§ 902.
194 words·~1 min read·
/usc/title-12/section-902A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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— such takeover is necessary to prevent the bankruptcy or insolvency of the domestic financial institution involved; the application was initially submitted for filing on or before March 5, 1980 ; the domestic financial institution has deposits of less than $100,000,000; 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; 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 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 .”