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§ 1842. —  Acquisition of bank shares or assets.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1842]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 17--BANK HOLDING COMPANIES
 
Sec. 1842. Acquisition of bank shares or assets


(a) Prior approval of Board as necessary; exceptions; disposition, time 
        extension; subsequent approval or disposition upon disapproval

    It shall be unlawful, except with the prior approval of the Board, 
(1) for any action to be taken that causes any company to become a bank 
holding company; (2) for any action to be taken that causes a bank to 
become a subsidiary of a bank holding company; (3) for any bank holding 
company to acquire direct or indirect ownership or control of any voting 
shares of any bank if, after such acquisition, such company will 
directly or indirectly own or control more than 5 per centum of the 
voting shares of such bank; (4) for any bank holding company or 
subsidiary thereof, other than a bank, to acquire all or substantially 
all of the assets of a bank; or (5) for any bank holding company to 
merge or consolidate with any other bank holding company. 
Notwithstanding the foregoing this prohibition shall not apply to (A) 
shares acquired by a bank, (i) in good faith in a fiduciary capacity, 
except where such shares are held under a trust that constitutes a 
company as defined in section 1841(b) of this title and except as 
provided in paragraphs (2) and (3) of section 1841(g) of this title, or 
(ii) in the regular course of securing or collecting a debt previously 
contracted in good faith, but any shares acquired after May 9, 1956, in 
securing or collecting any such previously contracted debt shall be 
disposed of within a period of two years from the date on which they 
were acquired; (B) additional shares acquired by a bank holding company 
in a bank in which such bank holding company owned or controlled a 
majority of the voting shares prior to such acquisition; or (C) the 
acquisition, by a company, of control of a bank in a reorganization in 
which a person or group of persons exchanges their shares of the bank 
for shares of a newly formed bank holding company and receives after the 
reorganization substantially the same proportional share interest in the 
holding company as they held in the bank except for changes in 
shareholders' interests resulting from the exercise of dissenting 
shareholders' rights under State or Federal law if--
        (i) immediately following the acquisition--
            (I) the bank holding company meets the capital and other 
        financial standards prescribed by the Board by regulation for 
        such a bank holding company; and
            (II) the bank is adequately capitalized (as defined in 
        section 1831o of this title);

        (ii) the holding company does not engage in any activities other 
    than those of managing and controlling banks as a result of the 
    reorganization;
        (iii) the company provides 30 days prior notice to the Board and 
    the Board does not object to such transaction during such 30-day 
    period; and
        (iv) the holding company will not acquire control of any 
    additional bank as a result of the reorganization..\1\
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    \1\ So in original.

The Board is authorized upon application by a bank to extend, from time 
to time for not more than one year at a time, the two-year period 
referred to above for disposing of any shares acquired by a bank in the 
regular course of securing or collecting a debt previously contracted in 
good faith, if, in the Board's judgment, such an extension would not be 
detrimental to the public interest, but no such extension shall in the 
aggregate exceed three years. For the purpose of the preceding sentence, 
bank shares acquired after December 31, 1970, shall not be deemed to 
have been acquired in good faith in a fiduciary capacity if the 
acquiring bank or company has sole discretionary authority to exercise 
voting rights with respect thereto, but in such instances acquisitions 
may be made without prior approval of the Board if the Board, upon 
application filed within ninety days after the shares are acquired, 
approves retention or, if retention is disapproved, the acquiring bank 
disposes of the shares or its sole discretionary voting rights within 
two years after issuance of the order of disapproval.

