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12 U.S.C. § 619 — Capital stock; by whom held; ownership of capital stock by foreign bank
Federal law — U.S. Code and appendices · legal_authorities
Except as otherwise provided in this subchapter, a majority of the shares of the capital stock of any such corporation shall at all times be held and owned by citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States or of a State of the United States, or by firms or companies, the controlling interest in which is owned by citizens of the United States. Notwithstanding any other provisions of this subchapter, one or more foreign banks, institutions organized under the laws of foreign countries which own or control foreign banks, or banks organized under the laws of the United States, the States of the United States, or the District of Columbia, the controlling interests in which are owned by any such foreign banks or institutions, may, with the prior approval of the Board of Governors of the Federal Reserve System and upon such terms and conditions and subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, own and hold 50 per centum or more of the shares of the capital stock of any corporation organized under this subchapter and any such corporation shall be subject to the same provisions of law as any other corporation organized under this subchapter, and the terms “controls” and “controlling interest” shall be construed consistently with the definition of “control” in section 2 of the Bank Holding Company Act of 1956 [[12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)]. For the purposes of the preceding sentence of this paragraph the term “foreign bank” shall have the meaning assigned to it in the International Banking Act of 1978 [[12 U
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Source file: Laws/federal/codes/united-states-code/title-12/section-619-capital-stock-by-whom-held-ownership-of-capital-stock-by-foreign-bank--335fb24517.md
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Source location: Title 12, Chapter 6, § 619; chapter-006-foreign-banking.md
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Except as otherwise provided in this subchapter, a majority of the shares of the capital stock of any such corporation shall at all times be held and owned by citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States or of a State of the United States, or by firms or companies, the controlling interest in which is owned by citizens of the United States. Notwithstanding any other provisions of this subchapter, one or more foreign banks, institutions organized under the laws of foreign countries which own or control foreign banks, or banks organized under the laws of the United States, the States of the United States, or the District of Columbia, the controlling interests in which are owned by any such foreign banks or institutions, may, with the prior approval of the Board of Governors of the Federal Reserve System and upon such terms and conditions and subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, own and hold 50 per centum or more of the shares of the capital stock of any corporation organized under this subchapter and any such corporation shall be subject to the same provisions of law as any other corporation organized under this subchapter, and the terms “controls” and “controlling interest” shall be construed consistently with the definition of “control” in section 2 of the Bank Holding Company Act of 1956 [[12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)]. For the purposes of the preceding sentence of this paragraph the term “foreign bank” shall have the meaning assigned to it in the International Banking Act of 1978 [[12 U.S.C. 3101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim) et seq.]. Any company, other than a bank as defined in section 2 of the Bank Holding Company Act of 1956, that after March 5, 1987, directly or indirectly acquires control of a corporation organized or operating under the provisions of this subchapter or subchapter I of this chapter shall be subject to the provisions of the Bank Holding Company Act of 1956 [[12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.] in the same manner and to the same extent that bank holding companies are subject thereto, except that such company shall not by reason of this paragraph be deemed a bank holding company for the purpose of section 3 of the Bank Holding Company Act of 1956 [[12 U.S.C. 1842](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim)].
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prior approval of Board as necessary; exceptions; disposition, time extension; subsequent approval or disposition upon disapproval** It shall be unlawful, except with the prior approval of the Board, (1) for any action to be taken that causes any company to become a bank holding company; (2) for any action to be taken that causes a bank to become a subsidiary of a bank holding company; (3) for any bank holding company to acquire direct or indirect ownership or control of any voting shares of any bank if, after such acquisition, such company will directly or indirectly own or control more than 5 per centum of the voting shares of such bank; (4) for any bank holding company or subsidiary thereof, other than a bank, to acquire all or substantially all of the assets of a bank; or (5) for any bank holding company to merge or consolidate with any other bank holding company. Notwithstanding the foregoing this prohibition shall not apply to (A) shares acquired by a bank, (i) in good faith in a fiduciary capacity, except where such shares are held under a trust that constitutes a company as defined in [section 1841(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/b&num=0&edition=prelim) and except as provided in paragraphs (2) and (3) of [section 1841(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/g&num=0&edition=prelim), or (ii) in the regular course of securing or collecting a debt previously contracted in good faith, but any shares acquired after May 9, 1956, in securing or collecting any such previously contracted debt shall be disposed of within a period of two years from the date on which they were acquired; (B) additional shares acquired by a bank holding company in
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Federal law — U.S. Code and appendices · legal_authorities
For the purposes of this chapter—
(1) “agency” means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States;
(2) “Board” means the Board of Governors of the Federal Reserve System;
(3) “branch” means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received;
(4) “Comptroller” means the Comptroller of the Currency;
(5) “Federal agency” means an agency of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim);
(6) “Federal branch” means a branch of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim);
(7) “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this chapter the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating;
(8) “foreign country” means any country other than the United States, and
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) No person shall, at the same time, serve as a director or officer in any two corporations (other than banks, banking associations, and trust companies) that are—
(A) engaged in whole or in part in commerce; and
(B) by virtue of their business and location of operation, competitors, so that the elimination of competition by agreement between them would constitute a violation of any of the antitrust laws;
if each of the corporations has capital, surplus, and undivided profits aggregating more than $10,000,000 as adjusted pursuant to paragraph (5) of this subsection.
