§ 3201. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3201]
TITLE 12--BANKS AND BANKING
CHAPTER 33--DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS
Sec. 3201. Definitions
As used in this chapter--
(1) the term ``depository institution'' means a commercial bank,
a savings bank, a trust company, a savings and loan association, a
building and loan association, a homestead association, a
cooperative bank, an industrial bank, or a credit union;
(2) the term ``depository holding company'' means a bank holding
company as defined in section 1841(a) of this title, a company which
would be a bank holding company as defined in section 1841(a) of
this title but for the exemption contained in subsection (a)(5)(F)
thereof, or a savings and loan holding company as defined in section
1730a(a)(1)(D) \1\ of this title;
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\1\ See References in Text note below.
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(3) the characterization of any corporation (including
depository institutions and depository holding companies), as an
``affiliate of,'' or as ``affiliated'' with any other corporation
means that--
(A) one of the corporations is a depository holding company
and the other is a subsidiary thereof, or both corporations are
subsidiaries of the same depository holding company, as the term
``subsidiary'' is defined in either section 1841(d) of this
title in the case of a bank holding company or section
1730a(a)(1)(H) \1\ of this title in the case of a savings and
loan holding company; or
(B) more than 25 percent of the voting stock of one
corporation is beneficially owned in the aggregate by one or
more persons who also beneficially own in the aggregate more
than 25 percent of the voting stock of the other corporation; or
(C) one of the corporations is a trust company all of the
stock of which, except for directors qualifying shares, was
owned by one or more mutual savings banks on November 10, 1978,
and the other corporation is a mutual savings bank; or
(D) one of the corporations is a bank, insured by the
Federal Deposit Insurance Corporation and chartered under State
law, and is a bankers' bank, described in Paragraph Seventh of
section 24 of this title; or
(E) one of the corporations is a bank, chartered under State
law and insured by the Federal Deposit Insurance Corporation,
the voting securities of which are held only by persons who are
officers of other banks, as permitted by State law, and which
bank is primarily engaged in providing banking services for
other banks and not the public: Provided, however, That in no
case shall the voting securities of such corporation be held by
such officers of other banks in excess of 6 per centum of the
paid-in capital and 6 per centum of the surplus of such a
bank.\2\
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\2\ So in original. The period probably should be a semicolon.
(4) the term ``management official'' means an employee or
officer with management functions, a director (including an advisory
or honorary director, except in the case of a depository institution
with total assets of less than $100,000,000), a trustee of a
business organization under the control of trustees, or any person
who has a representative or nominee serving in any such capacity:
Provided, That if a corporator, trustee, director, or other officer
of a State-chartered savings bank or cooperative bank is
specifically authorized under the laws of the State in which said
institution is located to serve as a trustee, director, or other
officer of a State-chartered trust company which does not make real
estate mortgage loans and does not accept savings deposits from
natural persons, then, for the purposes of this chapter, such
corporator, trustee, director, or other officer shall not be deemed
to be a management official of such trust company: And provided
further, That if a management official of a State-chartered trust
company which does not make real estate mortgage loans and does not
accept savings deposits from natural persons is specifically
authorized under the laws of the State in which said institution is
located to serve as a corporator, trustee, director, or other
officer of a State-chartered savings bank or cooperative bank, then,
for the purposes of this chapter, such management official shall not
be deemed to be a management official of any such savings bank or
cooperative bank;
(5) the term ``office'' used with reference to a depository
institution means either a principal office or a branch; and
(6) the term ``appropriate Federal depository institutions
regulatory agency'' means, with respect to any depository
institution or depository holding company, the agency referred to in
section 3207 of this title in connection with such institution or
company.
(Pub. L. 95-630, title II, Sec. 202, Nov. 10, 1978, 92 Stat. 3672; Pub.
L. 100-650, Secs. 2, 3, 5(b)(1), Nov. 10, 1988, 102 Stat. 3819, 3820;
Pub. L. 103-325, title III, Sec. 322(c)(2), Sept. 23, 1994, 108 Stat.
2227.)
References in Text
This chapter, referred to in text, was in the original ``this
title'', meaning title II of Pub. L. 95-630, Nov. 10, 1978, 92 Stat.
3672, known as the Depository Management Interlocks Act, which enacted
this chapter, amended sections 1464, 1730, and 1818 of this title, and
enacted provisions set out as a note below. For complete classification
of this Act to the Code, see Short Title note set out below and Tables.
Section 1730a of this title, referred to in pars. (2) and (3)(A),
was repealed by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103
Stat. 363.
Amendments
1994--Par. (3)(D). Pub. L. 103-325 substituted ``and is a bankers'
bank, described in Paragraph Seventh of section 24 of this title; or''
for ``the voting securities of which are held by other banks, as
permitted by State law, and which bank is primarily engaged in providing
banking services for other banks and not the public: Provided, however,
That in no case shall the voting securities of such corporation be held
by any such other bank in excess of 5 per centum of the paid-in capital
and 5 per centum of the surplus of such other bank; or''.
1988--Par. (3)(B). Pub. L. 100-650, Sec. 2, substituted ``25
percent'' for ``50 per centum'' in two places.
Par. (4). Pub. L. 100-650, Sec. 3, substituted ``(including an
advisory or honorary director, except in the case of a depository
institution with total assets of less than $100,000,000)'' for
``(including an advisory or honorary director)''.
Par. (6). Pub. L. 100-650, Sec. 5(b)(1), added par. (6).
Effective Date
Chapter effective upon the expiration of 120 days after Nov. 10,
1978, see section 2101 of Pub. L. 95-630, set out as an Effective Date
note under section 375b of this title.
Short Title of 1988 Amendment
Section 1 of Pub. L. 100-650 provided that: ``This Act [amending
sections 3201, 3204, and 3205 of this title] may be referred to as the
`Management Interlocks Revision Act of 1988'.''
Short Title
Section 201 of title II of Pub. L. 95-630 provided that: ``This
title [enacting this chapter and amending sections 1464, 1730, and 1818
of this title] may be cited as the `Depository Institution Management
Interlocks Act'.''