(b) Application for approval; notice to Comptroller of Currency or State 
        authority; views and recommendations; disapproval; hearing; 
        order of Board; nonaction deemed grant of application; procedure 
        in emergencies or probable failures requiring immediate Board 
        action and orders

                 (1) Notice and hearing requirements

        Upon receiving from a company any application for approval under 
    this section, the Board shall give notice to the Comptroller of the 
    Currency, if the applicant company or any bank the voting shares or 
    assets of which are sought to be required \2\ is a national banking 
    association or a District bank, or to the appropriate supervisory 
    authority of the interested State, if the applicant company or any 
    bank the voting shares or assets of which are sought to be acquired 
    is a State bank, in order to provide for the submission of the views 
    and recommendations of the Comptroller of the Currency or the State 
    supervisory authority, as the case may be. The views and 
    recommendations shall be submitted within thirty calendar days of 
    the date on which notice is given, or within ten calendar days of 
    such date if the Board advises the Comptroller of the Currency or 
    the State supervisory authority that an emergency exists requiring 
    expeditious action. If the thirty-day notice period applies and if 
    the Comptroller of the Currency or the State supervisory authority 
    so notified by the Board disapproves the application in writing 
    within this period, the Board shall forthwith give written notice of 
    that fact to the applicant. Within three days after giving such 
    notice to the applicant, the Board shall notify in writing the 
    applicant and the disapproving authority of the date for 
    commencement of a hearing by it on such application. Any such 
    hearing shall be commenced not less than ten nor more than thirty 
    days after the Board has given written notice to the applicant of 
    the action of the disapproving authority. The length of any such 
    hearing shall be determined by the Board, but it shall afford all 
    interested parties a reasonable opportunity to testify at such 
    hearing. At the conclusion thereof, the Board shall, by order, grant 
    or deny the application on the basis of the record made at such 
    hearing. In the event of the failure of the Board to act on any 
    application for approval under this section within the ninety-one-
    day period which begins on the date of submission to the Board of 
    the complete record on that application, the application shall be 
    deemed to have been granted. Notwithstanding any other provision of 
    this subsection, if the Board finds that it must act immediately on 
    any application for approval under this section in order to prevent 
    the probable failure of a bank or bank holding company involved in a 
    proposed acquisition, merger, or consolidation transaction, the 
    Board may dispense with the notice requirements of this subsection, 
    and if notice is given, the Board may request that the views and 
    recommendations of the Comptroller of the Currency or the State 
    supervisory authority, as the case may be, be submitted immediately 
    in any form or by any means acceptable to the Board. If the Board 
    has found pursuant to this subsection either that an emergency 
    exists requiring expeditious action or that it must act immediately 
    to prevent probable failure, the Board may grant or deny any such 
    application without a hearing notwithstanding any recommended 
    disapproval by the appropriate supervisory authority.
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    \2\ So in original. Probably should be ``acquired''.
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           (2) Waiver in case of bank in danger of closing

        If the Board receives a certification described in section 
    1823(f)(8)(D) \3\ of this title from the appropriate Federal or 
    State chartering authority that a bank is in danger of closing, the 
    Board may dispense with the notice and hearing requirements of 
    paragraph (1) with respect to any application received by the Board 
    relating to the acquisition of such bank, the bank holding company 
    which controls such bank, or any other affiliated bank.
---------------------------------------------------------------------------
    \3\ See References in Text note below.
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(c) Factors for consideration by Board

                       (1) Competitive factors

        The Board shall not approve--
            (A) any acquisition or merger or consolidation under this 
        section which would result in a monopoly, or which would be in 
        furtherance of any combination or conspiracy to monopolize or to 
        attempt to monopolize the business of banking in any part of the 
        United States, or
            (B) any other proposed acquisition or merger or 
        consolidation under this section whose effect in any section of 
        the country may be substantially to lessen competition, or to 
        tend to create a monopoly, or which in any other manner would be 
        in restraint or \4\ trade, unless it finds that the 
        anticompetitive effects of the proposed transaction are clearly 
        outweighed in the public interest by the probable effect of the 
        transaction in meeting the convenience and needs of the 
        community to be served.
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    \4\ So in original. Probably should be ``of''.
---------------------------------------------------------------------------

                  (2) Banking and community factors

        In every case, the Board shall take into consideration the 
    financial and managerial resources and future prospects of the 
    company or companies and the banks concerned, and the convenience 
    and needs of the community to be served.

                       (3) Supervisory factors

        The Board shall disapprove any application under this section by 
    any company if--
            (A) the company fails to provide the Board with adequate 
        assurances that the company will make available to the Board 
        such information on the operations or activities of the company, 
        and any affiliate of the company, as the Board determines to be 
        appropriate to determine and enforce compliance with this 
        chapter; or
            (B) in the case of an application involving a foreign bank, 
        the foreign bank is not subject to comprehensive supervision or 
        regulation on a consolidated basis by the appropriate 
        authorities in the bank's home country.

