12 U.S.C. § 3203 — Dual service of management official of

Page 1512 TITLE 12—BANKS AND BANKING § 3202 1 See References in Text note below. 1988—Par. (3)(B). Pub. L. 100–650, § 2, substituted ‘‘25 percent’’ for ‘‘50 per centum’’ in two places. Par. (4). Pub. L. 100–650, § 3, substituted ‘‘(including an advisory or honorary director, except in the case of a depository institution with total assets of less than $100,000,000)’’ for ‘‘(including an advisory or honorary director)’’. Par. (6). Pub. L. 100–650, § 5(b)(1), added par. (6). Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title. SHORT TITLE OF 1988 AMENDMENT Pub. L. 100–650, § 1, Nov. 10, 1988, 102 Stat. 3819, pro- vided that: ‘‘This Act [amending sections 3201, 3204, and 3205 of this title] may be referred to as the ‘Manage- ment Interlocks Revision Act of 1988’.’’ SHORT TITLE Pub. L. 95–630, title II, § 201, Nov. 10, 1978, 92 Stat. 3672, provided that: ‘‘This title [enacting this chapter and amending sections 1464, 1730, and 1818 of this title] may be cited as the ‘Depository Institution Management Interlocks Act’.’’ § 3202. Dual service of management official as management official of unaffiliated institu- tion or holding company in same area, town, or village prohibited A management official of a depository institu- tion or a depository holding company may not serve as a management official of any other de- pository institution or depository holding com- pany not affiliated therewith if an office of one of the institutions or any depository institution that is an affiliate of such institutions is located within either— (1) the same primary metropolitan statis- tical area, the same metropolitan statistical area, or the same consolidated metropolitan statistical area that is not comprised of des- ignated primary metropolitan statistical areas as defined by the Office of Management and Budget, except in the case of depository insti- tutions with less than $50,000,000 in assets in which case the provision of paragraph (2) shall apply, as that in which an office of the other institution or any depository institution that is an affiliate of such other institution is lo- cated, or (2) the same city, town, or village as that in which an office of the other institution or any depository institution that is an affiliate of such other institution is located, or in any city, town, or village contiguous or adjacent thereto. (Pub. L. 95–630, title II, § 203, Nov. 10, 1978, 92 Stat. 3673; Pub. L. 98–181, title I [title VII, § 701(c)], Nov. 30, 1983, 97 Stat. 1267; Pub. L. 109–351, title VI, § 610, Oct. 13, 2006, 120 Stat. 1984.) Editorial Notes AMENDMENTS 2006—Par. (1). Pub. L. 109–351 substituted ‘‘$50,000,000’’ for ‘‘$20,000,000’’. 1983—Par. (1). Pub. L. 98–181 substituted ‘‘primary metropolitan statistical area, the same metropolitan statistical area, or the same consolidated metropolitan statistical area that is not comprised of designated pri- mary metropolitan statistical areas’’ for ‘‘standard metropolitan statistical area’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title. § 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 in- stitution or any affiliate thereof may not serve as a management official of any other non- affiliated 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 ap- propriate Federal depository institutions regu- latory agencies may, by regulation, adjust, as necessary, the amount of total assets required for depository institutions or depository holding companies under this section. (Pub. L. 95–630, title II, § 204, Nov. 10, 1978, 92 Stat. 3673; Pub. L. 104–208, div. A, title II, § 2210(a), Sept. 30, 1996, 110 Stat. 3009–409.) Editorial Notes AMENDMENTS 1996—Pub. L. 104–208 substituted ‘‘$2,500,000,000’’ for ‘‘$1,000,000,000’’ and ‘‘$1,500,000,000’’ for ‘‘$500,000,000’’ and inserted at end ‘‘In order to allow for inflation or market changes, the appropriate Federal depository in- stitutions regulatory agencies may, by regulation, ad- just, as necessary, the amount of total assets required for depository institutions or depository holding com- panies under this section.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title. § 3204. Exceptions The prohibitions contained in sections 3202 and 3203 of this title shall not apply in the case of any one or more of the following or subsidiary thereof: (1) A depository institution or depository holding company which has been placed for- mally in liquidation, or which is in the hands of a receiver, conservator, or other official ex- ercising a similar function. (2) A corporation operating under section 25 or 25(a) 1 of the Federal Reserve Act [12 U.S.C. 601 et seq., 611 et seq.]. (3) A credit union being served by a manage- ment official of another credit union.