§ 215c. Mergers, consolidations, and other acquisitions authorized
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/usc/title-12/section-215cA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general Subject to sections 1815(d)(3) 1 and 1828(c) of this title and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution.
(b)Expedited approval of acquisitions
(1)In general Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency under any applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency.
(2)Extensions of period The period for approval or disapproval referred to in paragraph
(1)may be extended for an additional 30-day period if the Comptroller of the Currency determines that—
(A)an applicant has not furnished all of the information required to be submitted; or
(B)in the Comptroller’s judgment, any material information submitted is substantially inaccurate or incomplete.
(c)Rule of construction No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act 1 or any other law governing the powers of national banks.
(d)“Acquire” defined For purposes of this section, the term “acquire” means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.
(R.S. § 5156A, as added Pub. L. 102–242, title V, § 502(b), Dec. 19, 1991, 105 Stat. 2393; amended Pub. L. 104–208, div. A, title II, § 2201(b)(1), Sept. 30, 1996, 110 Stat. 3009–403.)
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Cited by 16 sections · top 11
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- Public Law 102–242To require the least-cost resolution of insured depository institutions, to improve supervision and examinations, to provide additional resources to the Bank Insurance Fund, and for other purposes
- Public Law 104–207Waiving certain enrollment requirements with respect to any bill or joint resolution of the One Hundred Fourth Congress making genera) or continuing appropriations for fiscal year 1997
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13 references not yet in our index
- 1
- Pub. L. 102–242, title V, § 502(b)
- 105 Stat. 2393
- Pub. L. 104–208, div. A, title II, § 2201(b)(1)
- 110 Stat. 3009–403
- Pub. L. 109–173, § 8(a)(4)
- 119 Stat. 3610
- act June 3, 1864, ch. 106
- 13 Stat. 99
- act Nov. 7, 1918, ch. 209
- Pub. L. 86–230, § 20
- 73 Stat. 460
- Pub. L. 104–208
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§ 215c
Mergers, consolidations, and other acquisitions authorized
Fed. Reg.×13
Stat.×2
C.F.R.×1
Cite1
Pub. L.Pub. L. 102–242, title V, § 502(b)
Stat.105 Stat. 2393
Pub. L.Pub. L. 104–208, div. A, title II, § 2201(b)(1)
Stat.110 Stat. 3009–403
Cites 15 · showing 7Cited by 16 across 3 sources