              (4) Treatment of certain bank stock loans

        Notwithstanding any other provision of law, the Board shall not 
    follow any practice or policy in the consideration of any 
    application for the formation of a one-bank holding company if 
    following such practice or policy would result in the rejection of 
    such application solely because the transaction to form such one-
    bank holding company involves a bank stock loan which is for a 
    period of not more than twenty-five years. The previous sentence 
    shall not be construed to prohibit the Board from rejecting any 
    application solely because the other financial arrangements are 
    considered unsatisfactory. The Board shall consider transactions 
    involving bank stock loans for the formation of a one-bank holding 
    company having a maturity of twelve years or more on a case by case 
    basis and no such transaction shall be approved if the Board 
    believes the safety or soundness of the bank may be jeopardized.

                      (5) Managerial resources

        Consideration of the managerial resources of a company or bank 
    under paragraph (2) shall include consideration of the competence, 
    experience, and integrity of the officers, directors, and principal 
    shareholders of the company or bank.

                        (6) Money laundering

        In every case, the Board shall take into consideration the 
    effectiveness of the company or companies in combatting money 
    laundering activities, including in overseas branches.

(d) Interstate banking

                      (1) Approvals authorized

        (A) Acquisition of banks

            The Board may approve an application under this section by a 
        bank holding company that is adequately capitalized and 
        adequately managed to acquire control of, or acquire all or 
        substantially all of the assets of, a bank located in a State 
        other than the home State of such bank holding company, without 
        regard to whether such transaction is prohibited under the law 
        of any State.

        (B) Preservation of State age laws

            (i) In general

                Notwithstanding subparagraph (A), the Board may not 
            approve an application pursuant to such subparagraph that 
            would have the effect of permitting an out-of-State bank 
            holding company to acquire a bank in a host State that has 
            not been in existence for the minimum period of time, if 
            any, specified in the statutory law of the host State.
            (ii) Special rule for State age laws specifying a 
                    period of more than 5 years

                Notwithstanding clause (i), the Board may approve, 
            pursuant to subparagraph (A), the acquisition of a bank that 
            has been in existence for at least 5 years without regard to 
            any longer minimum period of time specified in a statutory 
            law of the host State.

        (C) Shell banks

            For purposes of this subsection, a bank that has been 
        chartered solely for the purpose of, and does not open for 
        business prior to, acquiring control of, or acquiring all or 
        substantially all of the assets of, an existing bank shall be 
        deemed to have been in existence for the same period of time as 
        the bank to be acquired.

        (D) Effect on State contingency laws

            No provision of this subsection shall be construed as 
        affecting the applicability of a State law that makes an 
        acquisition of a bank contingent upon a requirement to hold a 
        portion of such bank's assets available for call by a State-
        sponsored housing entity established pursuant to State law, if--
                (i) the State law does not have the effect of 
            discriminating against out-of-State banks, out-of-State bank 
            holding companies, or subsidiaries of such banks or bank 
            holding companies;
                (ii) that State law was in effect as of September 29, 
            1994;
                (iii) the Federal Deposit Insurance Corporation has not 
            determined that compliance with such State law would result 
            in an unacceptable risk to the appropriate deposit insurance 
            fund; and
                (iv) the appropriate Federal banking agency for such 
            bank has not found that compliance with such State law would 
            place the bank in an unsafe or unsound condition.

                      (2) Concentration limits

        (A) Nationwide concentration limits

            The Board may not approve an application pursuant to 
        paragraph (1)(A) if the applicant (including all insured 
        depository institutions which are affiliates of the applicant) 
        controls, or upon consummation of the acquisition for which such 
        application is filed would control, more than 10 percent of the 
        total amount of deposits of insured depository institutions in 
        the United States.

