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12 U.S.C. § 3205 — Management official in position prior to November 10, 1978

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3205 — Management official in position prior to November 10, 1978

**(a) Continuation of service** A person whose service in a position as a management official began prior to November 10, 1978, and who was not immediately prior to November 10, 1978, in violation of [section 19 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section19&num=0&edition=prelim) is not prohibited by section 3202 or [section 3203 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3203&num=0&edition=prelim) from continuing to serve in that position. The appropriate Federal depository institutions regulatory agency may provide a reasonable period of time for compliance with this chapter, not exceeding fifteen months, after any change in circumstances which makes service described in the preceding sentence prohibited by this chapter, except that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or [section 3203 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3203&num=0&edition=prelim). **(b) Depository institution and diversified savings and loan holding company** Effective on November 10, 1978, a person who serves as a management official of a company which is not a depository institution or a depository holding company and as a management official of a depository institution or a depository holding company is not prohibited from continuing to serve as a management official of that depository institution or depository holding company as a result of that company which is not a depository institution or depository holding company becoming a diversified savings and loan

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Stable record: federal_law:legal_authorities:record_usc_acfaf968185b07ecc8e3b61d
Source file: Laws/federal/codes/united-states-code/title-12/section-3205-management-official-in-position-prior-to-november-10-1978--11566fee1c.md
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Source location: Title 12, Chapter 33, § 3205; chapter-033-depository-institution-management-interlocks.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3207 — Rules and regulations

Regulations to carry out this chapter, including regulations that permit service by a management official that would otherwise be prohibited by [section 3202 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3202&num=0&edition=prelim) or [section 3203 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3203&num=0&edition=prelim), if such service would not result in a monopoly or substantial lessening of competition, may be prescribed by— (1) the Comptroller of the Currency with respect to national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation), (2) the Board of Governors of the Federal Reserve System with respect to State banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies, (3) the Board of Directors of the Federal Deposit Insurance Corporation with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit Insurance Corporation and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation), (4) the National Credit Union Administration with respect to credit unions the accounts of which are insured by the National Credit Union Administration.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 19 — Interlocking directorates and officers

**(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

12 U.S.C. § 3203 — Dual service of management official of $2,500,000,000 institution or holding company as management official of unaffiliated $1,500,000,000 institution or holding company prohibited

If a depository institution or a depository holding company has total assets exceeding $2,500,000,000, a management official of such institution or any affiliate thereof may not serve as a management official of any other nonaffiliated depository institution or depository holding company having total assets exceeding $1,500,000,000 or as a management official of any affiliate of such other institution. In order to allow for inflation or market changes, the appropriate Federal depository institutions regulatory agencies may, by regulation, adjust, as necessary, the amount of total assets required for depository institutions or depository holding companies under this section.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 375b — Extensions of credit to executive officers, directors, and principal shareholders of member banks

(1) **In general** — No member bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any related interest of such a person, except to the extent permitted under paragraphs (2), (3), (4), (5), and (6). (2) **Preferential terms prohibited** (A) *In general* — A member bank may extend credit to its executive officers, directors, or principal shareholders, or to any related interest of such a person, only if the extension of credit— (i) is made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank; (ii) does not involve more than the normal risk of repayment or present other unfavorable features; and (iii) the bank follows credit underwriting procedures that are not less stringent than those applicable to comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank. (B) *Exception* — Nothing in this paragraph shall prohibit any extension of credit made pursuant to a benefit or compensation program— (i) that is widely available to employees of the member bank; and (ii) that does not give preference to any officer, director, or principal shareholder of the member bank, or to any related interest of such person, over other employees of the member bank. (3) **Prior approval required** — A member bank may extend credit to a person described in paragraph (1) in an amount that, when aggregated with the amount of all other outstanding extensions of credit by that bank to each such person and that person’s related interests, would e

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3205 — Management official in position prior to

Page 1514 TITLE 12—BANKS AND BANKING § 3205 1 See References in Text note below. § 3205. Management official in position prior to November 10, 1978 (a) Continuation of service A person whose service in a position as a man- agement official began prior to November 10, 1978, and who was not immediately prior to No- vember 10, 1978, in violation of section 19 of title 15 is not prohibited by section 3202 or section 3203 of this title from continuing to serve in that position. The appropriate Federal depository in- stitutions regulatory agency may provide a rea- sonable period of time for compliance with this chapter, not exceeding fifteen months, after any change in circumstances which makes service described in the preceding sentence prohibited by this chapter, except that a merger, acquisi- tion, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or section 3203 of this title. (b) Depository institution and diversified savings and loan holding company Effective on November 10, 1978, a person who serves as a management official of a company which is not a depository institution or a deposi- tory holding company and as a management of- ficial of a depository institution or a depository holding company is not prohibited from con- tinuing to serve as a management official of that depository institution or depository hold- ing company as a result of that company which is not a depository institution or depository holding company becoming a diversified savings and loan holding company as that term is de- fined in section 1730a(a) 1 of this title. (Pub. L. 95–630, title II, § 206, Nov. 10, 1978, 9

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