Source: http://www.law.cornell.edu/uscode/text/12/215c?quicktabs_8=1
Timestamp: 2013-06-19 01:42:20
Document Index: 296491157

Matched Legal Cases: ['§ 215', '§ 215', '§ 215', '§ 5156', '§ 502', '§ 2201', '§ 8', '§ 21', '§ 20']

12 USC § 215c - Mergers, consolidations, and other acquisitions authorized | Title 12 - Banks and Banking | U.S. Code | LII / Legal Information Institute
USC › Title 12 › Chapter 2 › Subchapter XVI › § 215c	prevnext
12 USC § 215c - Mergers, consolidations, and other acquisitions authorized
In general Subject to sections 1815
(d)(3) [1]
and 1828
(c) of this title and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution.
Expedited approval of acquisitions (1)
In general Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency under any applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency.
Extensions of period The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that—
Rule of construction No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act [1]
or any other law governing the powers of national banks.
“Acquire” defined For purposes of this section, the term “acquire” means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.
(R.S. § 5156A, as added Pub. L. 102–242, title V, § 502(b),Dec. 19, 1991, 105 Stat. 2393; amended Pub. L. 104–208, div. A, title II, § 2201(b)(1),Sept. 30, 1996, 110 Stat. 3009–403.)
(d)(3) of this title, referred to in subsec. (a), which related to optional conversions by insured depository institutions subject to special rules on deposit insurance payments, was struck out and former section 1815
(d)(1)(C) redesignatedsection 1815
(d)(3) by Pub. L. 109–173, § 8(a)(4), (5)(D),Feb. 15, 2006, 119 Stat. 3610, 3611.
This Act, referred to in subsec. (c), probably means the National Bank Act, act June 3, 1864, ch. 106, 13 Stat. 99, as amended, which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 38 of this title.
Section was not enacted as part of act Nov. 7, 1918, ch. 209, as added Sept. 8, 1959, Pub. L. 86–230, § 20, 73 Stat. 460, which comprises this subchapter.
1996—Subsec. (b)(1). Pub. L. 104–208substituted “under any applicable law” for “by section 1815
(d)(3) of this title or any other applicable law”.