        (B) Statewide concentration limits other than with respect to 
                initial entries

            The Board may not approve an application pursuant to 
        paragraph (1)(A) if--
                (i) immediately before the consummation of the 
            acquisition for which such application is filed, the 
            applicant (including any insured depository institution 
            affiliate of the applicant) controls any insured depository 
            institution or any branch of an insured depository 
            institution in the home State of any bank to be acquired or 
            in any host State in which any such bank maintains a branch; 
            and
                (ii) the applicant (including all insured depository 
            institutions which are affiliates of the applicant), upon 
            consummation of the acquisition, would control 30 percent or 
            more of the total amount of deposits of insured depository 
            institutions in any such State.

        (C) Effectiveness of State deposit caps

            No provision of this subsection shall be construed as 
        affecting the authority of any State to limit, by statute, 
        regulation, or order, the percentage of the total amount of 
        deposits of insured depository institutions in the State which 
        may be held or controlled by any bank or bank holding company 
        (including all insured depository institutions which are 
        affiliates of the bank or bank holding company) to the extent 
        the application of such limitation does not discriminate against 
        out-of-State banks, out-of-State bank holding companies, or 
        subsidiaries of such banks or holding companies.

        (D) Exceptions to subparagraph (B)

            The Board may approve an application pursuant to paragraph 
        (1)(A) without regard to the applicability of subparagraph (B) 
        with respect to any State if--
                (i) there is a limitation described in subparagraph (C) 
            in a State statute, regulation, or order which has the 
            effect of permitting a bank or bank holding company 
            (including all insured depository institutions which are 
            affiliates of the bank or bank holding company) to control a 
            greater percentage of total deposits of all insured 
            depository institutions in the State than the percentage 
            permitted under subparagraph (B); or
                (ii) the acquisition is approved by the appropriate 
            State bank supervisor of such State and the standard on 
            which such approval is based does not have the effect of 
            discriminating against out-of-State banks, out-of-State bank 
            holding companies, or subsidiaries of such banks or holding 
            companies.

        (E) ``Deposit'' defined

            For purposes of this paragraph, the term ``deposit'' has the 
        same meaning as in section 1813(l) of this title.

                (3) Community reinvestment compliance

        In determining whether to approve an application under paragraph 
    (1)(A), the Board shall--
            (A) comply with the responsibilities of the Board regarding 
        such application under section 2903 of this title; and
            (B) take into account the applicant's record of compliance 
        with applicable State community reinvestment laws.

                 (4) Applicability of antitrust laws

        No provision of this subsection shall be construed as 
    affecting--
            (A) the applicability of the antitrust laws; or
            (B) the applicability, if any, of any State law which is 
        similar to the antitrust laws.

     (5) Exception for banks in default or in danger of default

        The Board may approve an application pursuant to paragraph 
    (1)(A) which involves--
            (A) an acquisition of 1 or more banks in default or in 
        danger of default; or
            (B) an acquisition with respect to which assistance is 
        provided under section 1823(c) of this title;

    without regard to subparagraph (B) or (D) of paragraph (1) or 
    paragraph (2) or (3).

(e) Insured depository institution

    Every bank that is a holding company and every bank that is a 
subsidiary of such a company shall become and remain an insured 
depository institution as defined in section 1813 of this title.

(f) [Repealed]

(g) Mutual bank holding company

                          (1) Establishment

        Notwithstanding any provision of Federal law other than this 
    chapter, a savings bank or cooperative bank operating in mutual form 
    may reorganize so as to form a holding company.

                           (2) Regulations

        A bank holding company organized as a mutual holding company 
    shall be regulated on terms, and shall be subject to limitations, 
    comparable to those applicable to any other bank holding company.

