US (United States) Code. Title 12. Chapter 33: Depository institution management interlocks

Codificación normativa de EEUU (Estados Unidos). Legislación federal estadounidense # Banks and banking

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publicidad

-CITE-

12 USC CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT

INTERLOCKS 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

.

-HEAD-

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-MISC1-

Sec.

3201. Definitions.

3202. Dual service of management official as management official of

unaffiliated institution or holding company in same area, town,

or village prohibited.

3203. Dual service of management official of $2,500,000,000

institution or holding company as management official of

unaffiliated $1,500,000,000 institution or holding company

prohibited.

3204. Exceptions.

3205. Management official in position prior to November 10, 1978.

(a) Continuation of service.

(b) Depository institution and diversified savings

and loan holding company.

3206. Administration and enforcement.

3207. Rules and regulations.

3208. Powers available to Attorney General for enforcement.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in sections 1786, 1818, 1823 of this

title.

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12 USC Sec. 3201 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-HEAD-

Sec. 3201. Definitions

-STATUTE-

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) (FOOTNOTE 1) of this

title;

(FOOTNOTE 1) See References in Text note below.

(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) (FOOTNOTE 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.

(FOOTNOTE 2)

(FOOTNOTE 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.

-SOURCE-

(Pub. L. 95-630, title II, Sec. 202, Nov. 10, 1978, 92 Stat. 3672;

Pub. L. 100-650, Sec. 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.)

-REFTEXT-

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.

-MISC2-

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'.''

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12 USC Sec. 3202 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-HEAD-

Sec. 3202. Dual service of management official as management

official of unaffiliated institution or holding company in same

area, town, or village prohibited

-STATUTE-

A management official of a depository institution or a depository

holding company may not serve as a management official of any other

depository institution or depository holding company not affiliated

therewith if an office of one of the institutions or any depository

institution that is an affiliate of such institutions is located

within either -

(1) the same primary metropolitan statistical area, the same

metropolitan statistical area, or the same consolidated

metropolitan statistical area that is not comprised of designated

primary metropolitan statistical areas as defined by the Office

of Management and Budget, except in the case of depository

institutions with less than $20,000,000 in assets in which case

the provision of paragraph (2) shall apply, as that in which an

office of the other institution or any depository institution

that is an affiliate of such other institution is located, or

(2) the same city, town, or village as that in which an office

of the other institution or any depository institution that is an

affiliate of such other institution is located, or in any city,

town, or village contiguous or adjacent thereto.

-SOURCE-

(Pub. L. 95-630, title II, Sec. 203, Nov. 10, 1978, 92 Stat. 3673;

Pub. L. 98-181, title VII, Sec. 701(c), Nov. 30, 1983, 97 Stat.

1267.)

-MISC1-

AMENDMENTS

1983 - Par. (1). Pub. L. 98-181 substituted ''primary

metropolitan statistical area, the same metropolitan statistical

area, or the same consolidated metropolitan statistical area that

is not comprised of designated primary metropolitan statistical

areas'' for ''standard metropolitan statistical area''.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3204, 3205, 3207 of this

title.

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12 USC Sec. 3203 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-HEAD-

Sec. 3203. Dual service of management official of $2,500,000,000

institution or holding company as management official of

unaffiliated $1,500,000,000 institution or holding company

prohibited

-STATUTE-

If a depository institution or a depository holding company has

total assets exceeding $2,500,000,000, a management official of

such institution or any affiliate thereof may not serve as a

management official of any other nonaffiliated depository

institution or depository holding company having total assets

exceeding $1,500,000,000 or as a management official of any

affiliate of such other institution. In order to allow for

inflation or market changes, the appropriate Federal depository

institutions regulatory agencies may, by regulation, adjust, as

necessary, the amount of total assets required for depository

institutions or depository holding companies under this section.

-SOURCE-

(Pub. L. 95-630, title II, Sec. 204, Nov. 10, 1978, 92 Stat. 3673;

Pub. L. 104-208, div. A, title II, Sec. 2210(a), Sept. 30, 1996,

110 Stat. 3009-409.)

-MISC1-

AMENDMENTS

1996 - Pub. L. 104-208 substituted ''$2,500,000,000'' for

''$1,000,000,000'' and ''$1,500,000,000'' for ''$500,000,000'' and

inserted at end ''In order to allow for inflation or market

changes, the appropriate Federal depository institutions regulatory

agencies may, by regulation, adjust, as necessary, the amount of

total assets required for depository institutions or depository

holding companies under this section.''

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 3204, 3205, 3207 of this

title.

-CITE-

12 USC Sec. 3204 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-HEAD-

Sec. 3204. Exceptions

-STATUTE-

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) (FOOTNOTE

1) of the Federal Reserve Act (12 U.S.C. 601 et seq., 611 et

seq.).

(FOOTNOTE 1) See References in Text note below.

(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) (FOOTNOTE 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.).

-SOURCE-

(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, Sec. 4, 5(a), Nov. 10, 1988, 102 Stat. 3819;

Pub. L. 101-73, title VI, Sec. 604(a), Aug. 9, 1989, 103 Stat.

410.)

-REFTEXT-

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.

-MISC2-

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''.

-CITE-

12 USC Sec. 3205 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-HEAD-

Sec. 3205. Management official in position prior to November 10,

1978

-STATUTE-

(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) (FOOTNOTE 1) of this title.

(FOOTNOTE 1) See References in Text note below.

-SOURCE-

(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, Sec. 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.)

-REFTEXT-

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.

-MISC2-

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''

for ''ten years''.

1981 - Pub. L. 97-110 designated existing provisions as subsec.

(a), inserted provision 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 3203 of this title, and added subsec. (b).