(2) Notwithstanding the provisions of paragraph (1), simultaneous service as a director or officer in any two corporations shall not be prohibited by this section if—
(A) the competitive sales of either corporation are less than $1,000,000, as adjusted pursuant to paragraph (5) of this subsection;
(B) the competitive sales of either corporation are less than 2 per centum of that corporation’s total sales; or
(C) the competitive sales of each corporation are less than 4 per centum of that corporation’s total sales.
For purposes of this paragraph, “competitive sales” means the gross revenues for all products and services sold by one corporation in competition with the other, determined on the basis of annual gross revenues for such products and services in that corporation’s last completed fiscal year. For the purposes of this paragraph, “total sales” means the gross revenues for all products and services sold by one corporation over that corporation’s last completed fiscal year.
(3) The eligibility of a director or officer under the provisions of paragraph (1) shall be determined by the capital, surplus and undivided profits, exclusive of dividends declared but not paid to stoc
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Federal law — U.S. Code and appendices · legal_authorities
Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Ownership or control of voting shares of any company not a bank; engagement in activities other than banking** Except as otherwise provided in this chapter, no bank holding company shall—
(1) after May 9, 1956, acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or
(2) after two years from the date as of which it becomes a bank holding company, or in the case of a company which has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940 [[15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) et seq.], prior to May 15, 1955, in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31, 1978, or, in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on December 31, 1970, after December 31, 1980, retain direct or indirect ownership or control of any voting shares of any company which is not a bank or bank holding company or engage in any activities other than (A) those of banking or of managing or controlling banks and other subsidiaries authorized under this chapter or of furnishing services to or performing services for its subsidiaries, and (B) those permitted under paragraph (8) of subsection (c) of this section subject to all the conditions specified in such paragraph or in any order or regulation issued by the Board under such paragraph: Provided, That a company covered in 1970 may also engage in those activities in which directly or through a subsidiary (i) it was lawfully engaged on June 30, 1968 (or on a date subsequent to June 30, 196
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) Except as provided in paragraph (5) of this subsection, “bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter.
(2) Any company has control over a bank or over any company if—
(A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company;
(B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or
(C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company.
(3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company.
(4) In any administrative or judicial proceeding under this chapter, other than a proceeding under paragraph (2)(C) of this subsection, a company may not be held to have had control over any given bank or company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or more of any class of voting securities of the bank or company, or had already been found to have control in a proceeding under paragraph (2)(C).
(5) Notwithstanding any other provision of this subsection—
(A) No bank and no company owning or controlling voting shares of a bank is a bank hold
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Federal law — U.S. Code and appendices · legal_authorities
Page 1216
TITLE 12—BANKS AND BANKING
§ 1841
Sec.
1842.
Acquisition of bank shares or assets.
1843.
Interests in nonbanking organizations.
1844.
Administration.
1845.
Repealed.
1846.
Reservation of rights to States.
1847.
Penalties.
1848.
Judicial review.
1848a.
Repealed.
1849.
Saving provision.
1850.
Acquisition of subsidiary and tying arrange-
ment: Federal Reserve Board proceedings;
application for authorization; competitor as
party in interest and person aggrieved; judi-
cial review.
1850a.
Securities holding companies.
1851.
Prohibitions on proprietary trading and cer-
tain relationships with hedge funds and pri-
vate equity funds.
1852.
Concentration limits on large financial firms.
§ 1841. Definitions
(a)(1) Except as provided in paragraph (5) of
this subsection, ‘‘bank holding company’’ means
any company which has control over any bank
or over any company that is or becomes a bank
holding company by virtue of this chapter.
(2) Any company has control over a bank or
over any company if—
(A) the company directly or indirectly or
acting through one or more other persons
owns, controls, or has power to vote 25 per
centum or more of any class of voting securi-
ties of the bank or company;
(B) the company controls in any manner the
election of a majority of the directors or
trustees of the bank or company; or
(C) the Board determines, after notice and
opportunity for hearing, that the company di-
rectly or indirectly exercises a controlling in-
fluence over the management or policies of the
bank or company.
(3) For the purposes of any proceeding under
paragraph (2)(C) of this subsection, there is a
presumption that any company which directly
or indirectly owns, controls, or has power to
vote less than 5 per centum of any
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1841
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Federal law — U.S. Code and appendices · legal_authorities
Page 1223
TITLE 12—BANKS AND BANKING
§ 1842
1841 to 1843 and 1849 of this title and sections 324, 391 of
former Title 31, repealing sections 316 and 458 of former
Title 31, enacting provisions set out as notes under sec-
tions 317e and 391 of former Title 31, and amending pro-
visions set out as a note under section 405a–1 of former
Title 31] may be cited as the ‘Bank Holding Company
Act Amendments of 1970’.’’