(May 9, 1956, ch. 240, Sec. 3, 70 Stat. 134; Pub. L. 89-485, Sec. 7, 
July 1, 1966, 80 Stat. 237; Pub. L. 91-607, title I, Sec. 102, Dec. 31, 
1970, 84 Stat. 1763; Pub. L. 95-188, title III, Secs. 301(a), 302, Nov. 
16, 1977, 91 Stat. 1388, 1389; Pub. L. 96-221, title VII, Secs. 712(b), 
(c), 713, Mar. 31, 1980, 94 Stat. 189, 190; Pub. L. 97-320, title I, 
Secs. 118(c), 141(a)(4), title IV, Sec. 404(d)(2), Oct. 15, 1982, 96 
Stat. 1479, 1489, 1512; Pub. L. 100-86, title I, Secs. 101(d), 107(b), 
title V, Secs. 502(h)(1), 509(a), Aug. 10, 1987, 101 Stat. 561, 579, 
628, 635; Pub. L. 101-73, title VI, Sec. 602(b), Aug. 9, 1989, 103 Stat. 
409; Pub. L. 102-242, title II, Secs. 202(d), 210, Dec. 19, 1991, 105 
Stat. 2290, 2298; Pub. L. 103-325, title III, Secs. 319(a), 322(c)(1), 
Sept. 23, 1994, 108 Stat. 2224, 2227; Pub. L. 103-328, title I, 
Sec. 101(a), Sept. 29, 1994, 108 Stat. 2339; Pub. L. 106-102, title I, 
Secs. 105, 118, Nov. 12, 1999, 113 Stat. 1359, 1373; Pub. L. 107-56, 
title III, Sec. 327(a)(1), Oct. 26, 2001, 115 Stat. 318.)

                       References in Text

    Section 1823(f)(8)(D) of this title, referred to in subsec. (b)(2), 
which defined ``bank in danger of closing'', was repealed by Pub. L. 
101-73, title II, Sec. 217(5)(H), Aug. 9, 1989, 103 Stat. 257.


