1 So in original. The comma probably should follow the quotation marks.
“bank”, “bank holding company”, “company”, “control”, and “subsidiary” have the same meanings assigned to those terms in the Bank Holding Company Act of 1956 [
References in Text
This chapter, referred to in text, was in the original “this Act”, meaning Puspan. L. 95–369, Sept. 17, 1978, 92 Stat. 607, known as the International Banking Act of 1978, which enacted this chapter and sections 347d and 611a of this title, amended sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820 to 1823, 1828, 1829span, 1831span, and 1841 of this title, and enacted provisions set out as notes under this section and sections 36, 247, 601, and 611a of this title and formerly set out as notes under sections 36, 247, and 601 of this title. For complete classification of this Act to the Code, see Short Title note set out below and Tables.
The Bank Holding Company Act of 1956, referred to in par. (13), is act May 9, 1956, ch. 240, 70 Stat. 133, which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1841 of this title and Tables.
Amendments
1999—Par. (15). Puspan. L. 106–102 substituted “or State agency;” for “State agency, or subsidiary of a foreign bank;”.
1991—Par. (13). Puspan. L. 102–242, § 202(e)(1), inserted reference to affiliate after first reference to “the terms”.
Pars. (15) to (17). Puspan. L. 102–242, § 202(e)(2), added pars. (15) to (17).
Statutory Notes and Related Subsidiaries
Effective Date of 1999 Amendment
Amendment by Puspan. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Puspan. L. 106–102, set out as a note under section 24 of this title.
Short Title of 1991 Amendment
Puspan. L. 102–242, title II, § 201, Dec. 19, 1991, 105 Stat. 2286, provided that: “This subtitle [subtitle A (§§ 201–215) of title II of Puspan. L. 102–242, enacting sections 3109 to 3111 of this title, amending this section and sections 1467a, 1817, 1820, 1842, 2803, 2804, 3102, 3104 to 3108, and 4009 of this title and sections 44, 57a, 1607, 1681s, 1691c, 1692l, and 1693o of Title 15, Commerce and Trade, and enacting provisions set out as a note under section 3102 of this title] may be cited as the ‘Foreign Bank Supervision Enhancement Act of 1991’.”
Short Title
Puspan. L. 95–369, § 1(a), Sept. 17, 1978, 92 Stat. 607, provided that: “This Act [enacting this chapter and sections 347d and 611a of this title, amending sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820 to 1823, 1828, 1829span, 1831span and 1841 of this title, and enacting provisions set out as notes under sections 36, 247, 601, and 611a of this title] may be cited as the ‘International Banking Act of 1978’.”
Foreign Control of United States Financial Institutions
Puspan. L. 96–221, title IX, §§ 901, 902, Mar. 31, 1980, 94 Stat. 192, 193, provided that:“Sec. 901. For purposes of this title enacting this provision—“(1) the term ‘domestic financial institution’ means any bank, mutual savings bank, or savings and loan association organized under the laws of any State or of the United States;
“(2) the term ‘foreign person’ means any foreign organization or any individual resident in a foreign country or any organization or individual owned or controlled by such an organization or individual; and
“(3) the term ‘takeover’ means any acquisition of the stock or assets of any domestic financial institution if, after such acquisition, the amount of stock or assets held is 5 per centum or more of the institution’s stock or assets.
“Sec. 902. The Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Board of Directors of the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board may not approve any application relating to the takeover of any domestic financial institution by a foreign person until July 1, 1980, unless—“(1) such takeover is necessary to prevent the bankruptcy or insolvency of the domestic financial institution involved;
“(2) the application was initially submitted for filing on or before March 5, 1980;
“(3) the domestic financial institution has deposits of less than $100,000,000;
“(4) the application relates to a takeover of shares or assets pursuant to a foreign person’s intrafirm reorganization of its interests in a domestic financial institution, including specifically any application to establish a bank holding company pursuant to such reorganization;
“(5) the application relates to a takeover of the assets or shares of a domestic financial institution if such assets or shares are owned or controlled by a foreign person; or
“(6) the application relates to the takeover of a domestic financial institution which is a subsidiary of a bank holding company under an order to divest by December 31, 1980.”
