An Act to amend section 408 of the National Housing Act, as amended, to provide for the regulation of savings and loan holding companies and subsidiary companies
PL 90-255 (S.1542), enacted 02/14/1968

82 STAT.] 
PUBLIC LAW 90-255-FEB. 14, 1968 
Public Law 90-253 
J O I N T R E S O L U T I O N 
February lO, 1968 
Authorizing the President to proclaim the period February 11 through 17, 1968, [H. j . Res. 947] 
as^tTLACTTeek". 
Resolved l>y the Senate and House of Representatives 
of the United 
States of America in Congress assembled^ That the President is hereby 
authorized and requested to issue a proclamation designating the 
period February 11 through 17, 1968, as "LULAC Week", and call-
ing upon the people of the United States to observe such week with 
appropriate ceremonies and activities. 
Approved February 10, 1968. 
LULAC Week. 
Proclamation. 
Public Law 90-254 
AN ACT 
To authorize the Secretary of the Interior to engage in feasibility investigations 
of certain water resource developments, and for other purposes. 
February 13,196{ 
[S.1788] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Secretary 
of the Interior is hereby authorized to engage in feasibility studies of 
the following proposals: 
1. Missouri River Basin project, Garrison division, Garrison 
diversion unit, Minot extension, in the vicinity of Minot, 
North Dakota. 
2. Mogollon Mesa project, Winslow-Holbrook division in the 
Little Colorado River Basin in the vicinity of Winslow and Hol-
brook, Arizona. 
3. Mountain Park project in the vicinity of Altus, Oklahoma. 
4. Retrop project on the North Fork of the Red River in the 
vicinity of the W. C. Austin project, Oklahoma. 
5. Washita River Basin project, Foss Dam and Reservoir water 
quality investigation, on the Washita River near Clinton, 
Oklahoma. 
6. Rogue River Basin project, Evans Valley division, on Evans 
Creek, a tributary of the Rogue River, in southwestern Oregon. 
Approved February 13, 1968. 
Water resource 
developments. 
Investigations. 
Public Law 90-255 
AN ACT 
To amend section 408 of the National Housing Act, as amended, to provide for 
the regulation of savings and loan holding companies and subsidiary companies. 
February 14, 1968 
[S.1542] 
Be it enacted by the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That this Act may 
be cited as the "Savings and Loan Holding Company Amendments of 
1967". 
SEC. 2. Section 408 of the National Housing Act, as amended (12 
U.S.C. 1730a), is hereby amended to read as follows: 
Savings and 
Loan Holding 
Company Amend-
ments of 1967. 
73 Stat. 691; 
80 Stat. 1046. 
PUBLIC LAW 90-255-FEB. 14, 1968 
[82 STAT. 
u 
REGULATION 
OF HOLDING 
COMPANIES 
"SEC. 408. (a) DEFINITIONS.— (1) As used in this section, unless the 
context otherwise requires— 
"(A) 'insured institution' means a Federal savings and loan 
association, a building and loan, savings and loan, or homestead 
association or a cooperative bank, the accounts of whic^ are in-
sured by the Federal Savings and Loan Insurance Corporation; 
"(B) 'uninsured institution' means any association or bank 
referred to in subparagraph (A) hereof, the accounts of which are 
not insured by the Federal Savings and Loan 
Insurance 
Corporation; 
"(C) 'company' means any corporation, partnership, trust, 
joint-stock company, or similar organization, but does not include 
the Federal Savings and Loan Insurance Corporation, any Fed-
eral home loan bank, or any company the majority of the shares 
of which is owned by the United States or any State, or by an 
officer of the United States or any State in his official capacity, or 
by an instrumentality of the United States or any State; 
"(D) 'savings and loan holding company' means any company 
which directly or indirectly controls an insured institution or con-
trols any other company w^iich is a savings and loan holding com-
pany by virtue of this subsection; 
" (E) 'multiple savings and loan holding company' means any 
savings and loan holding company which directly or indirectly 
controls two or more insured institutions; 
"(F) 'diversified savings and loan holding company' means any 
savings and loan holding company whose subsidiary insured 
institution and related activities as permitted under paragraph 
(2) of subsection (c) of this section represented, on either an 
actual or a pro forma basis, less than 50 per centum of its consoli-
dated net worth at the close of its preceding fiscal year and of its 
consolidated net earnings for such fiscal year (or, during the first 
year's operation of the section, at such time as the holding com-
pany so qualifies), as determined in accordance with regulations 
issued by the Corporation; 
"(G) 'person' means an individual or company; 
"(H) 'subsidiary' of a person means any company which is con-
trolled by such person, or by a company which is a subsidiary of 
such person by virtue of this subsection; 
" (I) 'affiliate' of a specified insured institution means any person 
or company which controls, is controlled by, or is under common 
control with, such insured institution; and 
" (J) 'State' includes the District of Columbia and the Common-
wealth of Puerto Eico. 