                               Amendments

    2001--Subsec. (c)(6). Pub. L. 107-56 added par. (6).
    1999--Subsec. (f). Pub. L. 106-102, Sec. 118, amended subsec. (f) 
generally, substituting ``(f) [Repealed].'' for provisions relating to 
authorized activities of qualified savings banks which are subsidiaries 
of bank holding companies.
    Subsec. (g)(2). Pub. L. 106-102, Sec. 105, amended heading and text 
of par. (2) generally. Prior to amendment, text read as follows: ``A 
corporation organized as a holding company under this subsection shall 
be regulated on the same terms and be subject to the same limitations as 
any other holding company which controls a savings bank.''
    1994--Subsec. (a). Pub. L. 103-325, Sec. 319(a), substituted ``(B)'' 
for ``or (B)'' and added subpar. (C).
    Subsec. (d). Pub. L. 103-328 amended subsec. (d) generally. Prior to 
amendment, subsec. (d) read as follows: ``Notwithstanding any other 
provision of this section, no application (except an application filed 
as a result of a transaction authorized under section 1823(f) of this 
title) shall be approved under this section which will permit any bank 
holding company or any subsidiary thereof to acquire, directly or 
indirectly, any voting shares of, interest in, or all or substantially 
all of the assets of any additional bank located outside the State in 
which the operations of such bank holding company's banking subsidiaries 
were principally conducted on July 1, 1966, or the date on which such 
company became a bank holding company, whichever is later, unless the 
acquisition of such shares or assets of a State bank by an out-of-State 
bank holding company is specifically authorized by the statute laws of 
the State in which such bank is located, by language to that effect and 
not merely by implication. For the purposes of this section, the State 
in which the operations of a bank holding company's subsidiaries are 
principally conducted is that State in which total deposits of all such 
banking subsidiaries are largest.''
    Subsec. (e). Pub. L. 103-325, Sec. 322(c)(1), struck out after first 
sentence ``This subsection does not apply to a bank described in the 
last sentence of section 1841(c) of this title.''
    1991--Subsec. (c). Pub. L. 102-242, Sec. 202(d), inserted heading, 
inserted par. (1) designation and heading, redesignated former pars. (1) 
and (2) as subpars. (A) and (B), respectively, inserted par. (2) 
designation and heading, added par. (3), and inserted par. (4) 
designation and heading.
    Subsec. (c)(5). Pub. L. 102-242, Sec. 210, added par. (5).
    1989--Subsec. (e). Pub. L. 101-73, which directed the substitution 
of ``an insured depository institution as defined in section 1813 of 
this title'' for ``an insured bank as defined in section 1813(h) of this 
title'', was executed by making the substitution for ``an insured bank 
as such term is defined in section 1813(h) of this title'', as the 
probable intent of Congress.
    1987--Pub. L. 100-86, Sec. 509(a), repealed Pub. L. 97-320, 
Sec. 141. See 1982 Amendment note below.
    Subsec. (b). Pub. L. 100-86, Sec. 502(h)(1), designated existing 
provisions as par. (1) and added par. (2).
    Subsec. (f). Pub. L. 100-86, Sec. 101(d), added subsec. (f).
    Subsec. (g). Pub. L. 100-86, Sec. 107(b), added subsec. (g).
    1982--Subsec. (d). Pub. L. 97-320, Sec. 118(c), inserted ``(except 
an application filed as a result of a transaction authorized under 
section 1823(f) of this title)'' after ``no application''.
    Pub. L. 97-320, Sec. 141(a)(4), which directed that, effective Oct. 
13, 1986, the provisions of law amended by section 118 of Pub. L. 97-320 
shall be amended to read as they would without such amendment, was 
repealed by Pub. L. 100-86, Sec. 509(a). See Effective and Termination 
Dates of 1982 Amendment note and Extension of Emergency Acquisition and 
Net Worth Guarantee Provisions of Pub. L. 97-320 note set out under 
section 1464 of this title.
    Subsec. (e). Pub. L. 97-320, Sec. 404(d)(2), inserted ``This 
subsection does not apply to a bank described in the last sentence of 
section 1841(c) of this title.''
    1980--Subsec. (c). Pub. L. 96-221, Sec. 713, inserted provisions 
relating to applications for the formation of one-bank holding 
companies.
    Subsec. (d). Pub. L. 96-221, Sec. 712(b), (c), temporarily 
designated existing provisions as par. (1) and added par. (2). See 
Termination Date of 1980 Amendment note set out below.
    1977--Subsec. (a). Pub. L. 95-188, Sec. 301(a), authorized the Board 
to extend the time for disposition of acquired shares for not more than 
one year at a time and three years in the aggregate.
    Subsec. (b). Pub. L. 95-188, Sec. 302, inserted provision for 
alternative submission of views and recommendations within ten calendar 
days of the date on which notice is given if the Board advises the 
appropriate supervisory authority that an emergency exists requiring 
expeditious action, substituted ``shall, by order,'' for ``shall by 
order'' and inserted provisions respecting procedure in emergencies or 
probable failures requiring immediate Board action and orders.
    1970--Subsec. (a). Pub. L. 91-607, Sec. 102(1), inserted provision 
deeming acquisition of bank shares after Dec. 31, 1970, as not being in 
good faith in a fiduciary capacity if acquiring bank or company has sole 
discretionary authority to exercise voting rights with respect thereto, 
and provision for subsequent approval of retention of acquired shares 
upon application filed within 90 days of acquisition and disposition of 
shares or sole discretionary voting rights within two years after order 
in an event of disapproval.
    Subsec. (b). Pub. L. 91-607, Sec. 102(2), inserted provision deeming 
an application for approval as granted where Board has not acted on 
application within 91 day period beginning on date of submission to 
Board of complete record on application.
    Subsec. (e). Pub. L. 91-607, Sec. 102(3), added subsec. (e).
    1966--Subsec. (a). Pub. L. 89-485, Sec. 7(a), (b), expanded the list 
of acts requiring prior approval of the Board by including therein any 
action that causes a bank to become a subsidiary of a bank holding 
company and substituted provisions excepting shares that are held under 
a trust that constitutes a company as defined in section 1841(b) of this 
title and excepting shares as provided in pars. (2) and (3) of section 
1841(g) of this title from the effect of the clause lifting the 
requirements of prior Board approved in the case of shares acquired by a 
bank in good faith in a fiduciary capacity for provisions excepting 
shares held for the benefit of the shareholders of a bank from the 
effect of the clause.
    Subsec. (c). Pub. L. 89-485, Sec. 7(c), inserted provision 
prohibiting any acquisition, merger, or consolidation that would result 
in a monopoly or would further any combination or conspiracy to 
monopolize the banking business in any part of the United States or 
would substantially lessen competition or in any manner be in restraint 
of trade unless the public interest clearly outweighed the 
anticompetitive effects and substituted provisions requiring the Board 
to take into consideration the financial and managerial resources and 
future prospects of the company or bank concerned and the convenience 
and needs of the community to be served for provisions requiring the 
Board to take into consideration the financial history of the company or 
bank concerned, its prospects, the character of its management, the 
needs of the community, and the public interest.
    Subsec. (d). Pub. L. 89-485, Sec. 7(d), substituted provisions 
restricting expansion to state in which the operations of the bank 
holding company's banking subsidiaries were principally conducted, 
defined, as that state in which total deposits of all such banking 
subsidiaries were largest, on July 1, 1966, or the date on which the 
company became a bank holding company, whichever is later, for 
provisions restricting expansion to state in which the holding company 
maintains its principal office and place of business or in which it 
conducts its principal operations.


