Source: https://www.law.cornell.edu/uscode/text/12/371c%E2%80%931
Timestamp: 2018-12-11 15:40:58
Document Index: 543389977

Matched Legal Cases: ['§ 371', '§\u202f371', '§\u202f23', '§\u202f102', '§\u202f738', '§\u202f608', '§\u202f608', '§\u202f608', '§\u202f608', '§\u202f608']

12 U.S. Code § 371c–1 - Restrictions on transactions with affiliates | US Law | LII / Legal Information Institute
§ 371c–1.
(1) TermsA member bank and its subsidiaries may engage in any of the transactions described in paragraph (2) only—
(2) Transactions coveredParagraph (1) applies to the following:
(1) In generalA member bank or its subsidiary—
(3) DefinitionsFor the purpose of this subsection—
the term “security” has the meaning given to such term in section 78c(a)(10) of title 15; and
the term “affiliate” has the meaning given to such term in section 371c of this title (but does not include any company described in section [1] (b)(2) of such section or any bank);
the terms “bank”, “subsidiary”, “person”, and “security” (other than security as used in subsection (b)) have the meanings given to such terms in section 371c of this title; and
(1) In generalThe Board may prescribe regulations to administer and carry out the purposes of this section, including—
(Dec. 23, 1913, ch. 6, § 23B, as added Pub. L. 100–86, title I, § 102(a), Aug. 10, 1987, 101 Stat. 564; amended Pub. L. 106–102, title VII, § 738, Nov. 12, 1999, 113 Stat. 1480; Pub. L. 111–203, title VI, § 608(b), July 21, 2010, 124 Stat. 1610.)
2010—Subsec. (e). Pub. L. 111–203, § 608(b)(1)–(4), designated existing provisions as par. (1) and inserted heading, redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), redesignated former subpars. (A) and (B) of par. (2) as cls. (i) and (ii), respectively, of par. (1)(B), realigned margins, and struck out concluding provisions which read as follows: “if the Board finds such exemptions or exclusions are in the public interest and are consistent with the purposes of this section.”
Subsec. (e)(1)(B). Pub. L. 111–203, § 608(b)(5)(A), inserted “subject to paragraph (2), if the Board finds that an exemption or exclusion is in the public interest and is consistent with the purposes of this section, and notifies the Federal Deposit Insurance Corporation of such finding,” before “regulations” in introductory provisions.
Subsec. (e)(1)(B)(ii). Pub. L. 111–203, § 608(b)(5)(B), substituted period for comma at end.
Subsec. (e)(2). Pub. L. 111–203, § 608(b)(6), added par. (2).