"(2) For purposes of this section, a person shall be deemed to have 
control of— 
" (A) an insured institution if the person directly or indirectly 
or acting in concert with one or more other persons, or through one 
or more subsidiaries, owns, controls, or holds with power to vote, 
or holds proxies representing, more than 25 per centum of the 
82 STAT. ] 
PUBLIC LAW 90-255-FEB. 14, 1968 
voting shares of such insured institution, or controls in any manner 
the election of a majority of the directors of such institution; 
"(B) any other company if the person directly or indirectly or 
acting in concert with one or more other persons, or through one 
or more subsidiaries, owns, controls, or holds with power to vote, 
or holds proxies representing, more than 25 per centum of the 
voting shares or rights of such other company, or controls in any 
manner the election or appointment of a majority of the directors 
or trustees of such other company, or is a general partner in or has 
contributed more than 25 per centum of the capital of such other 
company; 
"(C) a trust if the person is a trustee thereof; or 
"(D) an insured institution or any other company if the Cor-
poration determines, after reasonable notice and opportunity for 
hearing, that such person directly or indirectly exercises a con-
trolling influence over the management or policies of such insti-
tution or other company. 
"(3) Notwithstanding any other provision of this subsection, the 
term 'savings and loan holding company' does not include— 
"(A) any company by virtue of its ownership or control of 
voting shares of an insured institution or a savings and loan hold-
ing company acquired in connection with the underwriting of 
securities if such shares are held only for such period of time 
(not exceeding one hundred and twenty days unless extended by 
the Corporation) as will permit the sale thereof on a reasonable 
basis; and 
"(B) any trust (other than a pension, profit-sharing, share-
holders', voting, or business trust) which controls an insured insti-
tution or a savings and loan holding company if such trust by 
its terms must terminate within twenty-five years or not later than 
twenty-one years and ten months after the death of individuals 
living on the effective date of the trust, and is (i) in existence on 
June 26, 1967, or (ii) a testamentary trust created on or after 
June 26, 1967. 
"(b) REGISTRATION AND EXAMINATION.— (1) Within one hundred 
and eighty days after the enactment of the Savings and Loan Holding 
Company Amendments of 1967, or within ninety days after becoming 
a savings and loan holding company, whichever is later, each savings 
and loan holding company shall register with the Corporation on 
forms prescribed by the Corporation, which shall include such infor-
mation, under oath or otherwise, with respect to the financial condi-
tion, ownership, operations, management, and intercompany relation-
ships of such holding company and its subsidiaries, and related 
matters, as the Corporation may deem necessary or appropriate to 
carry out the purposes of this section. Upon application, the Corpora-
tion may extend the time within which a savings and loan holding 
company shall register and file the requisite information. 
"(2) Each savings and loan holding company and each subsidiary rg^^o^^j"^ °^ 
thereof, other than an insured institution, shall file with the Corpora-
tion, and the Federal home loan bank of the district in which its prin-i 
cipal office is located, such reports as may be required by the Corpora-
tion. Such reports shall be made under oath or otherwise, and shall be 
in such form and for such periods, as the Corporation may prescribe. 
96-600 O - 69 
PUBLIC LAW 90-255-FEB. 14, 1968 
[82 STAT. 
Recordkeeping. 
Examinations; 
costs; reports. 
Service of 
process. 
Release from 
registration. 
