Sec. 7. Dividends paid by subsidiaries of mutual holding companies
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/bill/113/hr/1603/ih/section-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 10(o)(11)(B) of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(o)(11)(B) ) is amended by deleting or at the end of (i), deleting the period at the end of
(ii)and inserting a semicolon at the end thereof, and adding the following: a majority of the board of directors of the mutual holding company, or a committee thereof, consists of directors who are not affiliates of any stock subsidiary of the mutual holding company and who do not directly or indirectly own any shares of the stock to which the waiver would apply, and vote in favor of the waiver of the dividend; or an independent corporate committee consisting of persons who are not stockholders, affiliates, depositors, borrowers, or members of the mutual holding company or any stock subsidiary of the mutual holding company vote in favor of the waiver of the dividend. .
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Sec. 7
Dividends paid by subsidiaries of mutual holding companies
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