned to it in the International Banking Act of 1978.”.

3. 1987

   Competitive Equality Amendments of 1987

   Pub. L. 100–86 title I § 102(c)(1) · 101 Stat. 552

   Inserted · 12 U.S.C. § 619

   Pub. L. 100–86 inserted provisions which related to any company, other than bank as defined in section 2 of Bank Holding Company Act of 1956, that after Mar. 5, 1987, directly or indirectly acquires control of corporation organized or operating under provisions of this subchapter or subchapter I of this chapter to be subject to provisions of Bank Holding Company Act of 1956 in same manner and to same extent that bank holding companies are subject thereto, except that such company shall not by reason of this paragraph be deemed bank holding company for purpose of section 3 of such Act

   Source evidence

   Code amendment note
   Pub. L. 100–86 inserted provisions which related to any company, other than bank as defined in section 2 of Bank Holding Company Act of 1956, that after Mar. 5, 1987, directly or indirectly acquires control of corporation organized or operating under provisions of this subchapter or subchapter I of this chapter to be subject to provisions of Bank Holding Company Act of 1956 in same manner and to same extent that bank holding companies are subject thereto, except that such company shall not by reason of this paragraph be deemed bank holding company for purpose of section 3 of such Act.

   Enacted provision · exact public law section
   (1) In general.— The paragraph of section 25(a) of the Federal 12 USC 611–631. Reserve Act which begins “Except as otherwise provided in this section, a majority” (the 11th full paragraph) (12 U.S.C. 619) is amended by adding at the end thereof the following: “Any company, other than a bank as defined in section 2 of the Bank Ante, pp. 554, 557. Holding Company Act of 1956, that after March 5, 1987, directly or indirectly acquires control of a corporation organized or operating under the provisions of this section or section 25 shall be subject to the provisions of the Bank Holding Company Act 12 USC 1841 note. of 1956 in the same manner and to the same extent that bank holding companies are subject thereto, except that such company shall not by reason of this paragraph be deemed a bank holding company for the purpose of section 3 of the Bank Holding Company Act of 1956.”.

3 of 4 references resolved to an enrolled provision · 1 partial