Each report shall contain such information concerning the operations 
of such savings and loan holding company and its subsidiaries as the 
Corporation maj^ require. 
"(3) Each savings and loan holding company shall maintain such 
books and records as may be prescribed by the Corporation. 
"(4) Each savings and loan holding company and each subsidiary 
thereof ^ a l l be subject to such examinations as the Corporation may 
prescribe. The cost of such examinations shall be assessed against and 
paid by such holding company. Examination and other reports may be 
furnished by the Corporation to the appropriate State supervisory 
authority. The Corporation shall, to the extent deemed feasible, use 
for the purposes of this subsection reports filed with or examinations 
made by other Federal agencies or the appropriate State supervisory 
authority. 
"(5) The Corporation shall have power to require any savings and 
loan holding company, or persons connected therewith if it is not a 
corporation, to execute and file a prescribed form of irrevocable ap-
pointment of agent for service of process. 
"(6) The Corporation may at any time, upon its own motion or 
upon application, release a registered savings and loan holding com-
pany from any registration theretofore made by such company, if the 
Corporation shall determine that such company no longer has control 
of any insured institution. 
"(c) HOLDING COMPANY ACTIVITIES.—Except as otherwise provided 
in this subsection— 
" (1) no savings and loan holding company or subsidiary there-
of which is not an insured institution shall, for or on behalf of a 
subsidiary insured institution, engage in any activity or render 
any services for the purpose or with the effect of evading law or 
regulation applicable to such insured institution; and 
"(2) no multiple savings and loan holding company or sub-
sidiary thereof which is not an insured institution shall com-
mence, or continue for more than two years after the enactment 
of this amendment or for more than one hundred and eighty days 
after becoming a savings and loan holding company or subsidiary 
thereof (whichever is later), any business activity other than 
(A) furnishing or performing management services for a sub-
sidiary insured institution, (B) conducting an insurance agency 
or an escrow business, (C) holding or managing or liquidating 
assets owned by or acquired 
from a subsidiary 
insured 
institution, (D) holding or managing properties used or occupied 
by a subsidiary insured institution, (E) acting as trustee under 
deed of trust, or (F) furnishing or performing such other services 
or engaging in such other activities as the Corporation may 
approve or may prescribe by regulation as being a proper incident 
to the operations of insured institutions and not detrimental to 
the interests of savings account holders therein. The Corporation 
may, upon a showing of good cause, extend such time from year 
to year, for an additional period not exceeding three years, if the 
Corporation finds such extension would not be detrimental to the 
public interest. 
"(d) PROHIBITED TRANSACTIONS.—No savings and loan holding 
company's subsidiary insured institution shall— 
"(1) invest any of its funds in the stock, bonds, debentures, 
notes, or other obligations of any affiliate (other than a service 
corporation as authorized by law) ; 
"(2) accept the stock, bonds, debentures, notes, or other obli-
gations of any affiliate as collateral security for any loan or exten-
sion of credit made by such institution; 
82 STAT. ] 
PUBLIC LAW 90-255-FEB. 14, 1968 
"(3) purchase securities or other assets or obligations under 
repurchase agreement from any affiliate; 
"(4) make any loan, discount^ or extension of credit to (A) 
any affiliate, except in a transaction authorized by subparagraph 
(A) of para^aph (6) of this subsection, or (B) any third party 
on the security of any property acquired from any affiliate, or 
with knowledge that the proceeds of any such loan, discount, or 
extension of credit, or any part thereof, are to be paid over to or 
utilized for the benefit of any affiliate; 
" (5) guarantee the repayment of or maintain any compensating 
balance for any loan or extension of credit granted to any affiliate 
by any third party; 
"(6) except with the prior written approval of the Corpora-
tion— 
"(A) engage in any transaction with any affiliate involving 
the purchase, sale, or lease of property or assets (other than 
participating interests in mortgage loans to the extent author-
ized by regulations of the Corporation) in any case where the 
amount of the consideration involved when added to the 
aggregate amount of the consideration given or received by 
such institution for all such transactions during the preced-
ing twelve-month period exceeds the lesser of $100,000 or 
0.1 per centum of the institution's total assets at the end of 
the preceding fiscal year; or 
"(B) enter into any agreement or understanding, either in 
writing or orally, with any affiliate under which such affiliate 
is to (i) render management or advertising services for the 
institution, (ii) serve as a consultant, adviser, or agent for 
any phase of the operations of the institution, or (iii) render 
services of any other nature for the institution, other than 
those which may be exempted by regulation or order of the 
Corporation, unless the aggregate amount of the consider-
ation required to be paid by such institution in the future 
under all such existing agreements or understandings cannot 
exceed the lesser of $100,000 or 0.1 per centum of the institu-
tion's total assets at the end of the preceding fiscal year; or 
"(C) make any payment to any affiliate under any agree-
ment or understanding hereinabove referred to in subpara-
graph (B) where the institution has previously paid to affili-
ates during the preceding twelve-month period, pursuant to 
any such agreements or understandings, an amount aggre-
gating in excess of the lesser of $100,000 or 0.1 per centum of 
the institution's total assets at the end of the preceding fiscal 
year. 