-CITE-

12 USC Sec. 3206 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-HEAD-

Sec. 3206. Administration and enforcement

-STATUTE-

This chapter shall be administered and enforced by -

(1) the Comptroller of the Currency with respect to national

banks and banks located in the District of Columbia,

(2) the Board of Governors of the Federal Reserve System with

respect to State banks which are members of the Federal Reserve

System, and bank holding companies,

(3) the Board of Directors of the Federal Deposit Insurance

Corporation with respect to State banks which are not members of

the Federal Reserve System but the deposits of which are insured

by the Federal Deposit Insurance Corporation,

(4) the Director of the Office of Thrift Supervision with

respect to a savings association (the deposits of which are

insured by the Federal Deposit Insurance Corporation) and savings

and loan holding companies,

(5) the National Credit Union Administration with respect to

credit unions the accounts of which are insured by the National

Credit Union Administration, and

(6) upon referral by the agencies named in the foregoing

paragraphs (1) through (5), the Attorney General shall have the

authority to enforce compliance by any person with this chapter.

-SOURCE-

(Pub. L. 95-630, title II, Sec. 207, Nov. 10, 1978, 92 Stat. 3674;

Pub. L. 101-73, title VII, Sec. 744(r), Aug. 9, 1989, 103 Stat.

440.)

-MISC1-

AMENDMENTS

1989 - Par. (4). Pub. L. 101-73 amended par. (4) generally.

Prior to amendment, par. (4) read as follows: ''the Federal Home

Loan Bank Board with respect to institutions the accounts of which

are insured by the Federal Savings and Loan Insurance Corporation,

and savings and loan holding companies,''.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3608 of this title.

-CITE-

12 USC Sec. 3207 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-HEAD-

Sec. 3207. Rules and regulations

-STATUTE-

Regulations to carry out this chapter, including regulations that

permit service by a management official that would otherwise be

prohibited by section 3202 of this title or section 3203 of this

title, if such service would not result in a monopoly or

substantial lessening of competition, may be prescribed by -

(1) the Comptroller of the Currency with respect to national

banks and banks located in the District of Columbia,

(2) the Board of Governors of the Federal Reserve System with

respect to State banks which are members of the Federal Reserve

System, and bank holding companies,

(3) the Board of Directors of the Federal Deposit Insurance

Corporation with respect to State banks which are not members of

the Federal Reserve System but the deposits of which are insured

by the Federal Deposit Insurance Corporation,

(4) the Director of the Office of Thrift Supervision with

respect to institutions the accounts of which are insured by the

Federal Deposit Insurance Corporation, and savings and loan

holding companies, and

(5) the National Credit Union Administration with respect to

credit unions the accounts of which are insured by the National

Credit Union Administration.

-SOURCE-

(Pub. L. 95-630, title II, Sec. 209, Nov. 10, 1978, 92 Stat. 3675;

Pub. L. 103-325, title III, Sec. 338(b), Sept. 23, 1994, 108 Stat.

2236; Pub. L. 104-208, div. A, title II, Sec. 2210(c), Sept. 30,

1996, 110 Stat. 3009-410.)

-MISC1-

AMENDMENTS

1996 - Pub. L. 104-208 redesignated subsec. (a) as entire

section, in introductory provisions, substituted ''Regulations''

for ''Rules and regulations'' and inserted '', including

regulations that permit service by a management official that would

otherwise be prohibited by section 3202 of this title or section

3203 of this title, if such service would not result in a monopoly

or substantial lessening of competition,'' after ''chapter'', in

par. (4), substituted ''Director of the Office of Thrift

Supervision'' for ''Federal Home Loan Bank Board'' and ''Federal

Deposit Insurance Corporation'' for ''Federal Savings and Loan

Insurance Corporation'', and struck out subsecs. (b) and (c), which

related to regulatory standards, and to limited exception for

management official consignment program, respectively.

1994 - Pub. L. 103-325 designated existing provisions as subsec.

(a), inserted heading, struck out '', including rules or

regulations which permit service by a management official which

would otherwise be prohibited by section 3202 or section 3203 of

this title,'' after ''Rules and regulations to carry out this

chapter'' in introductory provisions, and added subsecs. (b) and

(c).

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3201 of this title.

-CITE-

12 USC Sec. 3208 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 33 - DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS

-HEAD-

Sec. 3208. Powers available to Attorney General for enforcement

-STATUTE-

(a) For the purpose of the exercise by the Attorney General of

his enforcement functions under section 3206(6) of this title, all

of the functions and powers of the Attorney General under the

Clayton Act (15 U.S.C. 12 et seq.) are available to the Attorney

General, irrespective of any jurisdictional tests in the Clayton

Act, including the power to take enforcement actions in the same

manner as if the violation had been a violation of the Clayton Act.

(b) All of the functions and powers of the Attorney General or

the Assistant Attorney General in charge of the Antitrust Division

of the Department of Justice are available to the Attorney General

or to such Assistant Attorney General to investigate possible

violations under section 3206(6) of this title in the same manner

as if such possible violations were possible violations of the

Clayton Act (15 U.S.C. 12 et seq.).

-SOURCE-

(Pub. L. 95-630, title II, Sec. 210, as added Pub. L. 97-320, title

IV, Sec. 426, Oct. 15, 1982, 96 Stat. 1524.)

-REFTEXT-

REFERENCES IN TEXT

The Clayton Act, referred to in text, is act Oct. 15, 1914, ch.

323, 38 Stat. 730, as amended, which is classified generally to

sections 12, 13, 14 to 19, 20, 21, and 22 to 27 of Title 15,

Commerce and Trade, and sections 52 and 53 of Title 29, Labor. For

further details and complete classification of this Act to the

Code, see References in Text note set out under section 12 of Title

15 and Tables.

-CITE-