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12 U.S.C. § 1849 — Saving provision

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

12 U.S.C. § 1849 — Saving provision

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Stable record: federal_law:legal_authorities:record_usc_eacb24caeeff6225b5470afb
Source file: Laws/federal/codes/united-states-code/title-12/section-1849-saving-provision--ce797a6884.md
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Source location: Title 12, Chapter 17, § 1849; chapter-017-bank-holding-companies.md

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**(a) General rule** Nothing herein contained shall be interpreted or construed as approving any act, action, or conduct which is or has been or may be in violation of existing law, nor shall anything herein contained constitute a defense to any action, suit, or proceeding pending or hereafter instituted on account of any prohibited antitrust or monopolistic act, action, or conduct, except as specifically provided in this section. **(b) Antitrust review** (1) **In general** — The Board shall immediately notify the Attorney General of any approval by it pursuant to [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim) of a proposed acquisition, merger, or consolidation transaction and, if the transaction also involves an acquisition under [section 1843 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843&num=0&edition=prelim), the Board shall also notify the Federal Trade Commission of such approval. If the Board has found that it must act immediately in order to prevent the probable failure of a bank or bank holding company involved in any such transaction, the transaction may be consummated immediately upon approval by the Board. If the Board has advised the Comptroller of the Currency or the State supervisory authority, as the case may be, of the existence of an emergency requiring expeditious action and has required the submission of views and recommendations within ten days, the transaction may not be consummated before the fifth calendar day after the date of approval by the Board. In all other cases, the transaction may not be consummated before the thirtieth calendar day after the date of approval by the Board or, if the Board has not received any adverse comment from the Attorney General of the United States relating to competitive factors, such shorter period of time as may be prescribed by the Board with the concurrence of the Attorney General, but in no event less than 15 calendar days after the date of approval. Any action brought under the antitrust laws arising out of an acquisition, merger, or consolidation transaction approved under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim) shall be commenced prior to the earliest time under this subsection at which the transaction approval under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim) might be consummated. The commencement of such an action shall stay the effectiveness of the Board’s approval unless the court shall otherwise specifically order. In any such action, the court shall review de novo the issues presented. In any judicial proceeding attacking any acquisition, merger, or consolidation transaction approved pursuant to [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim) on the ground that such transaction alone and of itself constituted a violation of any antitrust laws other than [section 2 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section2&num=0&edition=prelim), the standards applied by the court shall be identical with those that the Board is directed to apply under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim). Upon the consummation of an acquisition, merger, or consolidation transaction approved under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim) in compliance with this chapter and after the termination of any antitrust litigation commenced within the period prescribed in this section, or upon the termination of such period if no such litigation is commenced therein, the transaction may not thereafter be attacked in any judicial proceeding on the ground that it alone and of itself constituted a violation of any antitrust laws other than [section 2 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section2&num=0&edition=prelim), but nothing in this chapter shall exempt any bank holding company involved in such a transaction from complying with the antitrust laws after the consummation of such transaction. (2) **Section 1823(f) cases** (A) If— (i) the Federal Deposit Insurance Corporation learns that a bank insured by such Corporation is in danger of closing; and (ii) the Corporation is considering assisting the acquisition of such bank and its affiliated banks by another bank or holding company under [section 1823(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1823/f&num=0&edition=prelim) and such acquisition is subject to the approval of the Board under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim); the Corporation shall immediately notify the Board of such facts. (B) Upon receipt of notice from the Federal Deposit Insurance Corporation under subparagraph (A) or at such earlier time as deemed appropriate by the Board, the Board shall immediately notify the Attorney General of the United States of the facts concerning the possible acquisition. (C) Within 5 days of receiving notice under subparagraph (B), the Attorney General shall notify the Board in writing of the Attorney General’s preliminary finding as to the consistency of the possible acquisition with the antitrust laws. (D) The Board may reduce or eliminate the post-approval waiting period established under paragraph (1) for an acquisition to which this paragraph applies, except that such period may not be eliminated or reduced to less than 5 days without the concurrence of the Attorney General. **(c) Antitrust proceedings; Board and State banking agency as party; representation by counsel** In any action brought under the antitrust laws arising out of any acquisition, merger, or consolidation transaction approved by the Board under [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim), the Board and any State banking supervisory agency having jurisdiction within the State involved, may appear as a party of its own motion and as of right, and be represented by its counsel. **(d) Treatment of merger transactions consummated prior or subsequent to May 9, 1956, and not in litigation prior to July 1, 1966** Any acquisition, merger, or consolidation of the kind described in [section 1842(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842/a&num=0&edition=prelim) which was consummated at any time prior or subsequent to May 9, 1956, and as to which no litigation was initiated by the Attorney General prior to July 1, 1966, shall be conclusively presumed not to have been in violation of any antitrust laws other than [section 2 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section2&num=0&edition=prelim). **(e) Antitrust litigation; substantive law applicable to proceedings pending on or after July 1, 1966, with respect to merger transactions** Any court having pending before it on or after July 1, 1966, any litigation initiated under the antitrust laws by the Attorney General with respect to any acquisition, merger, or consolidation of the kind described in [section 1842(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842/a&num=0&edition=prelim) shall apply the substantive rule of law set forth in [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim). **(f) “Antitrust laws” defined** For the purposes of this section, the term “antitrust laws” means the Act of July 2, 1890 (the Sherman Antitrust Act), the Act of October 15, 1914 (the Clayton Act), and any other Acts in pari materia.

