Source: http://www.law.cornell.edu/uscode/text/12/371d?quicktabs_8=3
Timestamp: 2013-12-13 20:55:02
Document Index: 283765952

Matched Legal Cases: ['§ 371', '§ 371', '§ 371', '§ 24', '§ 14', '§ 203', '§ 2', '§ 2206', 'art 208']

12 USC § 371d - Investment in bank premises or stock of corporation holding premises | Title 12 - Banks and Banking | U.S. Code | LII / Legal Information Institute
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12 USC § 371d - Investment in bank premises or stock of corporation holding premises
Conditions of investment
No national bank or State member bank shall invest in bank premises, or in the stock, bonds, debentures, or other such obligations of any corporation holding the premises of such bank, or make loans to or upon the security of any such corporation—
unless the bank receives the prior approval of the Comptroller of the Currency (with respect to a national bank) or the Board (with respect to a State member bank);
unless the aggregate of all such investments and loans, together with the amount of any indebtedness incurred by any such corporation that is an affiliate of the bank, is less than or equal to the amount of the capital stock of such bank; or
the aggregate of all such investments and loans, together with the amount of any indebtedness incurred by any such corporation that is an affiliate of the bank, is less than or equal to 150 percent of the capital and surplus of the bank; and
the bank—
has a CAMEL composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system) as of the most recent examination of such bank;
is well capitalized and will continue to be well capitalized after the investment or loan; and
provides notification to the Comptroller of the Currency (with respect to a national bank) or to the Board (with respect to a State member bank) not later than 30 days after making the investment or loan.
the term “affiliate” has the same meaning as in section 221a of this title; and
the term “well capitalized” has the same meaning as in section 1831o
(Dec. 23, 1913, ch. 6, § 24A, as added June 16, 1933, ch. 89, § 14,48 Stat. 184; amended Aug. 23, 1935, ch. 614, title II, § 203(a),49 Stat. 704; June 30, 1954, ch. 434, § 2,68 Stat. 358; Pub. L. 104–208, div. A, title II, § 2206,Sept. 30, 1996, 110 Stat. 3009–405.)
1996—Pub. L. 104–208inserted section catchline and amended text generally. Prior to amendment, text read as follows: “No national bank, without the approval of the Comptroller of the Currency, and no State member bank, without the approval of the Board of Governors of the Federal Reserve System, shall (1) invest in bank premises, or in the stock, bonds, debentures, or other such obligations of any corporation holding the premises of such bank, or (2) make loans to or upon the security of the stock of any such corporation, if the aggregate of all such investments and loans, together with the amount of any indebtedness incurred by any such corporation which is an affiliate of the bank, as defined in section 221a of this title, will exceed the amount of the capital stock of such bank.”
1954—Act June 30, 1954, inserted “together with the amount of any indebtedness incurred by any such corporation which is an affiliate of the bank, as defined in section 221a of this title”.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 208 - MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)
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