SHORT TITLE
Act May 9, 1956, ch. 240, § 1, 70 Stat. 133, provided:
‘‘That this Act [enacting this chapter and sections 1101
to 1103 of Title 26, Internal Revenue Code] may be cited
as the ‘Bank Holding Company Act of 1956’.’’
SEPARABILITY
Act May 9, 1956, ch. 240, § 12, 70 Stat. 146, provided
that: ‘‘If any provision of this Act [enacting this chap-
ter and sections 1101 to 1103 of Title 26, Internal Rev-
enue Code], or the application of such provision to any
person or circumstance, shall be held invalid, the re-
mainder of the Act, and the application of such provi-
sion to persons or circumstances other than those to
which it is held invalid, shall not be affected thereby.’’
TRANSFER OF FUNCTIONS
Federal Savings and Loan Insurance Corporation
abolished and functions transferred, see sections 401 to
406 of Pub. L. 101–73, set out as a note under section 1437
of this title.
TRANSITIONAL RULE FOR 1987 AMENDMENT
Pub. L. 100–86, title I, § 101(h), Aug. 10, 1987, 101 Stat.
563, provided that:
‘‘(1) DELAY IN APPLICATION OF AMENDMENT TO CERTAIN
INSTITUTIONS.—If—
‘‘(A) on March 5, 1987, an institution was not a bank
(as defined in section 2(c) of the Bank Holding Com-
pany Act of 1956 [12 U.S.C. 1841(c)]), as in effect on
such date; and
‘‘(B) any person which had a controlling interest in
such institution on March 5, 1987, made a public an-
noun
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1842
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Federal law — U.S. Code and appendices · legal_authorities
Page 1492
TITLE 12—BANKS AND BANKING
§ 3101
1 So in original. The comma probably should follow the
quotation marks.
in such amounts as the Board of Directors of the
Bank deems appropriate, except that—
(A) such contributions may be made only
out of the Bank’s earnings, determined in ac-
cordance with generally accepted accounting
principles; and
(B) the Bank shall set aside amounts suffi-
cient to satisfy its obligations to the Sec-
retary of the Treasury for payments of prin-
cipal and interest on class A notes and other
debt before making any contributions to such
nonprofit corporation.
(2) During any period in which the nonprofit
corporation described in subsection (b) is quali-
fied as an organization described in section
501(c)(3) of title 26, contributions made by the
Bank pursuant to paragraph (1) shall be treated
as charitable contributions within the meaning
of section 170(c)(2) of title 26, and may be de-
ducted notwithstanding the provisions of sec-
tion 170(b)(2) of title 26.
(3) During any period in which the nonprofit
corporation described in subsection (b) is quali-
fied as an organization described in section
501(c)(3) of title 26, contributions to such non-
profit corporation by any person shall qualify as
charitable contributions, as defined in section
170(c) of title 26, for purposes of the charitable
contribution deduction provided for in section
170(a) of title 26, and shall also qualify for the
deductions for estate and gift tax purposes pro-
vided for in sections 2055 and 2522 of title 26.
(e) Conflict of interest rules
Notwithstanding the laws of the District of
Columbia, the Board of Directors of such non-
profit corporation shall adopt and publish its
own conflict of interest rules which shall be no
less stringent in e
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3101
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Federal law — U.S. Code and appendices · legal_authorities
Page 191
TITLE 12—BANKS AND BANKING
§ 619
Board of Governors of the Federal Reserve Sys-
tem and subject to such regulations and condi-
tions as it may prescribe, be paid in upon call
from the board of directors; such unpaid sub-
scriptions, however, to be included in the max-
imum of 10 per centum of the national bank’s
capital and surplus which a national bank is
permitted under the provisions of this Act to
hold in stock of corporations engaged in busi-
ness of the kind described in this subchapter and
subchapter I of this chapter. The capital stock
of any such corporation may be increased at any
time, with the approval of the Board of Gov-
ernors of the Federal Reserve System, by a vote
of two-thirds of its shareholders or by unani-
mous consent in writing of the shareholders
without a meeting and without a formal vote,
but any such increase of capital shall be fully
paid in within ninety days after such approval;
and may be reduced in like manner, provided
that in no event shall it be less than $2,000,000.
No corporation, except as herein provided, shall
during the time it shall continue its operations,
withdraw or permit to be withdrawn, either in
the form of dividends or otherwise, any portion
of its capital. Any national bank may invest in
the stock of any corporation organized under
this subchapter. The aggregate amount of stock
held by any national bank in all corporations
engaged in business of the kind described in this
subchapter or subchapter I of this chapter shall
not exceed an amount equal to 10 percent of the
capital and surplus of such bank unless the
Board determines that the investment of an ad-
ditional amount by the bank would not be un-
safe or unsound and, in any case, shall not ex-
ceed an amount equal to 20 percent of
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 619
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