§ 3204. — Exceptions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3204]
TITLE 12--BANKS AND BANKING
CHAPTER 33--DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS
Sec. 3204. Exceptions
The prohibitions contained in sections 3202 and 3203 of this title
shall not apply in the case of any one or more of the following or
subsidiary thereof:
(1) A depository institution or depository holding company which
has been placed formally in liquidation, or which is in the hands of
a receiver, conservator, or other official exercising a similar
function.
(2) A corporation operating under section 25 or 25(a) \1\ of the
Federal Reserve Act [12 U.S.C. 601 et seq., 611 et seq.].
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\1\ See References in Text note below.
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(3) A credit union being served by a management official of
another credit union.
(4) A depository institution or depository holding company which
does not do business within any State of the United States, the
District of Columbia, any territory of the United States, Puerto
Rico, Guam, American Samoa, or the Virgin Islands except as an
incident to its activities outside the United States.
(5) A State-chartered savings and loan guaranty corporation.
(6) A Federal Home Loan Bank or any other bank organized
specifically to serve depository institutions.
(7) A depository institution or a depository holding company
which--
(A) is closed or is in danger of closing, as determined by
the appropriate Federal depository institutions regulatory
agency in accordance with regulations prescribed by such agency;
and
(B) is acquired by another depository institution or
depository holding company,
during the 5-year period beginning on the date of the acquisition of
the depository institution or depository holding company described
in subparagraph (A).
(8)(A) A diversified savings and loan holding company (as
defined in section 1730a(a)(1)(F) \1\ of this title) with respect to
the service of a director of such company who is also a director of
any nonaffiliated depository institution or depository holding
company (including a savings and loan holding company) if--
(i) notice of the proposed dual service is given by such
diversified savings and loan holding company to--
(I) the appropriate Federal depository institutions
regulatory agency for such company; and
(II) the appropriate Federal depository institutions
regulatory agency for the nonaffiliated depository
institution or depository holding company of which such
person is also a director,
not less than 60 days before such dual service is proposed to
begin; and
(ii) the proposed dual service is not disapproved by any
such appropriate Federal depository institutions regulatory
agency before the end of such 60-day period.
(B) Any appropriate Federal depository institutions regulatory
agency may disapprove, under subparagraph (A)(ii), a notice of
proposed dual service by any individual if such agency finds that--
(i) the dual service cannot be structured or limited so as
to preclude the dual service's resulting in a monopoly or
substantial lessening of competition in financial services in
any part of the United States;
(ii) the dual service would lead to substantial conflicts of
interest or unsafe or unsound practices; or
(iii) the diversified savings and loan holding company has
neglected, failed, or refused to furnish all the information
required by such agency.
(C) Any appropriate Federal depository institutions regulatory
agency may, at any time after the end of the 60-day period referred
to in subparagraph (A), require that any dual service by any
individual which was not disapproved by such agency during such
period be terminated if a change in circumstances occurs with
respect to any depository institution or depository holding company
of which such individual is a director that would have provided a
basis for disapproval of the dual service during such period.
(9) Any savings association (as defined in section 10(a)(1)(A)
of the Home Owners' Loan Act [12 U.S.C. 1467a(a)(1)(A)] or any
savings and loan holding company (as defined in section 10(a)(1)(D)
of such Act) which has issued stock in connection with a qualified
stock issuance pursuant to section 10(q) of such Act, except that
this paragraph shall apply only with respect to service as a single
management official of such savings association or holding company,
or any subsidiary of such savings association or holding company, by
a single management official of the savings and loan holding company
which purchased the stock issued in connection with such qualified
stock issuance, and shall apply only when the Director of the Office
of Thrift Supervision has determined that such service is consistent
with the purposes of this chapter and the Home Owners' Loan Act [12
U.S.C. 1461 et seq.].
(Pub. L. 95-630, title II, Sec. 205, Nov. 10, 1978, 92 Stat. 3673; Pub.
L. 97-320, title IV, Sec. 425(d), Oct. 15, 1982, 96 Stat. 1524; Pub. L.
100-650, Secs. 4, 5(a), Nov. 10, 1988, 102 Stat. 3819; Pub. L. 101-73,
title VI, Sec. 604(a), Aug. 9, 1989, 103 Stat. 410.)
References in Text
Section 25 of the Federal Reserve Act, referred to in par. (2), is
classified to subchapter I (Sec. 601 et seq.) of chapter 6 of this
title. Section 25(a) of the Federal Reserve Act, which is classified to
subchapter II (Sec. 611 et seq.) of chapter 6 of this title, was
renumbered section 25A of that act by Pub. L. 102-242, title I,
Sec. 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.
Section 1730a of this title, referred to in par. (8)(A), was
repealed by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat.
363.
This chapter, referred to in par. (9), was in the original ``this
Act'' and was translated as reading ``this title'', meaning title II of
Pub. L. 95-630, known as the Depository Management Interlocks Act, to
reflect the probable intent of Congress.
The Home Owners' Loan Act, referred to in par. (9), is act June 13,
1933, ch. 64, 48 Stat. 128, as amended, which is classified generally to
chapter 12 (Sec. 1461 et seq.) of this title. For complete
classification of this Act to the Code, see section 1461 of this title
and Tables.
Amendments
1989--Par. (9). Pub. L. 101-73 added par. (9).
1988--Par. (7). Pub. L. 100-650, Sec. 4, added par. (7).
Par. (8). Pub. L. 100-650, Sec. 5(a), added par. (8).
1982--Par. (2). Pub. L. 97-320 substituted ``25(a)'' for ``25A''.