The Corporation shall grant approval under this paragraph (6) 
if, in the opinion of the Corporation, the terms of any such trans-
action, agreement, or understanding, or any such payment by such 
institution, would not be detrimental to the interests of its savings 
account holders or to the insurance risk of the Corporation with 
respect to such institution. 
"(e) ACQUISITIONS.—(1) It shall be unlawful for— 
"(A) any savings and loan holding company directly or indi-
rectly, or through one or more subsidiaries or through one or 
more transactions— 
"(i) to acquire, except with the prior written approval of 
the Corporation, the control of an insured institution or a 
savings and loan holding company, or to retain the control 
of such an institution or liolding company acquired or re-
tained in violation of this section as heretofore or hereafter 
in effect: 
10 
PUBLIC LAW 90-255-FEB. 14, 1968 
[82 STAT . 
"(ii) to acquire, except with the prior written approval of 
the Corporation, by the process of merger, consolidation, or 
purchase of assets, another insured or uninsured institution 
or a savings and loan holding company, or all or substantially 
all of the assets of any such institution or holding company; 
"(iii) to acquire by purchase or otherwise, or to retain for 
more than one year after the enactment of this amendment, 
any of the voting shares of an insured institution not a sub-
sidiary, or of a savings and loan holding company not a 
subsidiary, or, in the case of a multiple savings and loan 
holding company^, to so acquire or retain more than 5 per 
centum of the voting shares of any company not a subsidiary 
which is engaged in any business activity other than those 
specified in paragraph (2) of subsection (c) of this section; or 
"(iv) to acquire the control of an uninsured institution, 
or to retain for more than one year after the effective date 
of this amendment or from the date on which such control 
was acquired, whichever is later, the control of any such 
institution; 
"(B) any other company, without the prior written approval 
of the Corporation, directly or indirectly, or through one or more 
subsidiaries or through one or more transactions, to acquire the 
control of one or more insured institutions, except that such 
approval shall not be required in connection with the control of 
an insured institution (i) acquired by devise under the terms of a 
will creating a trust which is excluded from the definition of 
'savings and loan holding company' under subsection (a) of this 
section, or (ii) acquired in connection with a reorganization in 
which a person or group of persons, having had control of an 
insured institution for more than three years, vests control of that 
institution in a newly formed holding company subject to the con-
trol of the same person or group of persons. The Corporation shall 
approve an acquisition of an insured institution under this sub-
paragraph unless it finds the financial and managerial resources 
and future prospects of the company and institution involved to 
be such that the acquisition would be detrimental to the institution 
or the insurance risk of the Corporation, and shall render its deci-
sion within ninety days after submission to the Board of the com-
plete record on the application. 
