12-U.S.C.-221A
§221A – Additional Definitions
Pathway
Title 12 > Chapter 3 > Subchapter I > Section 221a
Details
- Reference: Section 221a
- Legend: §221A – Additional Definitions
- USCode Year: 2013
Provision Content
As used in this chapter—
(a) The terms banks, national bank, national banking association, member bank, board, district, and reserve bank shall have the meanings assigned to them in section 221 of this title.
(b) Except where otherwise specifically provided, the term affiliate shall include any corporation, business trust, association, or other similar organization—
(1) Of which a member bank, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or
(2) Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own or control either a majority of the shares of such bank or more than 50 per centum of the number of shares voted for the election of directors of such bank at the preceding election, or by trustees for the benefit of the shareholders of any such bank; or
(3) Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one member bank; or
(4) Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of a member bank at the preceding election, or controls in any manner the election of a majority of the directors of a member bank, or for the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees.
(June 16, 1933, ch. 89, §2, 48 Stat. 162; Aug. 23, 1935, ch. 614, title III, §301, 49 Stat. 707; Pub. L. 89–485, §13(a), (b), July 1, 1966, 80 Stat. 242.)
References in Text
As used in this chapter, referred to in text, was in the original As used in this Act and in any provision of law amended by this Act, meaning act June 16, 1933, ch. 89, 48 Stat. 162, as amended, known as the Banking Act of 1933. For complete classification of this Act to the Code, see References in Text note set out under section 227 of this title and Tables.
Amendments
1966—Subsec. (b)(4). Pub. L. 89–485, §13(a), added par. (4) which incorporates definitions of holding company affiliate contained in cls. (1) and (2) of former subsec. (c) of this section, and substituted a member bank for any one bank in first two places.
Subsec. (c). Pub. L. 89–485, §13(b), repealed definition of holding company affiliate, cls. (1) and (2) thereof now being incorporated in the subsec. (b)(4) definition of affiliate, substituting a member bank for any one bank in first two places and the par. excluding therefrom any corporations stock of which is fully owned by the United States and any organization determined by the Board of Governors of the Federal Reserve System not to be engaged, directly or indirectly, as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks, or trust companies.
1935—Subsec. (c). Act Aug. 23, 1935, added last par.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-2810 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-2810, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-2804 in the Legal Encyclopedia: Federal Reserve System
In this entry about 12-U.S.C.-2804, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.
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