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12 U.S.C. § 1850 — Acquisition of subsidiary and tying arrangement: Federal Reserve Board proceedings; application for authorization; competitor as party in interest and person aggrieved; judicial review
Federal law — U.S. Code and appendices · legal_authorities
With respect to any proceeding before the Federal Reserve Board wherein an applicant seeks authority to acquire a subsidiary which is a bank under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim) or to engage in an activity otherwise prohibited under chapter 22 of this title, a party who would become a competitor of the applicant or subsidiary thereof by virtue of the applicant’s or its subsidiary’s acquisition, entry into the business involved, or activity, shall have the right to be a party in interest in the proceeding and, in the event of an adverse order of the Board, shall have the right as an aggrieved party to obtain judicial review thereof as provided in [section 1848 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1848&num=0&edition=prelim) or as otherwise provided by law.
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Stable record: federal_law:legal_authorities:record_usc_1f0e1429ce304bd928defae9
Source file: Laws/federal/codes/united-states-code/title-12/section-1850-acquisition-of-subsidiary-and-tying-arrangement-federal-reserve-board-pr--f266287cc9.md
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Source location: Title 12, Chapter 17, § 1850; chapter-017-bank-holding-companies.md
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With respect to any proceeding before the Federal Reserve Board wherein an applicant seeks authority to acquire a subsidiary which is a bank under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim) or to engage in an activity otherwise prohibited under chapter 22 of this title, a party who would become a competitor of the applicant or subsidiary thereof by virtue of the applicant’s or its subsidiary’s acquisition, entry into the business involved, or activity, shall have the right to be a party in interest in the proceeding and, in the event of an adverse order of the Board, shall have the right as an aggrieved party to obtain judicial review thereof as provided in [section 1848 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1848&num=0&edition=prelim) or as otherwise provided by law.
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1842
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1843
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Federal law — U.S. Code and appendices · legal_authorities
Any party aggrieved by an order of the Board under this chapter may obtain a review of such order in the United States Court of Appeals within any circuit wherein such party has its principal place of business or in the Court of Appeals in the District of Columbia, by filing in the court, within thirty days after the entry of the Board’s order, a petition praying that the order of the Board be set aside. A copy of such petition shall be forthwith transmitted to the Board by the clerk of the court, and thereupon the Board shall file in the court the record made before the Board, as provided in [section 2112 of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section2112&num=0&edition=prelim). Upon the filing of such petition the court shall have the jurisdiction to affirm, set aside, or modify the order of the Board and to require the Board to take such action with regard to the matter under review as the court deems proper. The findings of the Board as to the facts, if supported by substantial evidence, shall be conclusive.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1848
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Federal law — U.S. Code and appendices · legal_authorities
Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power—
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 24
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1841
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Applicability of Bank Holding Company Acts** Except as otherwise provided in this section (1) any foreign bank that maintains a branch or agency in a State, (2) any foreign bank or foreign company controlling a foreign bank that controls a commercial lending company organized under State law, and (3) any company of which any foreign bank or company referred to in (1) and (2) is a subsidiary 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.], and to [section 1850 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1850&num=0&edition=prelim) and chapter 22 of this title in the same manner and to the same extent that bank holding companies are subject to such provisions.
**(b) Ownership or control of shares of nonbanking companies for certain period** Until December 31, 1985, a foreign bank or other company to which subsection (a) applies on September 17, 1978, may retain direct or indirect ownership or control of any voting shares of any nonbanking company in the United States that it owned, controlled, or held with power to vote on September 17, 1978, or engage in any nonbanking activities in the United States in which it was engaged on such date.
**(c) Engagement in nonbanking activities after certain period**
(1) After December 31, 1985, a foreign bank or other company to which subsection (a) applies on September 17, 1978, or on the date of the establishment of a branch in a State an application for which was filed on or before July 26, 1978, may continue to engage in nonbanking activities in the United States in which directly or through an affiliate it was lawfully eng
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3106
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Federal law — U.S. Code and appendices · legal_authorities
Page 1256
TITLE 12—BANKS AND BANKING
§ 1850
1 See References in Text note below.
2 So in original. Probably should be ‘‘subparagraph’’.
91–607, title I, § 104, Dec. 31, 1970, 84 Stat. 1766;
Pub. L. 95–188, title III, § 303, Nov. 16, 1977, 91
Stat. 1390; Pub. L. 100–86, title V, § 502(h)(3), Aug.
10, 1987, 101 Stat. 628; Pub. L. 103–325, title III,
§ 321(a), Sept. 23, 1994, 108 Stat. 2226; Pub. L.
106–102, title I, § 131, Nov. 12, 1999, 113 Stat. 1382.)
Editorial Notes
REFERENCES IN TEXT
Act of July 2, 1890 (the Sherman Antitrust Act), re-
ferred to in subsec. (f), is classified to sections 1 to 7 of
Title 15, Commerce and Trade. For complete classifica-
tion of this Act to the Code, see Short Title note set
out under section 1 of Title 15 and Tables.
Act of October 15, 1914 (the Clayton Act), referred to
in subsec. (f), is act Oct. 15, 1914, ch. 323, 38 Stat. 730,
which is classified generally to sections 12, 13, 14 to 19,
21, and 22 to 27 of Title 15, and sections 52 and 53 of
Title 29, Labor. For further details and complete classi-
fication of this Act to the Code, see References in Text
note set out under section 12 of Title 15 and Tables.
AMENDMENTS
1999—Subsec. (b)(1). Pub. L. 106–102 inserted before pe-
riod at end of first sentence ‘‘and, if the transaction
also involves an acquisition under section 1843 of this
title, the Board shall also notify the Federal Trade
Commission of such approval’’.
1994—Subsec. (b)(1). Pub. L. 103–325 inserted before pe-
riod at end of fourth sentence ‘‘or, if the Board has not
received any adverse comment from the Attorney Gen-
eral of the United States relating to competitive fac-
tors, such shorter period of time as may be prescribed
by the Board with the concurrence of the Attorney
General, but in no ev
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1850
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