"(2) The Corporation shall not approve any acquisition under 
subparagraphs (A) (i) or (A) (ii), or of more than one insured insti-
tution under subparagraph (B), of paragraph (1) of this subsection 
except in accordance with this paragraph. In every case, the Corpora-
tion shall take into consideration the financial and managerial re-
sources and future prospects of the company and institution involved, 
and the convenience and needs of the community to be served, and 
shall render its decision within ninety days after submission to the 
Board of the complete record on the application. Before approving 
any such acquisition, the Corporation shall request from the Attorney 
General and consider any report rendered within thirty days on the 
competitive factors involved. The Corporation shall not approve any 
proposed acquisition— 
"(A) which would result in a monopoly, or which would be in 
furtherance of any combination or conspiracy to monopolize or to 
attempt to monopolize the savings and loan business in any part 
of the United States, or 
"(B) the effect of which in any section of the country may be 
substantially to lessen competition, or tend to create a monopoly, 
or which in any other manner would be in restraint of trade, un-
82 STAT. ] 
PUBLIC LAW 90-255-FEB. 14, 1968 
11 
less it finds that the anticompetitive effects of the proposed acqui-
sition are clearly outweighed in the public interest by the probable 
effect of the acquisition in meeting the convenience and needs of 
the community to be served. 
" (3) No acquisition shall be approved by the Corporation under this 
subsection which will— 
"(A) result in the formation by any company, through one or 
more subsidiaries or through one or more transactions, of a 
multiple savings and loan holding company controlling insured 
institutions in more than one State; or 
"(B) enable an existing multiple savings and loan holding com-
pany to acquire an insured institution the principal office of which 
is located in a State other than the State which such savings and 
loan holding company shall designate^ by writing filed with the 
Corporation within sixty days after its registration hereunder, 
as the State in which the principal savings and loan business of 
such holding company is conducted. 
"(4) The provisions of this subsection and of subsections (c)(2) 
and (g) of this section shall not apply to any savings and loan holding 
company which acquired the control of an insured institution or of a 
savings and loan holding company pursuant to a pledge or hypothe-
cation to secure a loan, or in connection with the liquidation of a loan, 
made in the ordinary course of business, but it shall be unlawful for 
any such company to retain such control for more than one year after 
the enactment of this amendment or from the date on which such 
control was acquired, whichever is later, except that the Corporation 
may upon application by such company extend such one-year period 
from year to year, for an additional period not exceeding three years, 
if the Corporation finds such extension is warranted and would not 
be detrimental to the public interest. 
"(f) 
DECLARATION OF DIVTOEND.—Every subsidiaiy insured institu-
tion of a savings and loan holding company shall give the Corporation 
not less than thirty days' advance notice of the proposed declaration 
by its directors of any dividend on its guaranty, permanent, or other 
nonwithdrawable stock. Such notice period shall commence to run from 
the date of receipt of such notice by the Corporation. Any such divi-
dent declared with such period, or without the giving of such notice 
to the Corporation, shall be invalid and shall confer no rights or 
benefits upon the holder of any such stock. 
"(g) HOLDING COMPANY INDEBTEDNESS.—(1) No savings and loan 
holding company or any subsidiary thereof which is not an insured 
institution shall issue, sell, renew, or guarantee any debt security of 
such company or subsidiary, or assume any debt, without the prior 
written approval of the Corporation. 
"(2) The provisions of paragraph (1) of this subsection shall not 
apply to— 
"(A) a diversified savings and loan holding company or any 
subsidiary thereof; or 
"(B) the issuance, sale, renewal, or guaranty of any debt 
security, or the assumption of any debt, by any other savings and 
loan holding company or any subsidiary thereof, if such security 
or debt aggregates, together with all such other securities or debt 
then outstanding as to which such holding company or subsidiary 
is primarily or contingently liable, not more thnn 15 per centum of 
the consolidated net worth of such holding company or subsidiary 
at the end of the preceding fiscal year. 
"(3) The Corporation shall, upon application, approve any act or 
transaction not exempted from the application of paragraph (1) of 
this subsection if the Corporation finds that— 
12 
PUBLIC LAW 90-255-FEB. 14, 1968 
[82 S TAT 
" (A) the proceeds of any such act or transaction will be used for 
(i) the purchase of permanent, guaranty, or other nonwithdraw-
able stock to be issued by a subsidiary insured institution, or *(ii) 
the purpose of making a capital contribution to a subsidiary in-
sured institution; or 
"(B) such act or transaction is required for the purpose of 
refunding, extending, exchanging, or discharging an outstanding 
debt security, or for other necessary or urgent corporate needs, 
and would not impose an unreasonable or imprudent 
financial 
burden on the applicant. 
