12 C.F.R. PART 583—DEFINITIONS FOR REGULATIONS AFFECTING SAVINGS AND LOAN HOLDING COMPANIES
Title 12 - Banks and Banking
Authority: 12 U.S.C. 1462, 1462a, 1463, 1464, 1467a, 1468.
Source: 54 FR 49707, Nov. 30, 1989, unless otherwise noted.
The term acquire means to acquire, directly or indirectly, ownership or control through an acquisition of shares, an acquisition of assets or assumption of liabilities, a merger or consolidation, or any similar transaction. The term affiliate of a specified savings association means any person or company which controls, is controlled by, or is under common control with, such savings association. The term bank means any national bank, state bank, state-chartered savings bank, cooperative bank, or industrial bank, the deposits of which are insured by the Deposit Insurance Fund. [71 FR 19812, Apr. 18, 2006] The term bank holding company means any company which has control over any bank or over any company that is or becomes a bank holding company. The term company means any corporation, partnership, trust, joint-stock company, or similar organization, but does not include: (a) The Federal Deposit Insurance Corporation, (b) The Resolution Trust Corporation, (c) Any Federal Home Loan Bank, (d) The Office of Thrift Supervision, or (e) Any company the majority of the shares of which is owned by (1) The United States or any State, (2) An officer of the United States or any State in his or her official capacity, or (3) An instrumentality of the United States or any State. For purposes of this chapter, a person shall be deemed to have control of: (a) A savings association if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 percent of the voting shares of such savings association, or controls in any manner the election of a majority of the directors of such association; (b) Any other company if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 percent of the voting shares or rights of such other company, or controls in any manner the election or appointment of a majority of the directors or trustees of such other company, or is a general partner in or has contributed more than 25 percent of the capital of such other company; (c) A trust if the person is a trustee thereof; or (d) A savings association or any other company if the Office determines, after reasonable notice and opportunity for hearing, that such person directly or indirectly exercises a controlling influence over the management or policies of such association or other company. The term Corporation means the Federal Deposit Insurance Corporation. The term director as used in any document specified in part 584 of this chapter means any director of a corporation or any individual who performs similar functions in respect of any company, including a trustee under a trust. The term diversified savings and loan holding company means any savings and loan holding company whose subsidiary savings association and related activities, as specified in 12 U.S.C. 1467a(c)(2), represented on either an actual or pro forma basis, less than 50 percent of its consolidated net worth at the close of its preceding fiscal year and of its consolidated net earnings for such fiscal year. For purposes of the foregoing, consolidated net worth and consolidated net earnings shall be determined in accordance with generally accepted accounting principles. The term multiple savings and loan holding company means any savings and loan holding company which directly or indirectly controls two or more savings associations. The term Office means the Office of Thrift Supervision. The term officer as used in any document specified in part 584 of this chapter means the chairman of the board, president, vice president, treasurer, secretary, or comptroller of any company, or any other person who participates in its major policy decisions. The term parent company means any company which directly or indirectly controls any other company or companies. The term person means an individual or company. The term qualified thrift lender means a financial institution that meets the appropriate qualified thrift lender test set forth in 12 U.S.C. 1467a(m). [54 FR 49707, Nov. 30, 1989, as amended at 60 FR 66870, Dec. 27, 1995] The term registrant means a savings and loan holding company filing a registration statement with the Office pursuant to §584.1 of this chapter. The term savings and loan holding company means any company that directly or indirectly controls a savings association, but does not include: (a) Any company by virtue of its ownership or control of voting stock of a savings association or a savings and loan holding company acquired in connection with the underwriting of securities if such stock is held only for such period of time (not exceeding 120 days unless extended by the Office) as will permit the sale thereof on a reasonable basis; and (b) Any trust (other than a pension, profit-sharing, stockholders', voting or business trust) which directly or indirectly controls a savings association if such trust by its terms must terminate within 25 years or not later than 21 years and 10 months after the death of individuals living on the effective date of the trust, and: (1) Was in existence and was directly or indirectly in control of a savings association on June 26, 1967, or (2) Is a testamentary trust; and (c) A bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956, or any company directly or indirectly controlled by such company (other than a savings association). [54 FR 49707, Nov. 30, 1989, as amended at 61 FR 60185, Nov. 27, 1996] The term savings association means a Federal savings and loan association or a Federal savings bank chartered under section 5 of the Home Owners' Loan Act, a building and loan, savings and loan or homestead association or a cooperative bank (other than a cooperative bank described in 12 U.S.C. 1813(a)(2)) the deposits of which are insured by the Corporation, and any corporation (other than a bank) the deposits of which are insured by the Corporation that the Office and the Corporation jointly determine to be operating in substantially the same manner as a savings association, and shall include any savings bank or any cooperative bank which is deemed by the Office to be a savings association under 12 U.S.C. 1467a(1). The term State includes the District of Columbia and the Commonwealth of Puerto Rico. The term subsidiary means any company which is owned or controlled directly or indirectly by a person, and includes any service corporation owned in whole or in part by a savings association, or a subsidiary of such service corporation. The term uninsured institution means any depository institution the deposits of which are not insured by the Corporation.
Title 12: Banks and Banking
PART 583—DEFINITIONS FOR REGULATIONS AFFECTING SAVINGS AND LOAN HOLDING COMPANIES
Section Contents
§ 583.1 Acquire.
§ 583.2 Affiliate.
§ 583.3 Bank.
§ 583.4 Bank holding company.
§ 583.5 [Reserved]
§ 583.6 Company.
§ 583.7 Control.
§ 583.8 Corporation.
§ 583.9 Director.
§ 583.11 Diversified savings and loan holding company.
§ 583.12 Multiple savings and loan holding company.
§ 583.13 Office.
§ 583.14 Officer.
§ 583.15 Parent company.
§ 583.16 Person.
§ 583.17 Qualified thrift lender.
§ 583.18 Registrant.
§ 583.19 [Reserved]
§ 583.20 Savings and loan holding company.
§ 583.21 Savings association.
§ 583.22 State.
§ 583.23 Subsidiary.
§ 583.24 Uninsured institution.
§ 583.1 Acquire.
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§ 583.2 Affiliate.
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§ 583.3 Bank.
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§ 583.4 Bank holding company.
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§ 583.5 [Reserved]
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§ 583.6 Company.
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§ 583.7 Control.
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§ 583.8 Corporation.
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§ 583.9 Director.
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§ 583.11 Diversified savings and loan holding company.
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§ 583.12 Multiple savings and loan holding company.
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§ 583.13 Office.
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§ 583.14 Officer.
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§ 583.15 Parent company.
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§ 583.16 Person.
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§ 583.17 Qualified thrift lender.
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§ 583.18 Registrant.
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§ 583.19 [Reserved]
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§ 583.20 Savings and loan holding company.
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§ 583.21 Savings association.
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§ 583.22 State.
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§ 583.23 Subsidiary.
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§ 583.24 Uninsured institution.
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