            Effective and Termination Dates of 2001 Amendment

    Amendments by title III of Pub. L. 107-56 to terminate effective on 
and after the first day of fiscal year 2005 if Congress enacts a joint 
resolution that such amendments no longer have the force of law, see 
section 303 of Pub. L. 107-56, set out as a Four-Year Congressional 
Review; Expedited Consideration note under section 5311 of Title 31, 
Money and Finance.
    Pub. L. 107-56, title III, Sec. 327(a)(2), Oct. 26, 2001, 115 Stat. 
319, provided that: ``The amendment made by paragraph (1) [amending this 
section] shall apply with respect to any application submitted to the 
Board of Governors of the Federal Reserve System under section 3 of the 
Bank Holding Company Act of 1956 [12 U.S.C. 1842] after December 31, 
2001, which has not been approved by the Board before the date of 
enactment of this Act [Oct. 26, 2001].''


                    Effective Date of 1999 Amendment

    Amendment by Pub. L. 106-102 effective 120 days after Nov. 12, 1999, 
see section 161 of Pub. L. 106-102, set out as a note under section 24 
of this title.


                    Effective Date of 1994 Amendment

    Amendment by Pub. L. 103-328 effective at end of 1-year period 
beginning on Sept. 29, 1994, see section 101(e) of Pub. L. 103-328, set 
out as a note under section 1828 of this title.


                   Termination Date of 1980 Amendment

    Amendment by Pub. L. 96-221 repealed on Oct. 1, 1981, see section 
712(c) of Pub. L. 96-221, set out as a note under section 27 of this 
title.


Extension of Emergency Acquisition and Net Worth Guarantee Provisions of 
                             Pub. L. 97-320

    No amendment made by section 141(a) of Pub. L. 97-320, set out as a 
note under section 1464 of this title, as in effect before Aug. 10, 
1987, to any other provision of law to be deemed to have taken effect 
before such date and any such provision of law to be in effect as if no 
such amendment had been made before such date, see section 509(c) of 
Pub. L. 100-86, set out as a note under section 1464 of this title.
    No amendment made by section 141(a) of Pub. L. 97-320, set out as a 
note under section 1464 of this title, as in effect on the day before 
Oct. 8, 1986, to any other provision of law to be deemed to have taken 
effect before such date and any such provision of law to be in effect as 
if no such amendment had taken effect before such date, see section 1(c) 
of Pub. L. 99-452, set out as a note under section 1464 of this title.
    Section 141(a) of Pub. L. 97-320, set out as a note under section 
1464 of this title, as in effect on the day after Aug. 27, 1986, 
applicable as if included in Pub. L. 97-320 on Oct. 15, 1982, with no 
amendment made by such section to any other provision of law to be 
deemed to have taken effect before Aug. 27, 1986, and any such provision 
of law to be in effect as if no such amendment had taken effect before 
Aug. 27, 1986, see section 1(c) of Pub. L. 99-400, set out as a note 
under section 1464 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 619, 1815, 1817, 1823, 
1828b, 1843, 1844, 1849, 1850, 2902, 3105 of this title; title 15 
sections 18a, 77c.



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