The Corporation may also approve any application under this para-
graph if it finds that the act or transaction would not be injurious to 
the operation of any subsidiary insured institution in the light of its 
financial condition and prospects. 
"Applications filed with the Corporation pursuant to this subsection 
shall be in such form and contain such information as the Corporation 
may prescribe. 
"(4) If a State authority or any other agency of the United States, 
having jurisdiction of any act or transaction within the scope of 
paragraph (1) of this subsection, shall inform the Corporation, upon 
request by the Corporation for an opinion or otherwise, that State or 
Federal laws applicable thereto have not been complied with, the 
Corporation shall not approve such act or transaction until and unless 
the Corporation is satisfied that such compliance has been effected. 
"Debt security." u^g^ ^g ^g^^ jj^ ^yg subsectiou, the term 'debt security' includes 
any note, draft, bond, debenture, certificate of indebtedness, or any 
other instrument commonly used as evidence of indebtedness, or any 
contract or agreement under the terms of which any party becomes, 
or may become, primarily or contingently liable for the payment of 
money, either in the present or at a future date. 
"(6) (A) If the Corporation finds that a diversified savings and 
loan holding company does not meet the test prescribed in subpara-
graph (B) of this paragraph, such holding company or any subsidiary 
thereof may not accept, use, or receive the benefit of any dividend on 
stock from'a subsidiary insured institution, and such institution may 
not declare or pay any dividend on its stock to such holding company 
or subsidiary, unless the Corporation fails to object, within thirty 
days of receipt of notification under subsection (f) of this section, to 
such dividend as being injurious to the insured institution in the light 
of its financial condition and prospects. 
"(B) The prohibition of subparagraph (A) of this paragraph 
shall not apply to a diversified savings and loan holding comj)any or 
any subsidiary thereof if, excluding its subsidiary insured institution, 
its consolidated net income available for interest for its preceding 
fiscal year was twice its consolidated debt service requirements for the 
twelve-month period next succeeding such fiscal year, as determined 
in accordance with regulations issued by the Corporation. 
,fio!fs^ ^"'^'*^" 
"(^) ADMINISTRATION AND ENFORCEMENT.— (1) Tlie Corporation 
is authorized to issue such rules, regulations, and orders as it deems 
necessary or appropriate to enable it to administer and carry out the 
purposes of this section, and to require compliance therewith and 
prevent evasions thereof. 
Investigations. 
«^2) The Corporation may make such investigations as it deems 
necessary or appropriate to determine whether the provisions of this 
section, and rules, regulations, and orders thereunder, are being and 
have been complied with by savings and loan holding companies and 
subsidiaries and affiliates thereof. For the purpose of any investigation 
82 STAT. ] 
PUBLIC LAW 90-255-FEB. 14, 1968 
13 
under this section, the Corporation or its designated representatives 
shall have power to administer oaths and affirmations, to issue 
subpenas and subpenas duces tecum, to take evidence, and to require 
the production of any books, papers, correspondence, memorandums, 
or other records whicn may be relevant or material to the inquiry. The 
attendance of witnesses and the production of any such records may 
be required from any place in any State or in any territory. The 
Corporation may apply to the United States district court for the 
judicial district or the United States court in any territory in which 
any witness or company subpenaed resides or carries on business, for 
enforcement of any subpena or subpena duces tecum issued pursuant 
to this paragraph, and such courts shall have jurisdiction and power 
to order and require compliance therewith. 
"(3) (A) In the course of or in connection with any proceeding 
under subsection (a)(2)(D) of this section, the Corporation or its 
designated representatives, including any person designated to conduct 
any hearing under said subsection, shall have power to administer oaths 
and affirmations, to take or cause to be taken depositions, and to issue, 
revoke, quash, or modify subpenas and subpenas duces tecum; and the 
Corporation is empowered to make rules and regulations with respect 
to any such proceedings. The attendance of witnesses and the produc-
tion of documents provided for in this paragraph maj^ be required 
from any place in any State or in any territory at any designated place 
where such proceeding is being conducted. Any party to such proceed-
ings may apply to the United States District Court for the District of 
Columbia, or the United States district court for the judicial district or 
the United States court in any territory in which such proceeding is 
being conducted, or where the witness resides or carries on business, for 
enforcement of any subpena or subpena duces tecum issued pursuant 
to this paragraph, and such courts shall have jurisdiction and power 
to order and require compliance therewith. Witnesses subpenaed under 
this section shall be paid the same fees and mileage that are paid wit-
nesses in the district courts of the United States. 
