[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3205]
TITLE 12--BANKS AND BANKING
CHAPTER 33--DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS
Sec. 3205. Management official in position prior to November 10,
1978
(a) Continuation of service
A person whose service in a position as a management official began
prior to November 10, 1978, and who was not immediately prior to
November 10, 1978, in violation of section 19 of title 15 is not
prohibited by section 3202 or section 3203 of this title from continuing
to serve in that position. The appropriate Federal depository
institutions regulatory agency may provide a reasonable period of time
for compliance with this chapter, not exceeding fifteen months, after
any change in circumstances which makes service described in the
preceding sentence prohibited by this chapter, except that a merger,
acquisition, increase in total assets, establishment of one or more
offices, or change in management responsibilities shall not constitute
changes in circumstances which would make such service prohibited by
section 3202 or section 3203 of this title.
(b) Depository institution and diversified savings and loan holding
company
Effective on November 10, 1978, a person who serves as a management
official of a company which is not a depository institution or a
depository holding company and as a management official of a depository
institution or a depository holding company is not prohibited from
continuing to serve as a management official of that depository
institution or depository holding company as a result of that company
which is not a depository institution or depository holding company
becoming a diversified savings and loan holding company as that term is
defined in section 1730a(a) \1\ of this title.
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\1\ See References in Text note below.
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(Pub. L. 95-630, title II, Sec. 206, Nov. 10, 1978, 92 Stat. 3674; Pub.
L. 97-110, title III, Sec. 302, Dec. 26, 1981, 95 Stat. 1515; Pub. L.
100-650, Secs. 5(b)(2), 6, Nov. 10, 1988, 102 Stat. 3820, 3821; Pub. L.
103-325, title III, Sec. 338(a), Sept. 23, 1994, 108 Stat. 2235; Pub. L.
104-208, div. A, title II, Sec. 2210(b), Sept. 30, 1996, 110 Stat. 3009-
410.)
References in Text
Section 1730a of this title, referred to in subsec. (b), was
repealed by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat.
363.
Amendments
1996--Subsec. (a). Pub. L. 104-208, Sec. 2210(b)(1), struck out
``for a period of, subject to the requirements of subsection (c) of this
section, 20 years after November 10, 1978'' after ``continuing to serve
in that position''.
Subsec. (b). Pub. L. 104-208, Sec. 2210(b)(2), struck out at end
``This subsection shall expire, subject to the requirements of
subsection (c) of this section, 20 years after November 10, 1978.''
Subsec. (c). Pub. L. 104-208, Sec. 2210(b)(3), struck out subsec.
(c) which related to review of existing management interlocks.
1994--Subsecs. (a), (b). Pub. L. 103-325, Sec. 338(a)(1),
substituted ``, subject to the requirements of subsection (c) of this
section, 20 years after November 10, 1978'' for ``15 years after
November 10, 1978''.
Subsec. (c). Pub. L. 103-325, Sec. 338(a)(2), added subsec. (c).
1988--Subsec. (a). Pub. L. 100-650, Sec. 5(b)(2), substituted
``depository institutions regulatory agency'' for ``banking agency (as
set forth in section 3207 of this title)''.
Pub. L. 100-650, Sec. 6, substituted ``15 years'' for ``ten years''.
Subsec. (b). Pub. L. 100-650, Sec. 6, substituted ``15 years''