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

12 U.S.C. § 1842 — Acquisition of bank shares or assets

**(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

15 U.S.C. § 12 — Definitions; short title

**(a)** “Antitrust laws,” as used herein, includes the Act entitled “An Act to protect trade and commerce against unlawful restraints and monopolies,” approved July second, eighteen hundred and ninety; sections seventy-three to seventy-six, inclusive, of an Act entitled “An Act to reduce taxation, to provide revenue for the Government, and for other purposes,” of August twenty-seventh, eighteen hundred and ninety-four; an Act entitled “An Act to amend sections seventy-three and seventy-six of the Act of August twenty-seventh, eighteen hundred and ninety-four, entitled ‘An Act to reduce taxation, to provide revenue for the Government, and for other purposes,’ ” approved February twelfth, nineteen hundred and thirteen; and also this Act.“Commerce,” as used herein, means trade or commerce among the several States and with foreign nations, or between the District of Columbia or any Territory of the United States and any State, Territory, or foreign nation, or between any insular possessions or other places under the jurisdiction of the United States, or between any such possession or place and any State or Territory of the United States or the District of Columbia or any foreign nation, or within the District of Columbia or any Territory or any insular possession or other place under the jurisdiction of the United States: Provided, That nothing in this Act contained shall apply to the Philippine Islands. The word “person” or “persons” wherever used in this Act shall be deemed to include corporations and associations existing under or authorized by the laws of either the United States, the laws of any of the Territories, the laws of any State, or the laws of any foreign country. **(b)** This Act may be cited as the “Clayton Act”.

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

15 U.S.C. § 1 — Trusts, etc., in restraint of trade illegal; penalty

Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $100,000,000 if a corporation, or, if any other person, $1,000,000, or by imprisonment not exceeding 10 years, or by both said punishments, in the discretion of the court.

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

12 U.S.C. § 1843 — Interests in nonbanking organizations

**(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

12 U.S.C. § 24 — Corporate powers of associations

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—

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

15 U.S.C. § 2 — Monopolizing trade a felony; penalty

Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $100,000,000 if a corporation, or, if any other person, $1,000,000, or by imprisonment not exceeding 10 years, or by both said punishments, in the discretion of the court.

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

12 U.S.C. § 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 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

12 U.S.C. § 1849 — Saving provision

Page 1254 TITLE 12—BANKS AND BANKING § 1848 such violation continues: Provided, That the Board may, in its discretion, compromise, modify, or remit any civil money penalty which is subject to imposition or has been imposed under authority of this subsection. The penalty may be assessed and collected by the Board by written notice. As used in the section, the term ‘violates’ includes without any limitation any ac- tion (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. ‘‘(2) In determining the amount of the penalty the Board shall take into account the appropriateness of the penalty with respect to the size of financial re- sources and good faith of the company or person charged, the gravity of the violation, the history of previous violations, and such other matters as justice may require. ‘‘(3) The company or person assessed shall be afforded an opportunity for agency hearing, upon request made within ten days after issuance of the notice of assess- ment. In such hearing all issues shall be determined on the record pursuant to section 554 of title 5. The agency determination shall be made by final order which may be reviewed only as provided in section 1848 of this title. If no hearing is requested as herein provided, the assessment shall constitute a final and unappealable order. ‘‘(4) If any company or person fails to pay an assess- ment after it has become a final and unappealable order, or after the court of appeals has entered final judgment in favor of the Board, the Board shall refer the matter to the Attorney General, who shall recover the amount assessed by action in the appropriate United States district court. In such action the validity and a

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