"(B) Any hearing provided for in subsection (a)(2)(D) of this 
section shall be held in the Federal judicial district or in the territory 
in which the principal office of the institution or other company is 
located unless the party afforded the hearing consents to another place, 
and shall be conducted in accordance with the provisions of chapter 5 of 
title 5 of the United States Code. 
si'staJ^'igs"'' 
"(4) Whenever it shall appear to the Corporation that any person 
s use soo ot 
is engaged or has engaged or is about to engage in any acts or practices ®
'
*
^
-
which constitute or will constitute a violation of the provisions of this 
section or of any rule, regulation, or order thereunder, the Corporation 
may in its discretion bring an action in the proper United States dis-
trict court, or the United States court of any territory or other place 
subject to the jurisdiction of the United States, to enjoin such acts or 
practices, to enforce compliance with this section or any rule, regula-
tion, or order thereunder, or to require the divestiture of any acquisi-
tion in violation of this section, or for any combination of the fore-
^ i n g , and such courts shall have jurisdiction of such actions, and 
upon a proper showing an injunction, decree, restraining order, order 
of divestiture, or other appropriate order shall be granted without 
bond. 
"(5) All expenses of the Federal Home Loan Bank Beard or of ti^^exJ^isiVf^' 
the Corporation under this section shall be considered as nonadminis-
trative expenses. 
14 
PUBLIC LAW 90-255-FEB. 14, 1968 
l82 STAT. 
"(i) PROHIBITED ACTS.—It shall be unlawful for— 
"(1) any savings and loan holding company or subsidiary 
thereof, or any director, officer, employee, or person owning, 
controlling, or holding with power to vote, or holding proxies 
representing, more than 25 per centum of the voting shares, of 
such holding company or subsidiary, to hold, solicit, or exercise 
any proxies in respect of any voting rights in an insured institu-
tion which is a mutual institution; 
"(2) any director or officer of a savings and loan holding com-
pany, or any person owning, controlling, or holding with power to 
vote, or holding proxies representing, more than 25 per centum 
of the voting shares of such holding company (A), except with 
the prior approval of the Corporation, to serve at the same time 
as a director, officer, or employee of an insured institution or 
another savings and loan holding company, not a subsidiary 
of such holding company, or (B) to acquire control, or to retain 
control for more than two years after the enactment of this sub-
section, of any insured institution not a subsidiary of such holding 
company; or 
"(3) any individual, except with the prior approval of the 
Corporation, to serve or act as a director, officer, or trustee of, or 
become a partner in, any savings and loan holding company after 
having been convicted of any criminal offense involving dis-
honesty or breach of trust. 
"(j) PENALTIES.—(1) Any company which willfully violates any 
provision of this section, or any rule, regulation, or order thereunder, 
sliall upon conviction be fined not more than $1,000 for each day 
during which the violation continues. 
"(2) Any individual who willfully violates or participates in a 
violation of any provision of this section, or any rule, regulation, or 
order thereunder, shall upon conviction be fined not more than $10,000 
or imprisoned not more than one year, or both. 
"(3) Every director, officer, partner, trustee, agent, or employee 
of a savings and loan holding company shall be subject to the same 
penalties for false entries in any book, report, or statement of such 
savings and loan holding company as are applicable to officers, agents, 
and employees of an institution the accounts of which are insured by 
the Corporation for false entries in any books, reports, or statement 
of such institution under section 1006 of title 18 of the United States 
62 Stat. 750; 
P n r l p 
70 Stat. 714. 
VyUUC. 
