Sec. 5. Protection of mutual depositories
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Subsection
(h)of section 10 of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(h) ) is amended— by striking or after the semicolon at the end of paragraph (2); by striking the period at the end of paragraph
(3)and inserting ; or ; and by inserting after paragraph (3), the following new paragraph: any company or any subsidiary of any company, any director, officer, employee, or person owning, controlling, or holding with the power to vote, or holding proxies representing more than 25 percent of the voting shares, of such company or subsidiary, or any director, officer, employee, or person acting in concert with such company or subsidiary, to hold, solicit, or exercise any proxies in respect of a savings association which is a mutual association, with the view or intention to, directly or indirectly, control or attempt to control the mutual association. . Subsection
(i)of section 10 of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(i) ) is amended by inserting after paragraph
(3)the following new paragraph: Any aggrieved mutual savings association may bring a civil action in a court of appropriate jurisdiction and may recover such equitable relief, including injunctive relief, and reasonable attorney’s fees, as determined by the court for any violation or attempted violation of paragraph
(1)or
(4)of subsection (h). In addition to any damages or relief under paragraph (1), any proxy held or exercised by any party the holding or exercise of which has been determined to be a violation of paragraph
(1)or
(4)of subsection
(h)shall be deemed null and void, as of the inception of such proxy, and shall not be counted for purposes of determining a quorum at any meeting of such aggrieved mutual association. An action may not be brought under subparagraph
(A)after the end of the 180-day period beginning on the later of— the date of the discovery of the alleged violation by the aggrieved mutual savings association; or the date of the enactment of the Mutual Savings Association Preservation Act. No attribution rule For purposes of clause (i)(I), the knowledge of the facts and circumstances giving rise to an alleged violation by any party to the violation shall not be attributed to the savings association. .
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Sec. 5
Protection of mutual depositories
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