"(k) JUDICIAL REVIEW.—Any party aggrieved by an order of the 
Corporation under this section may obtain a review of such order by 
filing in the court of appeals of the United States for the circuit in 
which the principal office of such party is located, or in the United 
States Court of Appeals for the District of Columbia Circuit, within 
thirty days after the date of service of such order, a written petition 
praying that the order of the Corporation be modified, terminated, or 
set aside. A copy of such petition shall be forthwith transmitted by the 
clerk of the court to the Corporation, and thereupon the Corporation 
shall file in the court the record in the proceeding, as provided in sec-
sJltTt^'islW' 
tion 2112 of title 28 of the United States Code. Upon the filing of such 
petition, such court shall have jurisdiction, which upon the filing of 
the record shall be exclusive, to affirm, modify, terminate, or set aside, 
in whole or in part, the order of the Corporation. Review of such 
proceedings shall be had as provided in chapter 7 of title 5 of the 
5°u^s*c*7o^i^-706. United States Code. The judgment and decree of the court shall be 
82 STAT. ] 
PUBLIC LAW 90-256-FEB. 14, 1968 
15 
final, except that the same shall be subject to review by the Supreme 
Court upon certiorari as provided in section 1254 of title 28 of the 
United States Code. 
.
.
.
. 
62 stat. 928. 
" (1) SAVING CLAUSE,—Nothing contained in this section, other than 
mergers or acquisitions approved under section 408(e)(2), shall be 
interpreted or construed as approving any act, action, or conduct which 
is or has been or may be in violaltion of existing law, nor shall anything 
herein contained constitute a defense to any action, suit, or proceeding 
pending or hereafter instituted on account of any act, action, or con-
duct in violation of the antitrust laws." 
Approved February 14, 1968. 
Public Law 90-256 
AN A C T 
February 14, 1968 
To determine the rights and interests of the Navajo Tribe and the Ute Mountain 
!
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Tribe of the Ute Mountain Reservation in and to certain lands in the State 
of New Mexico, and for other purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assemhled^ That this Act may B^ndUy^ofspute 
be cited as the "Navajo-Ute Boundary Dispute Act". 
Act. 
SEC. 2. The consent of the United States is hereby given to either or 
both the Navajo Tribe of Indians and the Ute Mountain Tribe of the 
Ute Mountain Reservation to bring suit against each other, and against 
any other tribe of Indians, persons, or entities, to (juiet the beneficial 
title in and to such lands in the State of New Mexico as are common 
to the description contained in article I I of the treaty concluded June 
1, 1868, between the United States and the Navajo Nation or Tribe of 
Indians and proclaimed August 12, 1868 (15 Stat. 667), setting apart 
certain lands for the use and occupation of the Navajo Tribe of 
Indians, and to the description contained in section 3 of the Act 
approved February 20,1895 (28 Stat. 677), setting apart certain lands 
for the sale and exclusive use and occupancy of the Southern Ute 
Indians described therein. The United States asserts no beneficial 
claim to or interest in such land, acknowledges that it holds the legal 
title to the land in trust, recognizes that the beneficial title cannot be 
litigated without the consent of the United States, and consents to 
litigation between the two Indian tribes only in order that their con-
flicting claims of beneficial title may be conclusively determined. The 
United States shall not be joined as a party defendant in the litigation, 
and nothing in this Act shall be construed to authorize a claim against 
the United States. The Secretary of the Interior shall administer the 
land in accordance with the judicial determination of be4ieficial title. 
SEC. 3. Any action commenced pursuant to section 2 of this Act shall 
be heard and determined by a district court of three judges in the 
United States District Court for the District of New Mexico, in accord-
ance with the provisions of title 28, United States Code, section 2284, 
^^ ^'^*- ^^'*-
and, subject to the provisions of section 4 of this Act, any party may 
appeal as of right directly to the Supreme Court of tlie United States 
from the final determination by such three-judge district court. 
SEC. 4. It is hereby declared to be the intent and the objective of the con*rels°^ 
Congress that the relative rights and interests of all parties making 
claims against each other in and to the surface and the subsurface of 
the lands identified in section 2 of this Act be judicially determined 
in accordance with such principles as may be just and fair in law and 
equity, including a consistent award or awards or release or releases 
to either or both the Navajo Tribe and the Ute Mountain Tribe of the